July 23rd, 2015

Daily Market Commentary



  • Retail Sales in Canada were up 0.9% and 1% in month-over-month terms, both excluding autos and including them, respectively. Both figures were above estimates.
  •  Continuing jobless claims in the U.S. were reported at 2.207M, while initial claims were 255K, both below estimates.
  • Retail Sales in Great Britain were down 0.2% and up 4% in month-over-month and year-over-year terms, respectively. Both figures were below estimates.
  • Consumer confidence in the Eurozone was reported at -7.1, below estimates.


  • Oil approached a bear market in New York as U.S. crude stockpiles unexpectedly increased and other commodities experienced a rout.
  • Copper held above a two-week low as Goldman Sachs Group Inc. forecast more losses, while a selloff in commodities eased.


  • Teck Resources Ltd. reported better-than-estimated second-quarter profit as the Canadian diversified mining company benefited from lower relative costs due to a slumping local currency.
  • Investors in Canadian commodity stocks, already hammered by the plunge in everything from copper to crude, are now facing the worst earnings season in six years. (Bloomberg)
  • Valeant Pharmaceuticals International Inc. reported second-quarter profit that beat analysts’ estimates.

United States:

  • Bank of America Corp. Chief Executive Officer Brian Moynihan named the fourth finance chief of his tenure in a broad shakeup as he seeks to overcome regulatory hurdles and reverse shrinking revenue.
  • Anthem Inc. is near an agreement to buy rival Cigna Corp. for about $48 billion, two people with knowledge of the matter said. A deal would create the largest health insurer in the U.S. after almost a year of talks.
  • Uber Technologies Inc. just won its biggest political battle yet, successfully pressuring the mayor of New York to back down in his fight against the ride-hailing company.
  • Ford Motor Co., beset by the highest U.S. labor costs in the industry, is seeking to use contract talks this summer to ease the burden.


  • European stocks were little changed as Credit Suisse Group AG and Unilever rallied on better-than-expected results, while energy shares declined.
  • Credit Suisse Group AG beat analyst estimates for profit in the months before Chief Executive Officer Tidjane Thiam came on board, overcoming a decline in investment banking with help from wealthy clients in Asia. Shares rose.
  • Prime Minister Alexis Tsipras is evoking a siege mentality as he gets ready to negotiate a third Greek bailout before the end of August after lawmakers voted through another round of creditors’ demands.
  • China’s stocks rose for a sixth day, the benchmark index’s longest stretch of gains since May, as volatility fell amid unprecedented government intervention to support equities.

*All information is taken from Bloomberg, unless otherwise noted.