July 27th, 2015

Daily Market Commentary



  • Durable Goods orders in the U.S. were up 3.4% in June.
  • The M3 Money Supply in the Eurozone was up 5%, slightly below estimates.


  • Oil extended losses in a bear market as a rebound in U.S. drilling signalled that producers can withstand lower prices and may keep adding supplies to a global glut.
  • Gold rose, erasing a decline to climb back above $1,100 an ounce, amid concern that the recent losses had been too rapid and as the dollar weakened. Palladium jumped, extending a rebound from the lowest level since 2012.
  • Oil producers in Iraq’s Kurdistan region, including DNO ASA and Genel Energy Plc, plunged after Turkey carried out air strikes over the weekend against rebels in the north of the country.


  • Insolvent Target Canada’s sale of its store leases and other properties fetched far less than the amount the retailer spent initially acquiring its leases. Target has generated $547.8-million in its property sales, court documents say. Its U.S. parent paid $1.8-billion in 2011 for up to 220 former Zellers leases. (Globe)
  • It’s never been less attractive to lend money to the Canada relative to the U.S. Yielding just 1.49 percent, 10-year Canadian government bonds pay the least relative to similar-maturity U.S. Treasuries since Bloomberg began collecting data in 1989.

United States:

  • Best Buy Co. will start selling the Apple Watch next month, becoming the first national retail chain to offer the device beside Apple Inc. itself.


  • UBS Group AG reported second-quarter profit that beat analyst estimates as income from managing funds for the wealthy more than doubled on lower costs and equity trading rose to the highest in three years.
  • The battle to acquire Bwin.party Digital Entertainment Plc intensified on Monday as GVC Holdings Plc raised its bid for the online gaming company to about 1 billion pounds ($1.6 billion).
  • Merlin Entertainments Plc shares had a record decline in London after the theme-park owner reduced its profit outlook for the year following a rollercoaster crash at its Alton Towers park in central England.
  • China’s stocks tumbled, with the benchmark index falling the most since February 2007, amid concern a three-week rally sparked by unprecedented government intervention is unsustainable. Global stock fell.
  • China Railway Signal & Communication Corp. is seeking to raise as much as $1.8 billion from an initial public offering in Hong Kong, in what would be the first major new listing in the city since China’s recent stock market plunge.

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