July 28th

Daily Market Commentary



  • Business Confidence in Italy was reported at 99.7, slightly below estimates of 99.9.


  • West Texas Intermediate crude dropped for the fourth time in five days as economic data may signal slowing growth in the U.S., the world’s biggest oil consumer. Brent declined in London.
  • Gold fell in London, after the first back-to-back weekly declines since May, as a stronger dollar curbed demand for a protection of wealth.
  • Speculators are fleeing natural gas after prices dropped below $4 for the first time since December and power plant production fell to a 13-year seasonal low.


  • PetroChina, the Chinese oil giant rocked by a corruption scandal that has  spread to its Canadian unit, is trying to reduce a $1.23-billion payment to Calgary-based Athabasca Oil Corp. for oil sands properties it believes are of poorer than expected  quality.
  • Canada’s housing agency is set to publish results of a Toronto and Vancouver condominium-owner survey as it seeks to address economist and policy maker concern that not enough is known about what’s driving price gains, documents show.

United States:

  • U.S. stock-index futures were little changed as investors awaited data on services and home sales, and weighed earnings reports.
  • Dollar Tree to Buy Family Dollar for $74.50/Shr in Cash, Stock. Dollar Tree purchase would be 22.8% premium on FDO close from July 25 .
  • Amazon.com plunged after trailing analysts’ predictions for the second successive quarter. AMZN’s heavy investment in content and technology is proving to be more costly than many had expected, raising fears that operating earnings will remain under pressure.
  • Pandora Media slid after the number of active listeners reported by the biggest internet radio service missed some analysts estimates.


  • European stocks were little changed, following a two-week advance, as investors weighed company earnings and awaited data on American services and home sales.
  • Lloyds Banking Group Plc agreed to pay $370 million to U.K. and U.S. authorities for manipulating benchmark interest rates such as Libor.
  • The Eurozone inflation rate remained at 0.5% for a third month in July, according to the median forecast of 42 economists in a Bloomberg survey. The unemployment rate remained unchanged at 11.6% in June, a separate survey shows.
  • Asian stocks rose, with the regional benchmark index extending a six-year high, as Chinese shares traded in Hong Kong entered a bull market amid optimism government stimulus is boosting economic growth.


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