July 29th

Daily Market Commentary



  • The Redbook Index, which measures same-store sales growth in general merchandisers in the U.S., was reportedly down 0.6% and up 3% in month-over-month and year-over-year terms, respectively.
  • The M4 Money Supply in Great Britain was reportedly up 0.1% and down 0.6% in month-over-month and year-over-year terms, respectively.
  • Mortgage approvals in Great Britain were reported at 67.20K, above estimates of 62.6K.


  • West Texas Intermediate crude traded near the lowest level in almost two weeks before data on fuel supplies and economic strength in the U.S., the world’s biggest oil consumer. Brent was steady in London.
  • Gold climbed to a one-week high in London as tension over Ukraine and in the Middle East increased demand for a haven. Palladium traded near a 13-year high.
  • Copper climbed for the first time in three days on speculation that an increase in auto sales globally will boost demand.
  • Zinc dropped the most in six weeks in London amid speculation a rally to the highest level since 2011 lifted prices too far.


  • WestJet Airlines Ltd.’s second-quarter profit jumped 16 percent as the Canadian carrier flew fuller planes and revenue increased faster than costs.
  • Talisman Energy 2Q loss of 23cents per share; may not compare to estimated 3cent profit. TLM says the primary driver of the net loss of $237m was a $171m movement relating to cash settlements ($46m) and non-cash mark-to-market loss ($125m) on commodity derivatives
  • While GM has surprised analysts with strong sales in its home country as well as in China, consumers in Canada aren’t buying as many Chevys and GMC trucks. Sales plunged 15% in Canada last month from a year earlier, even as sales for all automakers gained 2.2%, according to a consultant’s report.

United States:

  • U.S. stock-index futures were little changed, as investors weighed company earnings and the Federal Reserve starts a two-day policy meeting.
  • United Parcel Service Inc. lowered its full-year profit outlook as the company boosts spending to help handle booming demand for fast shipping during the holidays.
  • Herbalife Ltd. tumbled as much as 12% in late trading after its earnings missed projections, handing a minor victory to billionaire Bill Ackman in his campaign to take down the company.


  • European stocks erased their advance as Renault SA dragged carmakers lower, offsetting reports of better-than-expected profit at companies including BP Plc and Ferrovial SA.
  • Orange SA, France’s largest phone company, boosted its cost-cut target as it strives to halt an earnings slide caused by years of price wars in its home market.
  • Linde AG, the world’s largest industrial gas company, reported profit that missed analysts’ estimates, weighed down by a weakened U.S. market.
  • UBS AG and Deutsche Bank AG’s better-than-estimated second-quarter earnings were overshadowed by the disclosure of new regulatory probes as the banks struggle to boost revenue.
  • Asian stocks rose for a third day, with the regional benchmark index extending a six-year high, ahead of a Federal Reserve meeting starting today.
  • Honda Motor Co., Japan’s third-largest carmaker, raised its profit forecast to the highest in seven years as the yen weakens and new models boost sales in emerging markets.
  • Nomura Holdings Inc.’s profit fell more than analysts estimated to the lowest in seven quarters as a decline in Japanese stock trading caused brokerage commissions to slump.
  • Nissan Motor Co. benefited from higher earnings in China, the world’s largest auto market, as the maker of Altima sedans delivered profits that beat analyst estimates. The shares rose.
  • China’s ruling Communist Party announced its highest-level corruption probe since coming to power more than 60 years ago, saying it will investigate former Politburo Standing Committee member Zhou Yongkang.


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