June 10th, 2015

Daily Market Commentary



  • MBA Mortgage Applications in the U.S. were reportedly up 8.4% in the U.S.
  • Industrial production in Great Britain was up 0.4% and 1.2% in month-over-month and year-over-year terms. Both figures were above estimates.


  • Gold rose for a third day as the dollar weakened. Silver advanced as investors added cash to exchange-traded funds for a sixth day, the longest stretch since 2013.
  • Oil extended its biggest advance this month on signs the slowdown in U.S. drilling is reducing a crude supply glut in the world’s biggest consumer.
  • Most base metals rose as investors await industrial production data from China that’s forecast to show an improvement in activity from the weakest in more than six years.


  • The Canadian market for the riskiest corporate bonds is disappearing. Sales of high-yield bonds issued in the Canadian currency have slowed to just one C$250 million ($202.6 million) offering this year, compared with seven issues totalling C$1.45 billion through the same period in 2014.
  • Telus Corp., Canada’s second-biggest wireless carrier, is closing its chain of Blacks Photo Corp. retail photography stores, saying it wasn’t able to make a profit.
  • A consortium led by Malaysia’s state-owned Petronas is slated to make a preliminary decision this week on whether to forge ahead with plans to export liquefied natural gas from British Columbia.(Globe)

United States:

  • U.S. stock-index futures rose, signalling the Standard & Poor’s 500 Index will climb after ending a three-day losing streak.
  • Spotify Ltd., the music-streaming service with more than 60 million users, received a valuation that topped $8 billion in a deal with Swedish phone company TeliaSonera AB.
  • Target Corp. reiterated a 7.7 percent increase in its dividend to 56 cents in an official statement, after a similar announcement was posted on its website earlier by mistake.


  • European stocks advanced, snapping a six-day losing streak, as Greek Prime Minister Alexis Tsipras prepares to meet German Chancellor Angela Merkel and French President Francois Hollande in Brussels to seek progress on debt talks.
  • Bayer is in definitive agreement to sell Diabetes Care business to Panasonic Healthcare for EU1.02b.
  • EasyJet’s network of 26 bases offers potential to pursue value-creating partnerships with long-haul carriers looking for a “feed” of European passengers, says Credit Suisse (outperform).
  • Germany’s government bonds dropped, with 10-year yields rising to more than 1 percent for the first time since September, amid increasing supply and signs of economic recovery in the euro area.
  • Asia’s benchmark stock index rose, set to snap seven days of losses, as health-care companies advanced. Chinese shares fell for a second day after MSCI Inc. held off from adding mainland shares to its benchmark indexes.


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