June 10th, 2016

Daily Market Commentary



  • The unemployment rate in Canada was reported at 6.9%, below estimates of 7.1%.
  • The Canadian Participation rate was 65.7%, slightly below estimates of 65.8%.
  • The Net Change in Employment in Canada for May was 13.8K jobs, above estimates of 3.8K.



  • Oil trimmed its weekly advance as a rising U.S. dollar countered declining crude stockpiles and disruptions from Canada to Nigeria.
  • Gold retreated from a three-week high as the dollar strengthened after an employment report eased concern that the U.S. labor market was slowing. Silver headed for the biggest weekly advance since April as holdings in exchange-traded funds edged nearer to a record.
  • Copper held near its lowest since February and was on course for its worst week in more than a month as stockpiles jumped the most since 2005. Mining shares including BHP Billiton Ltd. and Rio Tinto Group declined.
  • Mining companies are getting back into financial shape and have cut the sector’s pool of distressed bonds by at least $60 billion, providing another boost to the industry’s outlook as commodities enter a bull market.


  • Valeant Pharmaceuticals International Inc. unit agreed to pay $54 million to settle U.S. claims that it paid kickbacks to doctors for prescribing its products, the government said.
  • The capacity utilization rate in Canadian manufacturing industries rose to 83.2 percent in the first quarter — the highest since the second quarter of 2007, according to data released Thursday by Statistics Canada.


United States:

  • U.S. index futures slid amid declines across markets and asset classes as investors grew cautious following the recent rally.


  • European stocks fell, set for their longest losing streak in more than a month, as banks led declines and investors braced for monetary-policy and political events later this month.
  • BP Plc sold its Norwegian oil fields, some more than 40 years old, to a company controlled by billionaire Kjell Inge Roekke in a 10.8 billion kroner ($1.3 billion) stock deal.
  • European equities could lose about a quarter of their value in the immediate aftermath of a U.K. secession from the European Union, a study testing the effects of Brexit showed
  • BNP Paribas SA hired Mehdi Kashani from Royal Bank of Canada to head its European asset-backed securities trading business in London.
  • Europe’s biggest initial public offering of the year started with a 12 percent share gain on its first day of trading. But Dong Energy A/S has some unfinished business that can unlock even more value.
  • Asian stocks fell for a second day, following a retreat in global equities, as commodity producers dropped with oil amid lingering concerns about moderating global growth before central bank policy decisions.
  • The longest winning streak in nine years for Chinese stocks traded in Hong Kong came to an end, done in by a decline in the shares of financial companies such as China Minsheng Banking Corp.
  • Line Corp. is aiming to raise as much as 113 billion yen ($1 billion) in an initial public offering in July, putting Japan’s most popularmobile-messaging service on track to become this year’s biggest market debut for a technology company.

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