June 11th, 2015

Daily Market Commentary

 

ECONOMIC NEWS

• The New Housing Price Index in Canada was up 0.1% and up 1.1% in month-over-month and year-over-year terms.
•  Retail sales, including and excluding autos, both beat estimates in the U.S., up 1.3% and 1.2% in month-over-month terms, respectively.
• Continuing jobless claims in the U.S. were 2.265M, slightly above estimates.

Commodities:

• Oil fell after the International Energy Agency said this year’s price rally is under threat as OPEC’s biggest members pump record amounts of crude.
• Copper fell for the first time in five days as data on Chinese factories added to concern that the economy isn’t growing fast enough to drive demand for raw materials.

Canada:

• Trinidad to acquire issued, outstanding common shares of CanElson in exchange for cash and Trinidad common shares valued at $505m.
• Canadian Pacific Railway Ltd. says it bears no responsibility for the Lac-Mégantic oil train explosion, and will not pay into a fund that compensates families of the victims of the 2013 disaster. (Globe)

United States:

• U.S. stock-index futures were little changed, after equities rallied the most in a month, before data on retail sales.
• Nike Inc. won an eight-year deal to make uniforms for the National Basketball Association, taking over for Adidas AG after that company’s contract runs out in 2017.
• Delta Air Lines Inc. will enter into an agreement with Boeing Co. to purchase 40 737-900ER planes valued at about $4 billion at list prices, and will add smaller Embraer SA jets after it ratifies a tentative agreement with its pilots.
• Amazon.com Inc. faces a European Union antitrust probe into whether its contracts with publishers thwart competition from rival distributors of e-books.

International:

• Greek stocks headed for their biggest jump since February, pushing European equities higher for a second day, as Prime Minister Alexis Tsipras continued talks with his country’s creditors.
• The U.K. government said it raised 750 million pounds ($1.2 billion) from selling half of its remaining stake in Royal Mail Plc as the new Conservative administration steps up efforts to reduce the nation’s debt.
• HSBC Holdings Plc this week became the third foreign retail bank to abandon or scale back in Brazil in the past two years, leaving the South American nation with just two still doing business there.
• Asian stocks rose for a second day, following U.S. shares higher amid optimism progress is being made in Greece’s debt talks.
• Nestle SA’s Indian unit has filed a case in a local court challenging an order by the country’s food safety regulator for the Swiss food-maker to recall its Maggi instant noodles.

 

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