June 12th, 2015

Daily Market Commentary



  • The Producer Price Index in the U.S. was up 0.5% and down 1.1% in month-over-month and year-over-year terms, respectively.
  • Industrial Production in the Eurozone was up 0.1% and 0.8% in month-over-month and year-over-year terms, respectively. Both figures were below estimates.
  • The Consumer Price Index in Spain was up 0.5% and down 0.2% in month-over-month and year-over-year terms, respectively.


  • Oil fell for a second day, trimming a weekly advance as investors weighed signs of a slowdown in U.S. drilling against data showing OPEC’s biggest members are pumping crude at a record pace.
  • Gold headed for the first weekly climb in a month as the International Monetary Fund’s decision to walk out of talks with Greece on financial aid outweighed the outlook for higher U.S. interest rates.
  • Aluminum output by China, the world’s biggest producer, climbed to a record in May as smelters continued shipping a surplus overseas amid weaker domestic demand. Copper production gained.


  • A Petroliam Nasional Bhd.-led group of companies decided to proceed with a C$36 billion ($29 billion) natural gas shipping project on Canada’s Pacific Coast, subject to government approvals.
  • Blackberry considering putting Google’s Android software on upcoming smartphone, Reuters reports, citing four unidentified people familiar with the matter.
  • Wells Fargo & Co. and Toronto-Dominion Bank are exploring offers for a batch of U.S. commercial-lending businesses General Electric Co. is selling as whittles down its finance arm.

United States:

  • Twitter Inc. said Chief Executive Officer Dick Costolo is stepping down, reflecting the social-media company’s struggle to define its vision in the months following its initial public offering.
  • Hess Corp., the most active oil driller in North Dakota’s Bakken last year, agreed to sell a 50 percent stake in its processing and pipeline unit in the region to private equity firm Global Infrastructure Partners for $2.675 billion in cash.


  • European stocks and U.S. stock-index futures were little changed as investors weighed whether Greece’s efforts to renegotiate its debt and stay in the single currency will succeed.
  • Asian stocks rose for a third day after data on U.S. retail sales bolstered confidence in the strength of the world’s biggest economy. Chinese shares rallied on speculation policy makers will boost stimulus.
  • China could cut banks’ reserve-requirement ratios as early as this weekend to spur economic growth and boost cash supply to counter a surge in municipal bond sales.
  • Billionaire Mukesh Ambani said Reliance Industries Ltd.’s Jio phone service will begin commercial operations in India around December, posing a challenge to incumbents Bharti Airtel Ltd. and Vodafone Group Plc


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