June 15th, 2015

Daily Market Commentary



  • Foreign portfolio investment in Canadian securities was reported at $12.94B.
  • Canadian portfolio investment in foreign securities was reported at $6.56B.
  • Building permits in the U.S. were reportedly up 1.275M, above estimates of 1.093M.
  • Housing Starts in the U.S. were reportedly up 1.036M, below estimates of 1.1M.
  • The Redbook index, which measures same-store sales growth in U.S. general merchandisers, was reportedly down 1.7% and up 1.1% in month-over-month and year-over-year terms.
  • The employment change in the Eurozone, quarter-over-quarter, was up 0.1%, in line with estimates.
  • A ZEW survey of economic sentiment in Germany was stated at 31.5, below estimates of 37.1.


  • Oil advanced for the first time in four days amid speculation U.S. crude stockpiles will decline further, easing a supply surplus. Brent’s premium to WTI shrank to $3.09/bbl Monday, least since Jan. 26, according to ICE exchange data.
  • Gold prices slipped before two key meetings: a policy update from the U.S. Federal Reserve and a gathering of euro-area finance ministers to discuss Greece’s intensifying debt crisis.


  • Alberta’s new left-of-center government will push ahead with a tax increase for corporations and high-income earners before the Legislature’s summer recess, Premier Rachel Notley said.
  • Sun Life Financial Inc. agreed to acquire Bentall Kennedy Group for C$560 million ($454 million) as it seeks to gain from real estate investments.
  • WerstJet to commence services from Canada to Gatwick using its wide-body Boeing 767-300 aircraft, it says in statement.
  • Goldcorp Inc. will sell its 26 percent stake in Tahoe Resources Inc. for C$998.5 million ($811 million) in a secondary share sale.
  • Canada’s oil-drilling association cut its outlook for activity for the second time this year, citing weak commodity prices and potential policy changes under Alberta’s NDP government. (Globe)

United States:

  • U.S. stock-index futures declined, signalling equities will slide for a third day, as Greece and its creditors failed to break an impasse in debt negotiations.
  • Warren Buffett’s Berkshire Hathaway Inc. will pay A$500 million ($388 million) for a stake in Insurance Australia Group Ltd. in a deal that will accelerate sales of commercial coverage.


  • Statoil ASA, Norway’s state-controlled oil producer, will cut as many as 2,000 more jobs by the end of next year as it adjusts to lower crude prices by slashing costs.
  • Allianz SE, Europe’s biggest insurer and asset manager, increased its holdings of Greek sovereign debt to more than 1.2 billion euros ($1.4 billion) from about 1 billion euros reported in May.
  • Asian stocks fell as investors awaited an update on U.S. monetary policy. Chinese firms trading in Hong Kong fell more than 10 percent from a recent high.
  • Toyota Motor Corp. said it will buy back as much as 600 billion yen ($4.9 billion) in stock to avoid dilution from new shares aimed at long-term investors.
  • Jet Airways Jumps Most in Six Months on Above Average Volume.
  • Audi posted its first sales decline in China, its largest market, in more than two years last month, joining BMW AG in recording a slide in demand for premium autos amid a slowing economy.


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