June 1st, 2015

Daily Market Commentary



  • The RBC Manufacturing PMI was reported at 49.8.
  • Personal spending in April in the U.S. was flat over April, below estimates of 0.2% growth.
  • Personal Income in the U.S. was up 0.4% in April, slightly above estimates.
  • The Consumer Price Index in Germany was reportedly up 0.1%


  • Speculators retreated from both bullish and bearish wagers on crude-oil prices before OPEC ministers meet to determine their output for the next six months.
  • Gold fell for the first time in four days as the dollar strengthened against the euro after Greece struggled to reach a deal with creditors. Platinum slipped to a two-month low.


  • Investors who say Canada’s economy is in a deeper hole than the central bank estimates are making bolder bets that more interest rate cuts are needed to revive growth.
  • Upgrader maintenance and wildfires in Alberta expected to bring output temporarily below 4m b/d, Barclays analysts say in e-mailed report dated June 1.

United States:

  • U.S. stock-index futures were little changed, after equities posted their worst week in six, before data that may show manufacturing picked up last month.
  • Shares in Altera are rallying by about 8% pre-market as reports say Intel will soon announce a takeover deal for the company worth roughly $17 billion. Intel will reportedly pay $54 per share. (CNN).


  • European shares were little changed as data showed manufacturing in the region expanded less than initially forecast, while talks over Greek financial aid continue.
  • U.K. stocks reversed earlier gains after data showed British manufacturing expanded less than economists forecast.
  • China’s stocks rose the most since January as an official manufacturing gauge showed a third month of expansion and speculation increased the government will take steps to tackle local government debt.
  • China’s success in bringing down borrowing costs will face a major challenge this month, with data showing rates rose every June over the past decade. What will make it worse this time are the biggest share sales in five years.
  • A Chinese factory gauge rose last month, suggesting the government’s monetary easing and relaxation of fiscal rules have helped cushion the economy.



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