June 24th, 2016

Daily Market Commentary



  • Durable goods orders in the US were down 2.2% in month-over-month terms.
  • Consumer Sentiment in the US was reported at 93.5, below estimates of 94.
  • Retail sales in Italy were up 0.1% and down 0.5% in month-over-month and year-over-year terms, respectively.



  • Oil tumbled with most commodities amid a global flight from risky assets after the U.K. voted to leave the European Union. Whether the rout lasts depends on how world governments deal with the turmoil.
  • Gold surged to a two-year high after the U.K. voted to exit the European Union, causing turmoil across markets and boosting haven demand. Copper declined along with a drop in industrial metals and shares of companies that mine them.


  • Canadian stock-index futures sank after Britons voted to exit the European Union in a surprise victory for the “Leave” side that roiled global markets.
  • More crude has been produced from oil sands than by traditional drilling in Canada every year since 2010, and that trend doesn’t look likely to slow down. In 2030, about three-fourths of Canada’s output will come from the unconventional energy source located primarily in northern Alberta, according to a forecast released Thursday by the Canadian Association of Petroleum Producers.
  • Penn West Petroleum Ltd. is concerned that a new rule on energy acquisitions in Alberta will affect its ability to find buyers for assets it plans to offload in the Canadian province.


United States:

  • U.S. stock futures plunged, triggering a brief trading curb, as the U.K.’s decision to leave the European Union fanned speculation that a divided Europe would put another brake on already fragile global growth.
  • Xerox Corp.’s directors named Jeff Jacobson as the incoming chief executive officer of the document technology seller after the organization splits into two publicly traded companies.


  • A shock vote favoring Brexit put an end to recent investor optimism, sending European stocks toward their biggest plunge since the global financial crisis. Asian stocks headed for the steepest slump in 10 months.
  • The Bank of England issued an early morning statement and its governor stepped in with a pledge to provide an extra 250 billion pounds ($345 billion) for the financial system.
  • A turbulent start to the open of the London market propelled trading volume as much as 700 percent higher than normal, while at least one dark pool was suspended as investors around the globe digested U.K. voters’ decision to leave the European Union.
  • Telefonica SA is considering delaying plans for an initial public offering of its Telxius infrastructure unit and the possible IPO of its wireless unit O2 because of market volatility after Britain’s vote to leave the European Union, according to people with knowledge of the situation.

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