June 29th, 2015

Daily Market Commentary



  • The Raw Material Price Index in Canada was reportedly up 4.4%, above estimates of 4%.
  • Industrial Product Prices in Canada were up 0.5% in month-over-month terms, in line with estimates.
  • An Economic Sentiment Indicator for the Eurozone was reported at 103.5, slightly below estimates.
  • The Harmonised Index of Consumer Prices for Germany was down 0l.2% and up 0.1% in month-over-month and year-over-year terms, respectively. Both figures were below estimates.


  • Gold pared gains as the dollar reached an almost one-month high against the euro, overshadowing the appeal for the metal as a haven asset.
  • Wheat extends biggest jump in three years on global weather.


  • General Electric Co. agreed to sell the bulk of its vehicle fleet-management business to Canada’s Element Financial Corp. for $6.9 billion as the U.S. company accelerates the disposal of finance operations.
  • Manulife Financial Corp., Canada’s largest life insurer, is tapping investors including Oman’s sovereign fund as it seeks to raise S$569 million ($421 million) in the biggest Singapore initial public offering in almost a year.

United States:

  • Apple Inc.’s suppliers have started initial production of new iPhone models with a feature called Force Touch, which senses how hard users are pressing down on a screen, people with knowledge of the matter said.
  • The debt crisis in Puerto Rico reaches a tipping point this week. On Monday, governor Alejandro Garcia Padilla plans to release a report, written by former officials at the IMF, that lays the groundwork for a vast restructuring of the commonwealth’s $72B in debt. (NY Times.)


  • Greece shut its banks and imposed capital controls in an announcement designed to avert the collapse of its financial system, heightening the risk it will be forced out of the euro.
  • HSBC Holdings Plc said it was “monitoring the developments” in Greece after the country imposed capital controls and shut banks to avert financial collapse. HSBC’s $6 billion of Greek assets is the most among European banks.
  • U.K. mortgage approvals unexpectedly fell in May following a surge in April to their highest level in more than a year.
  • Chinese regulators are considering suspending initial public offerings to stabilize the country’s tumbling stock markets, people familiar with the matter said.


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