June 30th, 2015

Daily Market Commentary



  • The Redbook Index, which measures same-store sales growth of U.S. general merchandising stores, was down 1.5% and up 1.7% in month-over-month and year-over-year terms, respectively.
  • The S&P/Case-Shiller Home Price Indices were up 4.9% in year-over-year terms, slightly below estimates of 5.5% growth.
  • The Consumer Price Index Core for the Eurozone was up 0.8% in year-over-year terms, in line with estimates.
  • Retail sales in Greece fell 1.9% year-over-year.


  • Gold dropped as the dollar strengthened and investors assessed the developments in Greece’s debt crisis. Palladium sank to the lowest level in about two years.
  • Nickel extended its route to a six-year low as steps by the Shanghai Futures Exchange to ease delivery constraints added to speculation that supplies will be enough to meet demand from the world’s biggest user.
  • Oil pared its first monthly decline in New York since March as Iran worked on an accord that could revive its oil exports.


  • Cenovus Energy selling Heritage Royalty Limited Partnership (HRP), a wholly-owned subsidiary, to Ontario Teachers’ Pension Plan for ~C$3.3b in cash.
  • Element Financial Corp. is already looking for more deals after the Canadian vehicle leasing firm announced a $6.9 billion acquisition of GE Capital’s fleet business, its largest to date. Element Chief Executive Officer Steve Hudson said he’s eyeing Hertz Global Holdings Inc.’s fleet management business.
  • Fairfax Financial Holdings Ltd., the Canadian insurer with investments in a Greek bank and retailer, posted its biggest decline in almost two months after the European country shut its banks as talks for a debt deal broke down.
  • Eldorado Gold Corp. said it will be able to sustain operations in Greece and pay workers even as the European nation imposes capital controls.

United States:

  • U.S. stock-index futures advanced, indicating equities will climb, after posting their longest losing streak since March.
  • Puerto Rico will seek to delay payments on the island’s $72 billion debt load for “a number of years” as part of a plan to bolster the commonwealth’s finances and revive its economy, Governor Alejandro Garcia Padilla said.
  • Uber Technologies Inc. is telling prospective investors that it generates $470 million in operating losses on $415 million in revenue, according to a document provided to prospective investors.


  • European stocks fell for a second day as investors weighed whether Greece will default on a payment due Tuesday.
  • Airbus Group SE was sued by representatives of the families of 10 passengers who claim the plane maker is liable for their deaths after AirAsia Bhd. Flight 8501 plunged into Indonesia’s Java Sea in December.
  • Petrobras cut spending and output targets by at least a third as Brazil’s state-controlled oil company gives up its dream of being one of the world’s biggest producers.
  • Asian stocks rose from a three-month low, led by the biggest surge in Chinese shares since 2009, amid speculation the government will take steps to prevent further losses.
  • The Chinese government is considering a delay in the initial public offering of China Nuclear Engineering Corp., according to people with knowledge of the matter.
  • Sony Corp. plans to raise about 440 billion yen ($3.6 billion) in a sale of shares and convertible bonds to help finance an increase in production of image sensors used in smartphones. The shares plunged.


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