June 9th 2014
Daily Market Commentary
- Housing Starts in Canada were reported at 198.3K, above estimates of 185K.
- A Sentix Survey of investor confidence in the Eurozone was reported at 8.5, below estimates of 13.2.
- The Consumer Confidence index in Japan was reported at 39.3, above estimates of 37.7.
- West Texas Intermediate crude traded near the highest intraday price in three days amid signs that economic growth is being sustained in the U.S., the world’s biggest oil consumer. Brent also rose in London.
- Hedge funds cut bullish copper bets by the most in a month on concern that a supply surplus will return as demand growth slackens in Europe and China.
- OPEC ministers say they will almost certainly leave their oil-production ceiling unchanged when the group meets this week. What really matters for markets is whether Saudi Arabia will respond to global supply shortfalls by pumping a record amount of crude.
- Gold futures traded near the highest in a week as prices held above a technical support level.
- Canada’s latest step to head off the threat of a housing bubble is making bonds sold by the nation’s housing agency increasingly precious. Canada Mortgage & Housing Corp. said June 6th will no longer insure financing for condominiums after other steps to cool the housing market.
- U.S. stock-index futures retreated, after equity benchmarks closed at record highs last week, as Tyson Foods Inc. and Neustar Inc. dropped.
- Morgan Stanley agreed to sell its stake in oil-transportation company TransMontaigne Inc. to NGL Energy Partners LP for $200 million as part of the bank’s effort to reduce capital used by the commodities business.
- European stocks advanced, extending a six-year high, amid optimism the global economic recovery remains on track. U.S. equity-index futures were little changed, while Asian shares climbed.
- Credit Suisse Group AG, Switzerland’s second-biggest bank, is considering selling additional stakes in an electronic interest-rate trading unit it set up last year, according to a person briefed on the plan.
- Spain’s bonds rose, sending the 10-year yield below that on Treasuries for the first time in four years, after a European Central Bank Executive Board member said interest rates in the euro area will remain subdued.
- Asian stocks rose, with the regional benchmark index extending a seven-month high, after data on U.S. employment and Chinese exports bolstered the outlook for the global economy.
- McDonald’s Corp., the world’s largest restaurant chain, said sales at stores open at least 13 months rose 0.9% in May as a gain in Asia helped cushion a prolonged slump in the U.S.