March 10th, 2015

Daily Market Commentary



  • The Redbook Index, which measures same-store sales growth of U.S. general merchandisers, was reportedly up 1% and 2.6% in month-over-month and year-over-year terms, respectively.
  • The NFIB Business Optimism Index was reported at 98, slightly below estimates.
  • The Consumer Price Index in Greece was reportedly down 2.2% in year-over-year terms, slightly above estimates.
  • Retail sales in Spain were reportedly up 4.1%. 


  • Brent crude dropped for a fifth day, its longest retreat in almost three months, amid signs that the global supply glut will persist.
  • Gold tumbled to the lowest in three months and is set for the longest run of losses in almost two years as the dollar extended gains on speculation the Federal Reserve will bring forward interest rate increases on signs the economic recovery is strengthening.
  • Copper led most industrial metals lower after factory-gate deflation deepened in China, the largest metals user, and as the dollar extended gains.



  • Bought deals are off to their strongest start in at least five years as energy companies turn to Canada’s banks and money managers to sell shares, fortifying their finances amid a slump in oil prices.
  • The International Monetary Fund is raising red flags about Canada’s housing market, warning that moves by Ottawa in recent years to tighten mortgage lending standards and boost oversight of the country’s financial system haven’t gone far enough. (Globe)
  •  Concordia Healthcare said it would acquire certain assets of privately held Covis Pharma Holdings for $1.2 Billion USD, giving the health care company a portfolio of branded and generic drug products to bolster and diversify its operations.
  • Loblaw said it plans to invest $1.2 billion this year to expand and build stores, expand its e-commerce operations and for supply chain and IT infrastructure.

United States

  • U.S. stock-index futures fell, indicating equities may drop, as Federal Reserve Bank of Dallas President Richard Fisher said the central bank should raise rates.
  • U.S. drug spending rose last year at the fastest rate in more than a decade, driven by high-priced hepatitis C medicines, according to a report Tuesday from benefit manager Express Scripts Holding Co.
  • General Motors will immediately begin buying back $5 billion worth of stock in a deal that avoids a proxy fight with investor Harry J. Wilson.
  • McDonald’s said its monthly sales fell a worse-than-expected 1.7% in February.


  • European stocks were little changed as Credit Suisse Group AG and Greek banks climbed, offsetting a drop in energy shares.
  • Euro-area national central banks were said to have bought government bonds, including German debt that trades with a negative yield, in the second day of their expanded quantitative-easing plan.
  • European Central Bank President Mario Draghi ramped up the pressure on Greece, calling on the government to disclose its cash position before it’s too late.
  • Audi AG’s profitability slipped in 2014 as the luxury-car division of Volkswagen AG invested in adding manufacturing capacity and developing new models like the revamped Q7 sport-utility vehicle.
  • A tumbling yen didn’t stop Japanese stocks from falling today, with banks dragging the Topix index lower even as the currency touched its weakest level against the dollar since 2007.
  • China’s auto sales accelerated in the first two months of this year, led by demand for sport utility vehicles and minivans.
  • Sony Corp. will release its PlayStation game consoles in China March 20, ending two months of uncertainty after sales were put on hold to accommodate changes sought by the Chinese government.

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