March 10th, 2017
Daily Market Commentary
- The Canadian Participation Rate was quoted at 65.8%, slightly down from the prior reading.
- The US Unemployment was quoted at 4.7%, down from 4.8%, with a slightly higher Participation Rate of 63%.
- Average Hourly Earnings in the US were reportedly up 2.8% in year-over-year terms in the US.
- The Canadian oil patch’s half-century bond to the U.S. market is loosening one tanker load at a time in Donald Trump’s “America First” era. Last month, a ship loaded oil off Newfoundland and set sail on a 10,000-plus nautical mile journey to China, following on the heels of an oil sands cargo shipped from the U.S. Gulf Coast. India-based Reliance Industries Ltd is set to receive the first shipment of heavy Canadian crude in April.
- Valeant completed the bond portion of a planned refinancing Thursday, selling $3.25 billion of secured notes in a bigger deal than the drugmaker had expected. The company sold $2 billion of seven-year notes that yield 7 percent and $1.25 billion of five-year debt that yield 6.5 percent on Thursday in its first trip to the bond market since 2015.
- Treasuries halted the longest losing streak in five years before a U.S. jobs report expected to bolster the case for a rate hike next week. The yield on 10-year U.S. Treasuries fluctuated before edging lower for the first time in 10 days. Futures on the S&P 500 added 0.4 percent
- Evercore Partners Inc., the U.S. bank founded by Roger Altman, won a role to advise on the planned initial public offering of Saudi Arabian Oil Co., according to people familiar with the matter, getting a coveted spot on what may be the largest-ever listing.
- DirecTV may be close to settling an antitrust lawsuit brought by the U.S. over allegations it colluded with competitors during a 2014 standoff with Time Warner Cable Inc. over a channel devoted to the Los Angeles Dodgers.
- European stocks rose, heading for their biggest advance in more than a week as energy shares gained with the price of oil. The Stoxx Europe 600 Index advanced 0.3 percent at 8:30 a.m. in London, still poised for a weekly drop of 0.4 percent.
- Volkswagen AG plans to team up with Tata Motors Ltd. on joint projects in India, renewing the German automaker’s push to boost its presence in emerging markets after its previous efforts failed to gain traction.
- UBS Group AG handed out the smallest bonuses in four years and lowered Chief Executive Officer Sergio Ermotti’s payout as profit slumped last year. The bank cut the bonus pool for 2016 by 17 percent to 2.9 billion Swiss francs ($2.9 billion), according to its annual report published Friday.
- Asian stocks gained, rebounding from a two-day drop, as investors bet U.S. nonfarm payrolls data due Friday will confirm the strength of the world’s largest economy and oil prices remained under $50 a barrel.
- India’s rupee strengthened to a four-month high after most exit polls showed Prime Minister Narendra Modi’s party ahead of its rivals to win power in Uttar Pradesh. Stocks fluctuated as investors stayed cautious before results of elections in the most politically crucial state.
*All sources from Bloomberg unless otherwise specified