March 12th, 2015

Daily Market Commentary



  • Capacity utilization in Canada was reported at 83.6%.
  • The New Housing price index in Canada was reportedly down 0.1% and up 1.4% in month-over-month and year-over-year terms, respectively.
  • The Import and Export Indices in the U.S. were reportedly down 9.4% and down 5.9% in year-over-year terms, respectively.
  • Business inventories in the U.S. in January were reportedly flat.
  • Initial Jobless Claims in the U.S. were reported at 289K, below estimates of 305K.
  • Continuing Jobless Claims in the U.S. were reported at 2.418M, below estimates of 2.5M.


  • Oil traded near the lowest close in two weeks in New York after government data showed U.S. crude stockpiles expanded, adding to a global surplus.
  • Gold snapped an eight-day stretch of declines that was the longest since 2009 as the dollar weakened from a decade-high. Silver, platinum and palladium climbed.



  • Endo International Plc offered to acquire Salix Pharmaceuticals Ltd., seeking to upend a sale of the gastrointestinal-drug maker to Valeant Pharmaceuticals International Inc.
  • Husky workers at the Sunrise oil-sands site were let go 4 to 5 months earlier than expected, Izzy Huygen, Fort McMurray, Alberta-based Christian Labour Association of Canada representative, says in phone interview.
  • Quebecor said its continuing media and telecom operations had $50.3M of adjusted income in the fourth quarter, up 3.5% from a year earlier. Growth was underpinned by the Videotron telecom segment, which had its strongest quarter in terms of subscriber additions since 2011.
  • Crescent Point Energy reported a 7% rise in funds flow from operations in the fourth quarter, helped by a jump in production, which rose 21% in the quarter to 163,822 barrels of oil equivalent per day.

United States

  • U.S. stock-index futures climbed, indicating equities will rebound after the surging dollar sparked their biggest two-day selloff in six weeks.
  • Barnes & Noble showed hints of progress in its turnaround efforts in the fiscal quarter ended Jan. 31, and even said it would close fewer stores this fiscal year than previously forecast.
  • Johnson & Johnson said its McNeil consumer products business agreed to pay $25 million to settle a U.S. government probe into a Pennsylvania plant that recalled Tylenol and other over-the-counter medicines several years ago because of quality lapses.


  • European stocks rose, extending a seven-year high, led by gains in miners and energy shares.
  • OAO MegaFon fell to a five-week low as the company’s forecast for stalling sales and weakening profitability stoked concern that Russia’s financial crisis is eroding earnings in the mobile-phone industry.
  • Munich Re, the world’s biggest reinsurer, will continue buying back shares as declining prices and lower investment income undermine earnings.
  • BMW AG, the world’s biggest maker of luxury autos, said profit last year jumped 14 percent as the X5 sport-utility vehicle and 2-Series Active Tourer compact van propelled record sales.
  • U.S. stock-index futures climbed, indicating equities will rebound after the surging dollar sparked their biggest two-day selloff in six weeks.
  • South Korea’s central bank unexpectedly lowered its key interest rate to an all-time low to prevent the nation from falling into deflation and support economic growth.
  • Alibaba Group Holding Ltd. plans to invest in Snapchat Inc., the mobile application for sending disappearing photos, at a valuation of $15 billion, people familiar with the situation said.

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