March 17th, 2017

Daily Market Commentary




Economic News:

  • Manufacturing Shipments in Canada were up 0.6% in month-over-month terms, above estimates.
  • Industrial Production in the US was flat in month-over-month terms, below estimates.
  • The Michigan Consumer Sentiment Index was reported at 97.6, above estimates.
  • Construction output in the EU was down 3.3% in year-over-year terms.


  • Canada’s PSP Investments is the preferred bidder of Oaktree Capital Group LLC’s 50 percent stake in the operator of San Juan, Puerto Rico’s airport, people with knowledge of the matter said.
  • Canada Goose Holdings Inc.’s shares surged in their debut Thursday after the high-end coat maker went public with the richest valuation among its global peers. Shares climbed almost 27 percent to close at C$21.53 in Toronto, where the company is based, after the retailer priced its initial public offering at C$17 apiece. That gives Canada Goose, which is also listed on the New York Stock Exchange, a market value of about C$2.3 billion ($1.72 billion).

United States:

  • U.S. stock-index futures were little changed as investors assessed the trajectory for interest rates in 2017. Contracts on the S&P 500 Index expiring in June fell less than 0.1 percent to 2,377.75 at 10:26 a.m. in London, while those on the Dow Jones Industrial Average lost 4 points to 20,878.


  • European stocks fell, paring their weekly gains after an earlier boost from central-bank policy decisions and relief over Dutch elections. The Stoxx Europe 600 Index declined 0.3 percent at 8:39 a.m. in London, pulling back after reaching its highest level since December 2015 on Thursday.
  • EON SE, Germany’s biggest renewable energy producer, raised about 1.35 billion euros ($1.45 billion) through a share offering that’ll help it reduce debt and pay for nuclear waste storage.
  • Japan’s stocks fell, weighed down by automakers, as the yen headed for its steepest weekly advance in six weeks and as investors awaited the outcome of two days of talks between Group of 20 officials starting Friday.
  • China’s carbon dioxide pollution level slipped last year even as the economy grew 6.7 percent, suggesting the world’s biggest emitter is using energy more efficiently. Output of the greenhouse gas from the energy industry fell 1 percent in China in 2016, helping emissions flatline for a third year in a row.

*All sources from Bloomberg unless otherwise specified