March 1st, 2016

Daily Market Commentary



  • The Redbook index, which measures same-store sales growth in US general merchandising companies, was down 2.4% and up 0.6% in month-over-month and year-over-year terms, respectively.
  • The Markit Manufacturing PMI in the US was reported at 51.3, slightly above estimates.
  • Canadian GDP was up 0.2% in month-over-month terms, and up 0.8% on an annualized quarter-over-quarter basis. Both were above estimates.
  • The Unemployment rate in the Eurozone was listed at 10.3%, slightly below estimates.



  • Oil climbed from the highest close in more than seven weeks on speculation that monetary stimulus in China could help revive flagging economic growth in the world’s second-biggest fuel consumer.
  • Gold held near a two-week high after data showed Chinese manufacturing contracted for a record seventh month, boosting demand for haven assets.


  • Bombardier Inc. summoned two Quebec opposition leaders to its Montreal headquarters to help clear up any confusion about its C Series aircraft program, saying the heated debate on its future taking place across Canada is being used by rivals to undermine its sales efforts. (Globe and Mail)
  • Bank of Nova Scotia, Canada’s third-largest lender by assets, said fiscal first-quarter profit rose 5 percent on higher earnings from its international business.

United States:

  • U.S. stock-index futures rose, indicating equities will rebound after capping their third consecutive month of losses, amid investor optimism about central bank support.
  • Exxon Mobil Corp sold $12 billion of debt on Monday, in one of the biggest deals of the year. But there are plenty of signs that demand for corporate debt is waning after investors have spent the past six years gorging on the stuff.
  • Intercontinental Exchange Inc. said it is considering making an offer for London Stock Exchange Group Plc, a week after Deutsche Boerse AGsaid it was in merger talks with the U.K. company.
  • Microsoft Corp. is rolling out a new service for its Windows 10 operating system to help large businesses detect hackers, security threats and unusual behavior on their networks, rivaling companies like FireEye Inc. and Symantec Corp


  • Trading in European stocks surged to the highest level since 2011, countering global trends and showing the extent to which investors betting on gains in the region got caught off guard when markets turned lower.
  • Barclays Plc fell the most in more than three years in London trading amid investor concern that the bank’s profit outlook is weakening as the firm slashed its dividend
  • Euro-area unemployment decreased to lowest in more than four years in January, giving European Central Bank policy makers some positive news a week before their monetary policy meeting.
  • Asian stocks gained, with Tokyo erasing a loss and Shanghai shares rallying, as China’s stimulus efforts and a rebound in oil boosted equities.
  • The world’s biggest pension fund posted its best quarterly gain in a year as a rebound in stocks helped add $42 billion to the value of the Japanese asset manager’s investments.


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