March 23rd, 2015

Daily Market Commentary



  • The Chicago Fed National Activity index was reported at -0.11.


  • Gold held the biggest weekly advance since January after the Federal Reserve reduced projections for U.S. interest-rate increases, hurting the dollar. Silver dropped.
  • Oil retreated after Saudi Arabia said it was pumping crude at a near-record pace.


  • Canadian National Railway’s safety record deteriorated sharply in 2014, reversing years of improvements, as accidents in Canada blamed on poor track conditions hit their highest level in more than five years, a Reuters analysis has found. (Globe)

United States

  • U.S. stock-index futures fell, after the Standard & Poor’s 500 Index posted its biggest weekly gain in six.
  • Monsanto shares are dipping after a World Health Organization agency published a research paper saying the firm’s weedkiller Roundup probably causes cancer. Monsanto countered the claims, saying its products are safe and meet regulatory standards. The company also said the report conflicts with findings from other WHO agencies. (CNN)
  • Shares in Gilead Sciences are expected to open in negative territory after the company reportedly sent an email to healthcare workers warning that patients taking its hepatitis C drug could be at risk of serious heart problems if they are also taking another type of heart medication. (CNN)


  • European stocks declined after a seventh weekly gain pushed equities near an all-time high.
  • Pirelli & C. SpA rose above a takeover offer by ChemChina, suggesting investors expect a higher price to complete the purchase of Europe’s third-largest tire-maker.
  • Leaving the European Union could cost Britain 56 billion pounds ($84 billion) a year by 2030 unless the country keeps its borders open, according to a research group.
  • Volkswagen AG is set to reduce production and offer voluntary termination agreements to workers at its Russian factory in Kaluga as demand shrinks, according to people familiar with the matter.
  • Asian stocks rose, with the regional benchmark index extending a six-month high.
  • Singapore’s longest stretch of disinflation since the global financial crisis backs the case for a second easing in monetary policy this year, predicted by a growing number of analysts in recent weeks.
  • Indian budget carrier SpiceJet Ltd. said it resolved a fight over planes with a lessor, helping extend the world’s biggest airline stock surge since mid-December.

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