March 28th, 2017
Daily Market Commentary
- The S&P Case-Shiller Home Price Indices were up 5.7% in year-over-year terms in January, in line with estimates.
- US Consumer Confidence was quoted at 125.6, above estimates.
- The Redbook Index, which measures same-store sales growth of US general merchandising stores, was reportedly down 0.7% and up 0.6% in month-over-month and year-over-year terms, respectively.
- Home Capital Group Inc. announced that it has named director Bonita J. Then interim President & Chief Executive Officer of the Company, replacing Martin K. Reid. The Company has commenced a search for a full-time replacement for the President & CEO position.
- Canadian investors left the hand-wringing over U.S. President Donald Trump’s policies to the Americans, pushing stocks higher despite lower oil prices and ongoing concerns that the so-called Trump rally is faltering.
- U.S. stock-index futures were little changed amid a rebound in global equity markets as investor attention turned to new elements of President Trump’s economic agenda after his health-care bill failed. The U.S. benchmark sparked a recovery in foreign markets on Monday as it pared losses to 0.1 percent during the session, after posting its biggest five-day drop since November last week.
- American Airlines Group Inc. agreed to acquire a minority stake in China Southern Airlines Co. for $200 million, cementing a partnership between the top carriers in the U.S. and Asia.
- Amazon.com Inc. has won the battle to acquire Dubai-based online retailer Souq.com, after walking away from a deal earlier this year. The U.S. e-commerce giant trumped an offer from Emaar Malls PJSC, operator of the world’s biggest shopping center, which bid $800 million for Souq.com.
- European stocks rebounded in a broad rally after two days of declines as investor concerns over U.S. President Donald Trump’s policy efforts eased and mining shares rose. The Stoxx gauge tracking miners rose 0.9 percent after dropping for six days, while automakers and banks also bounced back.
- Credit Suisse Group AG said its capital buffers are strong enough to consider alternatives to an initial public offering of the Swiss bank unit, signaling it may be open to selling stock to retain full ownership of its most-profitable business. Advances that Switzerland’s second-largest lender has made over the past year include $1.9 billion of cost cuts, a higher capital ratio and a settlement with the U.S. Justice Department over its sales of toxic mortgage debt.
- Akzo Nobel NV asked shareholders who may be tempted by PPG Industries Inc.’s $24 billion takeover bid to wait until mid-April for its competing vision on how to drive growth by breaking up the Dutch paint and coatings company.
- Asian stocks advanced with materials and financial companies leading a rebound from Monday’s selloff. Japanese shares climbed the most in more than six weeks as the yen tempered its strength against the dollar.
- China is expected to displace North America and take the lead in the next wave of carbon capture and storage projects after its first large-scale endeavor with the technology advanced. Construction on the Yanchang Integrated Carbon Capture and Storage Project will begin after a final investment decision was taken to go ahead with the demonstration site, according to the Global CCS Institute.
- Saudi Aramco could have a market value of more than $1 trillion, Sanford C. Bernstein & Co. estimates, after the government slashed the oil producer’s tax burden to attract investors ahead of what may be the world’s biggest initial public offering. The tax cut will increase Aramco’s net income by 300 percent, putting its per-barrel income in a range similar to that of international oil companies including Exxon Mobil Corp.
*All sources from Bloomberg unless otherwise specified