March 2nd 2015

Daily Market Commentary



  • The Current Account in Canada was reported at -$13.92B, below estimates of -$12.50B.
  • Personal Income in the U.S. was reportedly up 0.3%, slightly below estimates.
  • Personal consumption expenditure in the U.S. was reportedly down 0.5% and up 0.2% in month-over-month and year-over-year terms, respectively.
  • The unemployment rate in the Eurozone was reported at 11.2%, slightly below estimates of 11.4%.
  • The consumer price index in the Eurozone was reportedly down 0.3%, slightly above estimates.


  • Oil declined in New York, extending its second weekly loss as U.S. drillers reduced the number of rigs in operation at the slowest pace since January.
  • Gold rose for a fourth day, the longest run in almost five months, as China cut interest rates and the U.S. economy grew at a slower-than-estimated pace.
  • Copper reached a six-week high after China cut benchmark interest rates for the second time in three months to spur economic growth, boosting the prospects for demand to pick up in the world’s biggest user of the metal.


  • BlackBerry Ltd. is heading for the cloud. The Canadian smartphone maker said its core mobile device management service, known as BES12, will now be available for users who don’t want to run it off computers in their offices.
  • Bank of Canada Governor Stephen Poloz has made the central bank’s interest rate decision on Wednesday one of the closest watched since the financial crisis after his mixed messages on the possibility of further stimulus.
  • Bombardier confirmed its new larger CSeries CS300 jetliner would make its maiden flight Friday after being delayed by harsh winter weather.
  • The numbers are in: February was Toronto’s coldest month in recorded history (Globe).

United States

  • U.S. stock-index futures were little changed, after equities posted their best monthly performance since 2011, before reports on manufacturing and spending.
  • The January reading of the Federal Reserve’s preferred inflation measure is likely to be weighed down by a one-time drop in medical care costs, sending a potentially false signal of disinflation that policy makers will probably ignore.
  • Ericsson said it is suing Apple for infringing 41 patents it says are critical to many aspects of the U.S. tech giant’s devices.


  • European stocks declined from their highest level in more than seven years, as energy companies slid.
  • U.K. stocks rose to a record, following four weeks of gains, as miners advanced after China lowered its interest rate.
  • Euro-area consumer prices fell less than economists forecast last month, offering some relief to the European Central Bank as it prepares to put its unprecedented bond-buying program into action.
  • Samsung Electronics Co. rebooted its premium Galaxy smartphones with the S6 and S6 Edge, using a three-sided screen, as the company tries to reverse profit declines and market-share losses to Apple Inc. Shares surged to their highest in eight months.
  • Chinese stocks climbed for a third day after the central bank reduced its benchmark interest rate for a second time in three months to shore up economic growth.
  • China showed its determination to combat a slowdown in the world’s second-largest economy, cutting interest rates before a yearly gathering of the legislature where the Communist leadership typically unveils its goals for the year.

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