March 30th, 2015
Daily Market Commentary
- The Industrial product price index in Canada was reportedly up 1.8% in month-over-month terms.
- The Raw Material Price Index in Canada was reportedly up 6.1%, above estimates of 5.1%.
- Personal Income in the U.S. was reportedly up 0.4% in month-over-month terms, slightly above estimates.
- Personal consumption in the U.S. was reportedly up 0.2% and 0.3% in month-over-month and year-over-year terms, respectively.
- Oil fell for a second day as Iranian and Western diplomats worked toward a nuclear deal that may lead to the Persian Gulf country boosting crude exports, exacerbating a global supply glut.
- Gold dropped for a second day on speculation that an increase in U.S. interest rates this year and a stronger dollar will curb demand for the metal. Palladium rose after approaching a bear market.
- Copper rebounded from a one-week low as signs of slowing Chinese industrial activity spurred speculation that more economic stimulus is coming. Nickel slid to the lowest since 2009.
- Best Buy Canada, a unit of Best Buy Co., said it will close 66 of its Future Shop electronics stores, or roughly half, while firing 1,500 full- and part-time workers and taking a restructuring charge of as much as $280 million.
- U.S. stock-index futures rose, signalling the Standard & Poor’s 500 Index will extend its ninth quarterly advance.
- UnitedHealth Group Inc.’s OptumRx agreed to buy Catamaran Corp., a provider of pharmacy benefit management services, for about $12.8 billion to add clients.
- In the battle of department stores, Kohl’s Corp. has gained an edge on its more upscale rival Macy’s Inc. The stock has outpaced Macy’s this year, bolstered by stronger holiday season sales.
- European stocks rose, pushing towards their biggest quarterly rally since 2009, amid optimism central banks will continue to support global growth.
- Asian stocks rose, with the regional benchmark index on course for its biggest quarterly advance since the first three months of 2012, after China’s central bank indicated more stimulus is on the way.
- China Cinda Asset Management Co., one of four state-owned managers of soured loans, increased its distressed-asset holdings 80 percent last year and expects buying opportunities to expand as the nation’s economy slows.
- BYD Co., the Chinese carmaker partially owned by Warren Buffett’s Berkshire Hathaway Inc., rose the most in six weeks in Hong Kong trading after projecting first-quarter profit will surge on demand for electric vehicles.
*All information is taken from Bloomberg, unless otherwise noted.