March 6th, 2015
Daily Market Commentary
- Building Permits in Canada were reportedly down 12.9% in month-over-month terms, a much larger drop than the anticipated level of 4.3%.
- Imports and Exports in Canada were reported at $45.06B and $42.61B, respectively.
- Nonfarm payrolls in the U.S. were reported at 295K, far above estimates of 240K.
- Average hourly earnings in the U.S. were reportedly up 0.1% and 2% in month-over-month and year-over-year terms, respectively.
- The Labour Force Participation Rate in the U.S. was reported at 62.8%.
- Oil headed for the first weekly gain in New York for three weeks amid the lowest trading volatility since December.
- Iron ore sank below $60 a metric ton after China set the lowest target for economic growth in more than 15 years, highlighting the slowdown in the largest buyer as low-cost supplies expand further amid a glut. Miners’ shares fell.
- Teck Resources Ltd. had its debt rating cut by Moody’s Investors Service to the lowest investment grade as depressed prices erode cash flow for the world’s second-largest exporter of metallurgical coal.
- Canada Pension Plan Investment Board has bought a portfolio of student accommodation in the U.K. for 1.1 billion pounds ($1.7 billion).
- Canadian Natural Resources raised its dividend and reported a nearly three-fold increase in fourth-quarter profits Thursday as stronger production helped offset slumping crude-oil prices.
- U.S. stock-index futures were little changed, with equities heading for their sixth weekly loss of the year, as investors awaited a government jobs report.
- Federal Reserve Bank of San Francisco President John Williams said mid-year may be time for a “serious discussion” about raising interest rates as the labor market nears full employment and inflation rebounds.
- European stocks extended their highest level since July 2007 as investors awaited a report on U.S. payrolls and deal activity increased.
- Stronger growth in the euro-area economy at the end of last year was driven by private consumption and foreign trade. Gross domestic product rose 0.3 percent in the fourth quarter after expanding 0.2 percent in the previous three months, the European Union’s statistics office in Luxembourg said Friday, confirming a Feb. 13 estimate.
- German industrial production rose for a fifth month in January in a sign that the momentum in Europe’s largest economy is strengthening.
- Chinese stocks fell, with the benchmark Shanghai index capping its first weekly decline in a month, on concern that new share offerings next week will divert funds from existing equities.
- China cut pay for top executives at its biggest banks and some other state-owned companies as part of efforts to combat inequality, said people with knowledge of the matter.
*All information is taken from Bloomberg, unless otherwise noted.