March 9th, 2016

Daily Market Commentary



  • The Bank of Canada kept their key interest rate stable at 0.5%.
  • Wholesale inventories in the US were up 0.3%, worse than estimates.
  • Industrial Production in the UK was up 0.3% and 0.2% in month-over-month and year-over-year terms, respectively.



  • Oil rose slightly after its biggest drop in more than three weeks on speculation that declining U.S. crude production will eventually shrink the nation’s inventories, which continue to grow.
  • Gold fell for a second day as the dollar gained before a European Central Bank meeting this week at which policy makers may deepen the region’s negative interest rate policy, benefiting the U.S. currency.
  • Iron ore dropped on Wednesday, eroding Monday’s record surge, amid a revival in concern that global supply is outpacing demand.


  • Imperial Oil Ltd. will sell its remaining gas stations to five Canadian distributors for C$2.8 billion ($2.1 billion) as the oil producer focuses on its main oil-sands and refining businesses.
  • The Canadian government is signaling it could test the waters of quota-free softwood lumber trade with the U.S., a move expected to reignite a dispute that simmered for decades.

United States:

  • U.S. stock-index futures rose, signaling more gains for equities heading into the eighth year of a bull run, as investors awaited cues from central banks.
  • Intercontinental Exchange Inc. is lining up financing for a bid for the London Stock Exchange Group Plc, according to people familiar with the matter, as it prepares to go head to head with Deutsche Boerse AG to win control of the U.K. company.
  • The number of passengers flying in the U.S. this spring will rise 2.8 percent to a record 140 million, supported by affordable fares and available flights, according to industry group Airlines for America.


  • European shares rebounded after two days of declines as investors speculated on further stimulus support from the European Central Bank.
  • Inditex SA, the world’s largest clothing retailer, reined back its store expansion plans as the Zara owner delves deeper into e-commerce as a cheaper way to boost sales growth.
  • Asian stocks dropped, extending losses for the week, as oil retreated after worsening economic data from China renewed concern over the outlook for global growth.
  • Alibaba Group Holding Ltd. plans to start syndicating its loan of as much as $4 billion today, people familiar with the matter said.
  • Toshiba Corp. granted exclusive negotiation rights to Canon Inc. to buy its medical equipment unit as the Japanese industrial giant restructures its operations after an accounting scandal.

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