May 19th, 2015

Daily Market Commentary



  • The Redbook Index, which measures same-store sales growth of U.S. general merchandising companies, was reportedly down 0.2% and up 1.8% in month-over-month and year-over-year terms, respectively.
  • Building permits in the U.S. were up 1.143M, above estimates.
  • Housing Starts were up 1.135M, also above estimates.
  • The Consumer Price Index in the Eurozone was up 0.2% and 0.6% in month-over-month and year-over-year terms, respectively. Both figures were in line with estimates.


  • Oil slid in New York for a fifth day as Goldman Sachs Group Inc. said a continuing surplus would send prices back down to $45 a barrel by October.
  • Gold snapped a five-day climb before the Federal Reserve releases minutes of its latest meeting and as investors assess economic data for clues on when interest rates will rise. Silver and platinum slumped.


  • Bombardier forecasts market of 9,000 business jet deliveries from 2015 to 2024, representing ~$267b in revenues.
  • Brookfield Asset Management Inc. agreed to acquire GrafTech International Ltd., a U.S. maker of graphite used in electrodes, in a deal valued at about $546 million.
  • Ontario Teachers’ Pension Plan said it bought more than 1.8 million shares in Macerich Co. and that it now holds a 14 percent stake in the California-based company.

United States

  • BP Plc plans to sell part of its oil project off southern Australia, before an exploration campaign that’s slated to start late next year at a cost of more than A$1 billion ($800 million).
  • Britain’s inflation rate fell below zero for the first time in more than half a century, as the drop in food and energy prices depressed the cost of living.
  • Greek leaders expressed optimism a deal to unlock bailout funds is within reach, in the face of continuing warnings by some creditors that the country has yet to comply with the terms of its emergency loans.
  • Orange SA’s bid for Spanish broadband provider Jazztel Plc won European Union approval after the French telecommunications carrier made concessions that paved the way for a fourth national operator in Spain.
  • Most Asian stocks rose as Chinese equities jumped amid buying of underperforming shares while Japan’s Topix index gained on a weaker yen.
  • Mongolia and Rio Tinto Group settled their dispute over the $5.4 billion underground expansion of the Oyu Tolgoi copper and gold mine, ending two years of often bitter negotiations and giving a major boost to the economy.

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