May 21st, 2015

Daily Market Commentary



  • Existing home sales in the U.S. were up 5.04M, below estimates of a 5.24M gain.
  • The markit manufacturing PMI for the US was reported at 53.8, below estimates of 54.5.
  • The Philadelphia Fed Manufacturing Survey was reported at 6.7, below estimates of 8.
  • Consumer Confidence in the Eurozone was -5.5, below estimates of -5.


  • Oil rose for a second day as U.S. crude stockpiles shrank, indicating the supply glut may be easing.
  • Gold held a rebound from the lowest price in a week after Federal Reserve minutes.


  • Manulife Asset Management Arm said planning up to $450m IPO.
  • Canadian Imperial Bank of Commerce is withdrawing from its U.S. credit business, according to two people with direct knowledge of the situation.
  • Shopify Inc. raised $131 million in its initial public offering, pricing the shares above an increased range as investors clamoured for stock in the provider of software for small businesses.

United States

  • U.S. stock-index futures retreated before reports on labor, manufacturing and housing. Federal Reserve assurances on the timing of a rate rise were not enough to lift the Standard & Poor’s 500 Index yesterday as stocks hover near records.


  • European stocks fell for the first time in four days amid mixed reports on the region’s factory output.
  • Barclays Plc and Royal Bank of Scotland Group Plc, which were fined $3 billion on Wednesday for rigging currency markets, will have to set aside another 7 billion pounds ($11 billion) for misconduct within two years, JPMorgan Chase & Co. said.
  • Tesco Plc, the U.K.’s grocery leader, is shaking up its executive bonus plan to prioritize sales growth over short-term profit in the wake of last year’s profit overstatement that sparked a criminal investigation
  • Asian stocks rose for the first time in three days after the yen fell. Shanghai’s equity benchmark reached a seven-year high as weak data drove stimulus bets.
  • Lenovo Group Ltd. profit beat analyst estimates as the world’s biggest PC maker widened its lead over rivals and acquired smartphone and server businesses to boost sales.

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