May 28th, 2015

Daily Market Commentary



  • The Industrial Product Price Index in Canada was down 0.9%, below estimates of 0.1%.
  • The Raw Material Price Index was up 3.8%, above estimates of 1.6%.
  • Initial jobless claims in the U.S. were 282K, above estimates of 270K.
  • Continuing Jobless claims in the U.S. were 2.22M, which were also slightly above estimates.
  • Pending Home Sales in the U.S. were up 3.4% and 14% in month-over-month and year-over-year terms, respectively.
  • The EIA recorded natural gas storage change was 112B, above estimates of 99B.


  • Oil pared its biggest three-day decline since March before U.S. government data forecast to show crude stockpiles shrank for a fourth week.
  • Gold held near a two-week low as prospects for an increase in U.S. interest rates boosted the dollar, curbing demand for the metal as an alternative asset.


  • Canadian Imperial Bank of Commerce posted fiscal second-quarter profit that beat analysts’ estimates, led by gains in wholesale banking and wealth management. The bank raised its dividend by 2.8 percent to C$1.09 a share.
  • Royal Bank of Canada said fiscal second-quarter profit rose 14 percent on gains in investment banking.
  • Toronto-Dominion Bank said fiscal second-quarter profit fell 6.5 percent as the lender took a C$228 million ($183 million) restructuring charge.
  • Canada’s national housing agency says it’s now insuring a record low 50 percent of new residential mortgages, and it doesn’t intend to let it drop any further.

United States:

  • U.S. stock-index futures were little changed, after equities rebounded Wednesday, as concerns reignited about a Greek debt deal.
  • Inc. will offer free same-day delivery to Amazon Prime subscribers in 14 metropolitan areas, putting 1 in 6 Americans within reach of the online retailer’s speedy service that provides a time-saving alternative to a trip to the store.
  • JPMorgan Chase & Co.’s $500 million settlement with pension funds over Bear Stearns’s sale of mortgage-backed securities was approved by a federal judge.
  • Costco Wholesale Corp., the largest U.S. warehouse-club chain, posted third-quarter profit that topped analysts’ estimates as sales gains outpaced those at discount rivals such as Wal-Mart Stores Inc.


  • European stocks fell for the fourth time in five days on concern Greece may not win more aid before a loan payment due next week.
  • Tesco Plc is facing the threat of a shareholder damages claim in the U.K. over the 263 million-pound ($404 million) profit overstatement that plunged Britain’s biggest retailer into crisis last year.
  • NXP Semiconductors NV is selling its radio-frequency power-amplifier unit to a Chinese joint venture partner for $1.8 billion in an attempt to get regulatory approval for its acquisition of Freescale Semiconductor Ltd.
  • Asian stocks slid as Chinese equities tumbled after brokerages tightened margin lending rules amid speculation the government is taking steps to cool the rally. Japanese shares advanced as the yen touched a 12-year low.
  • Japan’s companies, long known for stinginess with shareholders, doled out record amounts of cash to investors in the last year. It’s just the start of the payouts. Dividends and buybacks soared 76 percent to 12.8 trillion yen ($104 billion) in the 12 months ended in March.



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