May 29th, 2015
Daily Market Commentary
- Canadian annualized GDP was reportedly down 0.6% in quarter-over-quarter terms, below estimates.
- GDP in Canada fell 0.2% in month-over-month terms, also below estimates.
- Annualized GDP in the U.S. was -0.7%, slightly above estimates of -0.8%.
- CPI in the U.S. was up 0.8% in Q1 in quarter-over-quarter terms, slightly below estimates.
- Oil advanced for a second day, paring a monthly decline as a drop in U.S. crude stockpiles signalled the supply glut is easing.
- Gold headed for a second weekly drop and investors cut holdings in bullion-backed funds to a four-month low amid speculation U.S. interest rates will rise this year.
- Bank of Nova Scotia, Canada’s third-largest lender by assets, beat analysts’ estimates after reporting fiscal second-quarter profit was little changed.
- Brookfield Asset Management Inc. has raised $300 million for a new agricultural fund targeting Brazilian farmland, a person with knowledge of the matter said.
- U.S. stock-index futures dropped, signalling equities will drop for a second day, before data that may show the economy contracted in the first quarter.
- The biggest U.S. exchange-traded fund that tracks oil is heading for the largest two-month outflow in six years, raising concern that crude’s 30 percent rally may stall.
- European shares declined for a second day on investor concern Greece won’t reach an agreement with creditors in time for a debt repayment.
- Equinix Inc. agreed to buy Telecity Group Plc for 2.35 billion pounds ($3.6 billion) to create a trans-Atlantic data-center operator, scuttling the U.K. company’s planned merger with Interxion Holding NV.
- Royal Bank of Scotland Group Plc could be forced to spin off a larger part of its British consumer bank as part of a review of its business by the antitrust regulator.
- Deutsche Bank AG said it may boost the number of its asset and wealth management staff in Asia by 5 percent to 10 percent this year as part of the lender’s revamped strategy to boost growth.
- Asian stocks climbed, with the regional benchmark trimming its first monthly decline in 2015, as raw material producers led gains.
- The Japanese economy limped into the second quarter, as household spending fell, people left the job market and the central bank’s key inflation gauge slowed to zero.
*All information is taken from Bloomberg, unless otherwise noted.