May 6th, 2015
Daily Market Commentary
- MBA Mortgage Applications in the U.S. were down 4.6%.
- ADP Employment change figures were reported at 169K, below estimates of 200K.
- Unit labour costs in the U.S. were up 5% in the first quarter, above estimates of a 4.3% increase.
- Retail Sales in the Eurozone were reportedly down 0.8% and up 1.6% in month-over-month and year-over-year data, respectively. Both figures were below estimates.
- Oil extended its advance to trade above $62 a barrel on signs the U.S. supply glut is easing.
- Copper fell, snapping the longest rally since November 2005 that led the metal into a bull market, before data that will show the pace of the economic recovery in the U.S., the second-largest metals consumer.
- Alberta voters ended the 44-year Progressive Conservative dynasty, electing the pro-labour New Democratic Party that has pledged to raise taxes for Canada’s main oil industry.
- Canada will regulate how much the country’s dominant phone carriers can charge rivals to use their wireless networks as the government seeks to boost competition in the lucrative industry.
- U.S. index futures rose, following the steepest decline for stocks in more than a month, as traders awaited employment data to help gauge whether the economy will rebound from a winter slowdown.
- Blackstone Group LP, the biggest private equity investor in real estate, sold more than 4,600 U.S. apartments to capitalize on strong demand for rental housing as it begins investing a new global property fund.
- Bank of America Corp. agreed in March to pay a combined total of $315 million to settle lawsuits with Deutsche Bank AG and BNP Paribas Mortgage Corp. related to fraud losses at failed lender Taylor Bean & Whitaker Mortgage Corp.
- European stocks were little changed, as investors assessed company results and watched for developments in Greek debt talks.
- BMW AG, the world’s biggest maker of luxury cars, reported first-quarter profit that beat analysts’ expectations as demand jumped in the U.S. and Europe for models such as the X5 sport utility vehicle.
- Allianz SE, Europe’s biggest insurer, said first-quarter profit climbed 11 percent, even as investors withdrew funds from its asset manager Pacific Investment Management Co. The shares rose the most in six months.
- Asian stocks outside of Japan dropped for a second day, with the regional gauge heading for an almost one-month low, as Chinese equities slid with Australian banks.
- The Abe administration plans to push Japan’s large exporters to pass on benefits from the weaker yen to suppliers hurt by higher costs for imported raw materials, Deputy Economy Minister Yasutoshi Nishimura said.
*All information is taken from Bloomberg, unless otherwise noted.