November 10th, 2015

Daily Market Commentary



  • The Redbook Index, which measures same-store sales growth in US general merchandising stores, was reportedly up 0.8% and 1.1% in month-over-month and year-over-year terms, respectively.
  • The Import and export indices in the US were down 10.5% and 6.7% in year-over-year terms, respectively.
  • The NFIB Business Optimism Index came in at 96.1, slightly below estimates.


  • Oil rose from the lowest close in almost two weeks as the U.S. forecast that crude output from shale regions will decline next month.
  • China’s copper imports will probably decline after a benchmark premium in Shanghai slumped 40 percent in the past two months, a further sign of weakening demand in the world’s biggest consumer.



  • Qube Holdings Ltd. and its North American backers made a A$9 billion ($6.3 billion) counteroffer for Asciano Ltd., rivalling a bid for the Australian rail and port operator from Canada’s Brookfield Asset Management Inc.
  • Canadian Pacific Railway Ltd.’s quest for a record merger depends on a blessing from the same U.S. agency that thwarted the last effort to build a transcontinental railroad.

United States:

  • U.S. stock-index futures fell as investors weighed the extent of the rally in equities and the possibility of higher interest rates in December.
  • Two of Wall Street’s biggest credit-default swaps dealers are considering plans that could help revive trading in a key part of the market — just as an increase in corporate failures boosts demand for loss insurance.
  • Wage growth is poised to accelerate at small U.S. companies this month after a slowdown in October.


  • European stocks declined for a second day as commodity producers tumbled on further signs of a slowdown in the Chinese economy. Asian stocks fell.
  • Google faces a fresh round of European Union questions about its Android operating system for mobile devices as regulators quizzed rivals and customers over applications for maps, e-mail and other services.
  • German politicians who failed in previous attempts to have courts derail European Union monetary policy filed lawsuits at the country’s top court challenging the European Central Bank’s 1.1 trillion-euro ($1.2 trillion) asset-purchase program.
  • Vodafone Group Plc is joining the exodus from the pound as Britain’s relationship with the European Union gets choppier.
  • Volkswagen AG’s goodwill offer of $1,000 to the owners of cars caught in the emissions scandal comes as the company wages a behind-the-scenes effort to soothe another powerful constituency: its U.S. dealers.
  • Hyundai Motor Co. Vice Chairman Chung Eui Sun, heir-apparent to South Korea’s largest carmaker, increased his stake in the automaker by buying shares from a struggling shipbuilding group controlled by his uncle.

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