Daily Market Commentary
- The Current Account in Canada was reported at -8.4B, above estimates of -11.10B.
- Consumer Confidence in the Eurozone was reported at -11.6, in line with estimates.
- The Consumer Price Index in Germany was reportedly flat and up 0.6% in month-over-month and year-over-year terms, respectively.
- Oil slid to a four-year low amid speculation OPEC will refrain from cutting output at today’s meeting, dragging down shares of energy companies, Gulf-region stocks, and the Norwegian krone. Government bonds rose, with yields in Europe falling to record lows.
- Gold fell to the lowest level in a week as assets in the largest exchange-traded product backed by the metal shrank to the smallest in more than six years. Silver, platinum and palladium decreased.
- OPEC took no action to ease a global oil-supply glut, resisting calls from Venezuela that the group needs to stem the rout in prices. Futures slumped to the lowest level since 2010.
- Canadian banks should take on a bigger share of the risks from residential mortgages and rely less on the federal government, the IMF said.
- Bell Canada says conflicts with some real estate developers have left it unable to serve customers in a significant portion of new condos in the crucial Toronto market. Over the past year-and-a-half, the BCE Inc.-owned company has filed five complaints with Canada’s telecom regulator over problems related to accessing new developments. (Globe)
- Canadians are almost evenly divided over the merits of developing Alberta’s oil sands, with impressions worsening, according to Nanos Research polling.
- Uber Technologies Inc. investors contend the car-booking service is worth as much as $40 billion; more than Twitter Inc. and as much as Delta Airlines Inc.
- Wal-Mart Stores Inc., the world’s largest retailer, dismissed about 30 senior executives in China amid a restructuring in Asia that includes store closures in Japan and management changes in India.
- European stocks extended a two-month high, as the DAX Index rallied for an 11th day after Germany’s jobless rate reached a record low.
- Economic sentiment in the euro area unexpectedly increased in November, a sign the European Central Bank’s bid to boost growth and inflation is starting to hit home with companies and consumers.
- France’s government bonds rose, joining those of Germany, Finland and three other euro-area nations with 10-year yields below 1%.
- Asian stocks fell, with a regional index halting a four-day rally, as Japanese shares retreated on a stronger yen and a drop in oil weighed on energy companies.
- China’s central bank refrained from selling repurchase agreements for the first time since July, loosening monetary policy further as a report showed industrial companies’ profits fell by the most in two years.
- Lee Jae Yong is putting his stamp on Samsung Group after his father’s hospitalization with $8 billion in proposed deals, including a stock buyback. Shares of its electronics company surged.
*All information is taken from Bloomberg, unless otherwise noted.