Daily Market Commentary
- Canadian annualized GDP was reportedly up 2.8% in quarter-over-quarter terms, above estimates of 2.1%.
- GDP in Canada was also up 0.4% in month-over-month terms, which was in line with estimates.
- The Industrial Product Price index was reportedly down 0.5% in Canada.
- Retail sales in Greece were up 2.2% in year-over-year terms.
- Gold fell for a third day to the lowest in a week as slumping oil prices curbed demand for the metal as an inflation hedge.
- Brent crude steadied after OPEC triggered the biggest one-day plunge in three years yesterday by failing to cut its output in response to a glut. Oil in New York headed for its biggest weekly drop since 2011.
- Copper fell to an eight-month low amid speculation a slump in the oil prices will reduce industrial-metals production costs, lowering the price floor.
- A judge has extended Mobilicity’s grace period from its creditors for an eighth time but rejected a request from its biggest bondholder for a court-ordered meeting with the company. (Globe)
- Canada’s economy grew faster than economists forecast in the third quarter as exports of crude oil grew and consumers opened their wallets for cars and other big-ticket items.
- U.S. stock-index futures fell, as the equities market reopens after the Thanksgiving holiday, with energy stocks tumbling after OPEC’s decision to keep its output target unchanged.
- Twitter Inc. said it will start collecting lists of applications installed on users’ mobile devices to help tailor the content it displays for members, including marketing messages.
- A total expected number of 140 million Americans are expected to hit the stores or shop online starting yesterday through Sunday. The shopping rush kicks off a holiday season that the NRF forecasts will be the best in three years, helped by falling unemployment, rising wages, and lower gas prices.
- European stocks dropped, paring their best month since February, as a slump in oil prices sent energy shares lower.
- Italy’s unemployment rate unexpectedly rose above 13 percent in October, setting a new record as businesses refrain from hiring amid the country’s longest recession since World War II.
- U.K. consumer confidence was unchanged this month as Britons’ willingness to make big purchases offset deterioration in their outlook for the economy.
- Asian stocks rose as Japan’s Topix advanced on a weaker yen after slowing inflation spurred stimulus bets. Energy shares dropped and airlines surged on plunging oil prices. China’s equity benchmark capped its biggest weekly gain in four years.
- Air-bag maker Takata Corp.’s failure to contain a deepening global safety crisis threatens to undermine the reputation of Japanese manufacturers, as the government warned it will force expanded recalls at home if the U.S. widens its safety campaign.
- Japan’s inflation slowed for a third month and retail sales fell more than forecast, showing the economy continues to struggle from a sales-tax increase as Prime Minister Shinzo Abe heads into an election next month.
*All information is taken from Bloomberg, unless otherwise noted.