November 3rd, 2015

Daily Market Commentary



  • International Merchandise Trade in Canada was reported at -$1.73B, slightly better than estimates.
  • The Trade Balance in the U.S. for September was               -$40.80B, also slightly better than estimates.
  • The ADP Employment Change in the US was 182K, slightly above estimates.
  • The Producer Price Index for the Eurozone was down 0.3% and up 3.1% in month-over-month and year-over-year terms, respectively.


  • Oil traded near $48 a barrel before U.S. government data forecast to show crude stockpiles increased for a sixth week in the world’s biggest consumer.
  • Gold held near a one-month low as investors added to bets of a U.S. interest-rate increase this year before a speech by Federal Reserve Chair Janet Yellen.
  • Imports of some corrosive-resistant steel from China may be taxed as much as 236 percent based on the level of subsidies they receive, according to a preliminary finding by the U.S. Department of Commerce.
  • Brazil’s daily oil production has fallen by about 500,000 barrels as oil workers strike to protest austerity measures by state-controlled Petroleo Brasileiro SA that are resulting in job losses, the country’s main oil union said Tuesday.



  • WestJet Airlines Ltd. is extending the fees it charges for baggage and seat selection to international markets starting early next year after those fees generated the entire increase in the airline’s overall revenue in the third quarter. (Globe)
  • TransCanada Corp. not only buys time with its bid for a pause on the U.S. review of its Keystone XL pipeline, it may delay a potential write-down on the roughly $2.4 billion it’s already spent on the project.
  • Weeks before Valeant Pharmaceuticals International Inc. said it would cut ties with Philidor Rx Services, the drug maker was planning to expand its use of the mail-order pharmacy, said three people familiar with the matter.

United States:

  • U.S. stock-index futures were little changed as earnings season continues, with Facebook Inc., Allergan Plc. and Time Warner Inc. reporting results today.
  • Groupon Inc. fell 24 percent in premarket trading in New York after the online marketplace late Tuesday forecast weaker-than-estimated profit and sales for the current quarter and promoted Rich Williams to chief executive officer.


  • Mario Draghi’s reiteration that the European Central Bank is ready to act to support the euro-area economy helped European stocks extend a rally that has recouped about half the losses from a summer rout, while commodity producers continued their rebound.
  • VW preferred shares fall as much as 10% at open in Frankfurt after co. said that it found emissions readings irregularities in gasoline engines for the first time.
  • Marks & Spencer Group Plc boosted its profitability forecast, providing a fillip for Chief Executive Officer Marc Bolland as he struggles to stem the U.K. retailer’s falling clothing sales.
  • Asian stocks rose, with the regional benchmark index heading for its third day of gains, as energy producers climbed amid renewed global appetite for riskier assets.
  • SoftBank Group Corp. operating profit rose as the mobile carrier and Internet investment company boosted Japanese wireless subscribers, offsetting losses at its Sprint Corp. unit in the U.S.
  • Honda Motor Co. reported quarterly profit that missed analysts’ estimates on quality-related expenses and slumping demand in Japan.

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