Daily Market Commentary
- Net change in employment in Canada for October was reported at 43.1K, far above estimates of -5K.
- The participation rate in Canada was reportedly unchanged at 66%.
- The unemployment rate in Canada fell to 6.5%, far below estimates of 6.9%.
- Nonfarm payrolls in the U.S. were reported at 214K, below estimates of 231K.
- Average hourly earnings in the U.S. were reportedly up 0.1% and 2% in month-over-month and year-over-year terms, respectively.
- The labour force participation rate in the U.S. was reported at 62.8%.
- The unemployment rate in the U.S. was reported at 5.8%, below estimates of 5.9%.
- Brent headed for a seventh weekly drop, the longest declining streak since November 2001, as OPEC predicted it will need to supply less crude amid the U.S. shale boom. West Texas Intermediate was little changed in New York.
- Gold was little changed near the lowest in four years, set for a weekly drop, as the dollar headed for its biggest weekly gain in more than 16 months. Silver traded near the lowest since 2010.
- Mitel Networks Corp. hasn’t ruled out increasing its bid or starting a hostile offer for ShoreTel Inc. if the business-communications firm continues to reject an unsolicited $540 million takeover.
- Air Canada posted a better-than-expected profit of $1.55 a share, on stronger revenue in its third quarter, a period the airline called the best in its history.
- BCE posted a 75% jump in earnings on stronger revenue, beating analyst expectations. The telecommunications company benefitted from strong wireless and wireline subscriber growth.
- U.S. stock-index futures were little changed, with the Standard & Poor’s 500 Index heading for a weekly gain, as investors awaited data that is projected to show an increase in October payrolls.
- Bank of America Corp. cut third-quarter earnings by $400 million, wiping out the surprise profit it reported last month, as the firm braced for the end of probes into foreign-exchange dealings.
- Transocean Ltd., owner of the biggest fleet of deep-water rigs, is feeling the effect of an oncoming glut in the expensive vessels just as crude prices tumble.
- Pacific Investment Management Co. introduced a $279 million award program to retain top talent after the surprise departure of Bill Gross.
- Sears Holdings Corp., following nine straight quarters of losses, said its actively exploring the possible sale and lease back of 200-300 stores in a bid to strengthen its balance sheet.
- European stocks fell, reversing earlier gains, as a slump in bank shares outweighed better-than-estimated earnings by companies from Allianz SE to Swiss Re AG.
- Allianz SE pledged to pay a higher share of profit to shareholders and confirmed its full-year earnings target as its Pacific Investment Management Co. unit struggles to stanch outflows following the departure of Bill Gross.
- Most Asian stocks rose, paring a weekly decline on the regional index, after a drop in American jobless claims bolstered optimism about the world’s largest economy before a government report on employment.
- Passenger-vehicle sales in China last month grew at a faster pace for the first time since June, as dealerships offered more incentives to meet full-year targets heading into the final quarter.
- Singapore’s central bank gave back as much as S$12 billion ($9.3 billion) that it took from 19 lenders last year as a penalty for trying to manipulate benchmark interest rates.
*All information is taken from Bloomberg, unless otherwise noted.