Daily Market Commentary
- The Unemployment rate in Canada was reported at 6.8%, below estimates of 7.0%.
- The participation rate in Canada was reportedly steady at 66%.
- The Net Change in Employment in Canada was reported at 74.1K.
- The Import Price Index for the U.S. was reportedly down 0.5% and down 0.9% in month-over-month and year-over-year terms, respectively.
- The Export Price Index in the U.S. was reportedly down 0.2% in both month-over-month and year-over-year terms.
- West Texas Intermediate crude tumbled further into a bear market amid signs of a global glut. Brent, the benchmark grade for more than half the world’s oil, traded close to a four-year low.
- Gold fell, cutting the biggest weekly gain since June, as improving U.S. economic data strengthened the dollar and cut demand for a haven.
- Copper fell in London, set for the longest streak of weekly drops since 2008, amid concern that demand is poised to weaken as European economies slow and China plans a lower target for growth next year.
- Seven Generations Energy Ltd., a company fracking for shale gas in western Canada, plans to raise about C$800 million ($715 million) in an IPO to fund its drilling investments. The Calgary-based company is backed by Canada Pension Plan Investment Board.
- The National Energy Board has slammed the brakes on Enbridge Inc.’s plan to start shipping western oil to Montreal this fall through its reversed Line 9 pipeline, saying the company failed to install shut-off valves around some major waterways. (Globe)
- U.S. stock-index futures declined, after equities fell the most since April, as concern that slower global growth will hurt the U.S. economy pushed the S&P 500 Index towards its longest streak of weekly losses since January.
- Family Dollar Stores Inc., the discount retailer at the centre of a three-way takeover battle, reported earnings that missed analysts’ estimates after price cuts narrowed profit margins.
- Alcoa’s third-quarter earnings surged as its primary metals segment benefitted from stronger aluminium prices, lower materials costs and improved productivity.
- PepsiCo said volumes in its beverage and snack categories ticked 1% higher in the latest quarter, as the company faced sluggish consumer demand in developed markets.
- European stocks fell to an almost seven-month low, heading for the biggest weekly drop since May 2012, amid concern the region’s central bank will face obstacles in its measures to revive the region’s economy.
- U.K. exports fell to the lowest in four years in August, led by a drop in oil and chemicals.
- The European Central Bank will release the results of its unprecedented review of euro-area lenders’ balance sheets on Oct. 26th, bringing to an end a year of investigation.
- Russia’s central bank stepped up the pace of currency interventions, as sanctions and an oil-price slump spur bets policy makers will raise interest rates.
- Asian stocks fell, with the regional benchmark index headed for a six-month low after European slowdown concerns caused a rout in U.S. shares and Hong Kong’s government cancelled talks with protesters.
- Infosys Ltd. gained the most in a year in Mumbai trading after India’s second-largest software services company said it will issue stock as dividend to shareholders and posted profit that beat analyst estimates.
- Malaysia is accelerating infrastructure investment as Prime Minister Najib Razak leans on public expenditure to boost growth amid concern subsidy cuts and a new consumption tax will curb private spending.
*All information is taken from Bloomberg, unless otherwise noted.