October 14th, 2015
Daily Market Commentary
- The Producer Price Index in the U.S. was reportedly down 0.5% and down 1.1% in month-over-month and year-over-year terms, respectively. Both figures were below estimates.
- MBA Mortgage Applications in the US were down 27.6% in October.
- Retail Sales in the U.S. were up 0.1% in month-over-month terms, slightly below estimates.
- Blackrock says total net inflows in 3Q was $50b as clients faced “challenging” markets; says institutions sought out uncorrelated assets, including infrastructure, real estate, fund of fund offerings.
- Oil traded near a one-week low on estimates that U.S. crude stockpiles increased last week and forecasts that the global fuel surplus will endure next year.
- Bombardier’s CS100 aircraft has successfully completed over 90% of certification program, is now in final stage of flight testing that will include a few weeks of function, reliability tests.
- Canada’s oil producers are starting to feel the pinch as their banks reassess how much they’re willing to lend amid the rout in crude prices.
- HSBC Holdings Plc, the London-based bank that’s scaling back across the globe, considers Canada a priority market and sees future growth working with clients on international commerce, according to its top executive in the country.
- U.S. stock-index futures were little changed before another round of corporate earnings that have so far disappointed investors.
- Intel Corp. declined in German trading after saying a slowdown in demand from corporations threatens to curb sales at its server-chip division — one of the few bright spots at a company beset by a personal-computer slump.
- JPMorgan Chase & Co., the first big U.S. bank to report earnings after the third-quarter’s market tumult, missed analysts’ estimates and cautioned that trading is off to a tepid start this quarter.
- European stocks tracked a slump in Asian markets after Chinese inflation data indicated more weakness in the world’s second-biggest economy.
- A restructuring of Repsol SA’s Alaska drilling project is adding to the state’s woes in the midst of the biggest oil slump since 2009. Repsol sold stakes in development and exploratory acreage in northern Alaska to its partner, Armstrong Oil & Gas Inc., for more than $800 million.
- U.K. unemployment fell to its lowest rate since mid-2008 in a sign that the labor market is withstanding strains from the global economy.
- Vonovia SE, Germany’s biggest residential landlord, offered to buy Deutsche Wohnen AG if that company’s planned purchase of LEG Immobilien AG fails. The deal would be the largest in a rental property industry that’s going through a wave of acquisitions.
- BHP Billiton Ltd. is marketing its first dollar bonds in more than two years, using debt instruments that help protect the miner’s credit ranking.
- Toyota Motor Corp. said it’s targeting a 90 percent reduction in emissions from its new vehicles by 2050 as it seeks to build on the success of its hybrid autos.
*All information is taken from Bloomberg, unless otherwise noted.