October 1st, 2015
Daily Market Commentary
- The RBC Manufacturing PMI in Canada was reported at 48.6.
- Initial Jobless Claims in the U.S. were reported at 277K, above estimates of 270K.
- Continuing Jobless Claims in the U.S. were reported at 2.191M, slightly below estimates.
- The Markit Manufacturing PMI in the U.S. was 53.1, above estimates of 51.3.
- The ISM Manufacturing PMI for September, which shows business conditions in the US manufacturing sector, was reported at 50.2, slightly below estimates of 50.6.
- Gold dropped for a fourth day after consumer confidence in the U.S. unexpectedly rose in September, building the case for an interest rate increase this year.
- Copper surged in London to pare the worst quarterly performance in four years after consumer confidence unexpectedly increased in the U.S., buoying its demand outlook.
- Oil was poised for the lowest quarterly average price since the start of 2009 as industry data showed U.S. crude stockpiles increased and OPEC’s second-largest producer boosted output.
- TransCanada Corp. is switching its strategy to get the controversial Keystone XL pipeline built through Nebraska by ending a legal battle with landowners opposed to the project and going instead to the state’s Public Service Commission for approval. (Globe)
- Renewed turmoil in global commodity markets is hammering Canada’s corporate bonds, pushing them to the worst performance in the industrialized world — with little relief in sight. Investors in Canadian corporate debt lost 1.1 percent during the third quarter compared with average return of 0.12 percent among Group of 10 countries.
- Canadian Pacific Railway buys Steelcare Inc., which is able to handle up to 1.5m tons of rail transload product annually, for terms that weren’t disclosed.
- U.S. stock-index futures jumped, mirroring a rebound in equities around the world after a slump this quarter wiped almost $11 trillion off the value of global shares.
- Costco Wholesale Corp., the second-largest U.S. retailer, reported fourth-quarter earnings that topped analysts’ estimates as the warehouse-club chain continues to attract new members.
- Glencore Plc, has recouped most of the losses from Monday’s 29 percent plunge as the shares rebounded for a second day on higher metal prices and speculation the stock is cheap.
- European stocks advanced, rebounding from yesterday’s decline, as investors bet that the worst quarter in four years already reflects concerns about weaker economic prospects.
- Italy’s unemployment rate unexpectedly declined to the lowest in two and a half years, signalling the country’s labour market may improve even faster than Prime Minister Matteo Renzi’s forecasts.
- J Sainsbury Plc posted its biggest share gain in almost six years as Britain’s third-biggest supermarket said profit will beat expectations, surprising investors at a time when U.K. grocers are embroiled in a price war with German discounters.
- French authorities will ask Volkswagen to refund all state aids that have been distributed for the purchase of their vehicles on the grounds that they were “clean cars” if a fraud is proven, Energy and Environment Minister Segolene Royal says.
- Asian stocks rose on the final day of the quarter, with Japanese shares leading a rebound from Tuesday’s market tumble, as the regional benchmark index headed for its worst three months since the financial crisis.
- Asian currencies had their biggest quarterly loss since the global financial crisis, having been battered by China’s surprise devaluation of the yuan and the prospect of a U.S. interest-rate increase.
*All information is taken from Bloomberg, unless otherwise noted.