October 23rd

Daily Market Commentary



  • Initial Jobless Claims in the U.S. were reported at 283K, slightly above estimates of 282K.
  • Continuing Jobless Claims in the U.S. were reported at 2.351M, slightly below estimates.
  • The Housing Price index in the U.S. was reportedly up 0.5% in month-over-month terms.
  • Retail Sales in Great Britain were reportedly down 0.3% and up 2.7% in month-over-month and year-over-year terms, respectively. Both were below estimates. 


  • West Texas Intermediate traded near the lowest closing price in two years after government data showed crude stockpiles gained more than forecast in the U.S., the world’s biggest oil consumer. Brent fell in London.
  • Gold increased before decreasing after the biggest loss in more than two weeks as the festival and wedding season in India, the world’s biggest consumer after China, spurred purchases. Silver and platinum gained.
  • Copper rose in New York after manufacturing expanded at a faster-than-projected rate in China, the biggest consumer of industrial metals, bolstering the outlook for demand.


  • Cenovus Energy Inc, Canada’s No.2 independent oil producer, said its quarterly profit fell 4 per cent, hurt by an unplanned outage at a refinery.  Net income fell to C$354-million, or 47 Canadian cents per share in the third quarter ended Sept. 30, from C$370-million, or 49 Canadian cents per share, a year earlier. (Globe)
  • Potash Corp. of Saskatchewan Inc., the world’s largest fertilizer producer by market value, posted third-quarter profit that was less than expected as lower crop prices eroded farmers’ purchasing power.
  • A shooting spree that shut down Canada’s capital is raising alarm among companies that increased security and regulation will slow trade with the U.S. The attacks may increase security and red tape, slowing the flow of goods across the U.S. border, and send ripple effects into the broader economy.

United States:

  • U.S. stock-index futures advanced after a report showed an unexpected expansion in euro-area manufacturing.
  • General Motors Co. reported third-quarter profit that beat estimates as recall expenses ebbed and North American customers flocked to pickups and sport-utility vehicles.
  • Unilever, the maker of Surf and Rin laundry detergents, reported the slowest third-quarter revenue growth in five years as its main growth engine, personal care, sputtered amid a sharp drop-off in China.


  • European stocks declined as disappointing results from companies including Unilever and Michelin & Cie. outweighed data showing manufacturing in the euro area unexpectedly returned to growth.
  • Tesco Plc Chairman Richard Broadbent will leave after the U.K.’s biggest supermarket company said accounting irregularities started before this year and will impact profit in the second half.
  • Credit Suisse Group AG, Switzerland’s second-biggest bank, reported an increase in third-quarter profit driven by a surge in revenue at the investment bank, while earnings in other businesses fell.
  • Asian stocks fell, paring yesterday’s jump after U.S. equities declined, with telecommunications shares leading the slide.
  • Alibaba Group Holding Ltd. rose to a one-month high, leading gains among Chinese e-commerce companies trading in the U.S. amid speculation they’ll report quarterly earnings that may exceed analysts’ estimates.
  • Posco, South Korea’s biggest steelmaker by output, reported a 58 percent decline in third- quarter profit, worse than analysts estimated, following currency losses and as slowing global demand eroded prices

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