October 23rd, 2015

Daily Market Commentary



  • The Consumer Price Index in Canada was down 0.2% and up 1% in month-over-month and year-over-year terms, respectively.
  • The Markit Manufacturing PMI in the US was 54, above estimates.


  • Oil headed for a second weekly decline as expanding U.S. crude stockpiles exacerbated a global glut.
  • Gold advanced as investors eyed the Federal Reserve meeting next week for clues on when the U.S. will raise interest rates.


  • HSBC Holdings Plc wants a piece of Justin Trudeau’s infrastructure boom and it’s taking on Canada’s big domestic banks to do it. The London-based bank is targeting a slice of as much as 10 per cent of the market for infrastructure financing that is dominated by the nation’s five largest lenders.(Globe)
  • Bank of Nova Scotia, Canada’s third-largest lender by assets, will close some back-office support operations in the next two years as it shifts more to digital banking.
  • Guyana’s president says Venezuela is inflaming a border dispute by claiming territory in his country where one of South America’s largest gold mines is.

United States:

  • Futures on the Nasdaq 100 Index rallied after Amazon.com, Microsoft and Google parent Alphabet all posted quarterly profit that topped estimates, together adding about $100 billion to their shares in after-hours trading.
  • Airbnb Inc. is pouring millions into defeating a ballot measure that would curb use of the short-stay home-rental service in its San Francisco backyard.


  • European stocks are heading for their longest weekly rally in seven months, helped by earnings results.
  • Specialty chemical maker OM Group Inc.’s merger with Apollo Global Management LLC will go through on a date to be announced, instead of Friday as planned, according to a New York Stock Exchange notice obtained by Bloomberg News.
  • Italy raised about 3.1 billion euros ($3.5 billion) in the initial public offering of postal company Poste Italiane SpA, the country’s biggest IPO since 1999, as it seeks funds to cut debt.
  •  Gazprom PJSC, the world’s biggest natural gas exporter, is planning for the lowest price for its fuel in its main European market for more than a decade.
  • The towns that became synonymous with Volkswagen AG’s rise to the pinnacle of the auto industry are feeling the pinch of the diesel-emissions scandal, freezing spending on projects such as playgrounds amid the carmaker’s abrupt fall from grace.
  • Ericsson AB reported third-quarter profitability and sales that missed analysts’ estimates as business in Japan, Russia and Brazil slumped and spending slowed in China on fourth-generation networks that power smartphones and tablets. The shares fell the most in six months in Stockholm.
  • Asian stocks rose, joining a global equities rally, after the European Central Bank signalled it may boost stimulus this year.
  • China’s home prices rose in September in more than half of the 70 major cities monitored by the government for the first time in 17 months, as home-purchase restrictions were loosened and interest rates cut.

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