October 27th, 2015

Daily Market Commentary



  • Durable Goods orders in the US were down 1.2% in September, above the expected 3% drop.
  • The S&P Case-Shiller home price indices were up 5.1% in year-over-year terms in August, in line with estimates.
  • GDP in Great Britain were up 0.5% and 2.3% in quarter-over-quarter and year-over-year terms, respectively. Both figures were slightly below estimates.


  • Oil extended losses from the lowest close in two months before U.S. government data forecast to show crude stockpiles expanded in the world’s biggest consumer.
  • U.S. natural gas traded below $2 per million British thermal units on Tuesday for the first time since April 2012 as a glut of the power-plant and heating fuel expands toward a record.



  • The Quebec government is proposing to spend $420-million by 2020 to boost sales of electric and hybrid vehicles in the province to 100,000 units annually, about five times the current number sold in the entire country every year. (Globe)
  • Roots Canada Ltd. is entering a new era as co-founders Michael Budman and Don Green cede majority control of the 42-year-old chain to a private equity firm amid a more intense fashion retail landscape. (Globe)
  • Alberta’s oil sector has lost its competitive edge over the United States, so any changes to royalties should be aimed at wresting it back rather than increasing costs, the industry’s lobby group has told a government-appointed panel studying the issue. (Globe)

United States:

  • U.S. stock-index futures were little changed before the Federal Reserve begins a two-day monetary policy meeting and companies including Apple Inc. report earnings.
  • DuPont Co., the chemical maker whose chief executive officer abruptly resigned earlier this month, reported third-quarter earnings that beat analysts’ estimates after the company made cost cuts.



  • European stocks fell for a second day as commodity producers and chemical companies slid.
  • Novartis AG settled a $3.3 billion lawsuit in which the U.S. claimed the company paid kickbacks to pharmacies to increase sales of some of its prescription drugs and reported lower-than-expected third-quarter earnings.
  • BP Plc third-quarter profit beat analysts’ estimates, boosted by refining profit, as Chief Executive Officer Bob Dudley laid out a plan for deeper cost cuts to withstand low prices.
  • ABN Amro Group NV plans to sell shares in an initial public offering in Amsterdam as soon as the fourth quarter as the Dutch state starts to recover some of the 22 billion euros ($24 billion) it paid to bail out the lender seven years ago.
  • Telecom Italia SpA is inclined to pursue a Brazil strategy on its own and has no plans to hold talks with Mikhail Fridman after the Russian billionaire made an offer valued at as much as $4 billion to prop up a local carrier, according to people familiar with the matter.
  • Asian stocks fell amid low trading volumes, with the regional benchmark index retreating from its highest level in two months as energy shares led losses.
  • Maruti Suzuki India Ltd., which makes almost half the cars sold in the country, was the best performer on the benchmark stock gauge after reporting a 42 percent jump in profit amid demand for its Ciaz sedan and Celerio hatchback.

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