October 7th

Daily Market Commentary



  • Building Permits in Canada were reportedly down 27.3% in month-over-month figures in August, far below estimates of a 2.5% drop.
  • The Redbook index, which measures same-store sales growth for general merchandising stores in the U.S., was reportedly down 0.3% and up 5.4% in month-over-month and year-over-year terms, respectively.
  • Industrial production in Great Britain was reportedly flat and up 2.5% in month-over-month and year-over-year terms, respectively.
  • Manufacturing Production in Great Britain was reportedly  


  • Brent crude declined after disappointing German output reinforced concern that global oil demand will falter. West Texas Intermediate fell.
  • Gold traded little changed above this year’s low in London as the dollar held a decline from a four- year high and investors awaited Asian buyers to return from a holiday. Platinum rose from a five-year low.


  • Open Text said it and Alfresco Software have agreed to settle a patent dispute. Terms of the settlement weren’t disclosed.
  • Chevron agreed to sell a 30% stake in a venture to develop oil and natural gas from Canada’s Duvernay shale to Kuwait Petroleum for $1.5 billion, giving the Mid-east producer a foothold in a top North American play.
  • Air Canada announced that it has signed a tentative agreement with its pilots for a 10-year deal. No terms were disclosed, pending ratification.

United States:

  • U.S. stock-index futures declined, indicating the Standard & Poor’s 500 Index will fall for a second day, as investors awaited the corporate earnings-reporting season starting tomorrow.
  • Goldman Sachs Asset Management and Pacific Investment Management Co. say Treasuries are poised to fall as the Federal Reserve approaches the end of its bond-buying stimulus program.
  •  Walt Disney announced plans to inject fresh capital into its Euro Disney business, which operates the Disneyland Paris theme parks, after attendance fell this year.
  • Hilton Worldwide Holdings agreed to sell the Waldorf Astoria New York hotel to Anbang Insurance Group Co. for $1.95 billion.
  • Occidental Petroleum Corp., the U.S. oil producer that is restructuring to focus on its most profitable operations, is seeking to sell oil assets in North Dakota for as much as $3 billion.


  • European stocks slid as a report showed German industrial production contracted the most in more than five years.
  • German industrial production fell more than economists forecast in August in the latest sign that the outlook for Europe’s largest economy is deteriorating.
  • Billionaire Patrick Drahi is seeking to acquire PT Portugal SGPS SA, which would lead to a breakup of a merger of the nation’s biggest phone company with Brazilian carrier Oi SA, according to a person familiar with the matter.
  • The IMF cut its outlook for global growth in 2015 and warned about the risks of rising geopolitical tensions and a financial-market correction as stocks reach ‘frothy’ levels.
  • Asian stocks rose as agreement on formal talks between protesters and Hong Kong officials boosted shares in the city. Japan’s Topix index slid as the yen climbed after the Bank of Japan refrained from adding stimulus.
  • Samsung Electronics Co. posted its biggest drop in quarterly profit since at least 2009 as the world’s largest smartphone maker lost ground to Apple Inc. and Chinese competitors.
  • McDonald’s Corp.’s Japan business predicted a $157 million net loss this year after its chicken supplier said it mislabeled expired meat.

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