October 9th, 2015
Daily Market Commentary
- The Unemployment Rate in Canada crept up to 7.1% in September, above consensus estimates of 6.9%.
- The Participation rate in Canada was 65.9%, slightly above estimates.
- The Net Change in Employment in Canada was an addition of 12.1K jobs, above estimates of 10K.
- The Import Price Index in the U.S. was down 0.1% and down 10.7% in month-over-month and year-over-year terms, respectively.
- The Export price Index in the U.S. was down 0.7% and down 7.4% in month-over-month and year-over-year terms, respectively.
- Oil headed for the biggest weekly gain since August, holding gains near $50 a barrel in New York on speculation that rising demand and retreating supply will whittle away the global surplus.
- Gold advanced to a six-week high as minutes of the Federal Reserve’s latest meeting increased speculation that the central bank will hold off raising interest rates until next year.
- Canada’s appetite for U.S. power assets extended a record run of deals this week, bolstering the value of American targets. The $1.51 billion purchase of Pennsylvania power plants by Calgary-based TransCanada Corp. and Brookfield Renewable Energy Partners LP Thursday boosted cross-border deals this year to a record $11.7 billion.
- TD Asset Management, Canada’s second-biggest mutual fund manager, is building a unit to invest in private debt deals for clients willing to give up the ability to sell their holdings in exchange for a fatter coupon.
- Petroliam Nasional Bhd. says it will proceed with its C$36 billion ($28 billion) Canadian natural gas export project in the face of a market slump that’s shaking profitability expectations for the global industry.
- U.S. stock-index futures were little changed, after disappointing results from Alcoa Inc. offset optimism from a winning streak that’s put the Standard & Poor’s 500 Index on track for its best week of the year. Asian stocks rose, with the regional benchmark index heading for its biggest weekly advance since December 2011.
- Hillary Clinton supports breaking up or reorganizing financial firms that are “too large and too risky to be managed effectively,” her campaign said Thursday as it unveiled a set of proposals aimed at reining in what it sees as Wall Street’s abuses.
- Britain’s shares clawed back most of the slump suffered by global equities over the summer, as miners extended a rally after posting longest streak of gains since 2003.
- London Stock Exchange Group Plc agreed to sell its asset management business to private equity firms TA Associates and Reverence Capital Partners for $1.15 billion.
- Telecom Italia SpA hired Deutsche Bank AG to sell its 1.6 billion euros ($1.8 billion) stake in Inwit SpA, the mobile-phone tower division that had an initial public offering this year, according to people familiar with the matter.
*All information is taken from Bloomberg, unless otherwise noted.