September 1st, 2015

Daily Market Commentary



  • GDP in Canada was up 0.5% in month-over-month terms, above estimates of 0.2% growth.
  • In quarter-over-quarter terms, the Canadian GDP shrank at an annualized rate of 0.5%, slightly slower than the forecasted 1% rate of shrinkage.
  • The Redbook Index, which measures same-store sales growth of U.S. general merchandising stores, was up 0.2% and 1.3% in month-over-month and year-over-year terms, respectively.
  • The unemployment rate in the Eurozone fell slightly to 10.9%, down from 11.1%.


  • Oil’s biggest three-day rally in 25 years stalled as speculation faded that OPEC may coordinate supply restraint with other nations to tackle the global crude surplus.
  • Gold rose for a third day as investors looked for a haven during the equity selloff sparked by concern of a worsening slowdown in China’s economy.


  • Penn West limiting capex to funds flow from ops by yr-end 2015, suspending dividend, cutting board compensation, reducing workforce 35% (by >400) in response to commodity prices.
  • AstraZeneca Plc said Valeant Pharmaceuticals International Inc. agreed to buy the commercial rights to brodalumab, picking up the collaboration on the psoriasis treatment after Amgen Inc. dropped out in May.
  • TheScore Inc. is betting a new fantasy app the Canadian sports news provider will unveil during the National Football League season will rejuvenate a stock that has lost half its value since April.
  • Sales of the most expensive luxury homes more than doubled in Toronto in the first seven months of the year, fuelled by foreign demand for housing Canada’s largest city, according to Re/Max Holdings Inc.

United States:

  • Apple may be pursuing its own original programming, as rumours are swirling following a Monday night report from Variety, a Hollywood news fixtures, that Apple is exploring such a move. (CNN).


  • France’s manufacturing industry shrank more than initially estimated last month, leaving Germany to take a greater share of the burden of driving the euro-area recovery.
  • Unemployment in the euro area unexpectedly declined to its lowest level in more than 3 years, signalling the region’s recovery is gaining pace even as dark clouds from China draw on the horizon.
  • U.K. manufacturing growth cooled in August as export orders fell for a fifth month.
  • U.K. mortgage approvals rose more than economists forecast in July and net lending on property increased the most in seven years in a sign of strengthening momentum in the housing market.
  • Global stocks slump after a measure of Chinese factory output fell to a three-year low.
  • China’s central bank added to measures designed to shore up the yuan, making it more costly for traders of forwards contracts to bet on swings in the currency.
  • Sharp Corp. is leaning toward spinning off its liquid-crystal display business into a joint venture with a third party, rather than selling the unit outright, people familiar with the matter said.

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