September 23rd, 2015

Daily Market Commentary



  • Retail Sales in Canada were reportedly up 0.5% in month-over-month terms, in line with estimates.
  • Retail Sales excluding Autos in Canada were flat and up 0.4% in month-over-month terms.
  • MBA Mortgage Applications in the U.S. were up 13.9% as of mid September.
  • The Markit PMI Composite for the Eurozone was reported at 53.9, slightly below estimates.
  • The Markit Services PMI was reported at 54, slightly below estimates as well.



  • Oil rose amid forecasts for a drop in U.S. crude inventories and deeper cuts to investment at one of the largest international oil companies.
  • Gold purchases in India are poised to climb in the final quarter to the highest level since 2012, adding to signs that lower prices are spurring a resurgence of buying in Asia.


  • Hydro One Inc.’s lenders are growing wary Ontario’s plan to sell part of its stake in the provincial utility will result in their interests being sacrificed in favour of the new shareholders.

United States:

  • U.S. stock-index futures advanced, erasing earlier declines, as Fiat Chrysler Automobiles NV added 1.7 percent in premarket New York trading as automakers climbed in Europe.
  • Advanced Semiconductor Engineering Co. won its battle to buy a $1.1 billion stake in Silicon Precision Industry Co. in a rare hostile Taiwan offer. Shares of both companies fell in



  • Optimism over the European recovery and a gain in commodities is spurring a rebound in the region’s shares after their worst decline in a month.
  • Total SA, Europe’s second-biggest oil company, scaled back its production target for 2017 as it announced a further round of investment cuts and project delays to protect its dividend.
  • Nestle SA, the world’s largest food company, formed a research alliance with a Swiss drug developer to work on a test that could diagnose Alzheimer’s disease in its early stages.
  • Nokia Oyj Chief Executive Officer Rajeev Suri said government approvals for the $17.6-billion takeover of Alcatel-Lucent SA are progressing faster than expected, with key nods from China and France remaining.
  • Asian stocks extended declines for a third day, led by commodity producers, after a China factory gauge unexpectedly fell to the lowest since the depths of the global financial crisis.
  • A Chinese probe found evidence that Citic Securities Co., the nation’s biggest brokerage, engaged in insider trading connected to the government’s rescue of the stock market, people familiar with the matter said.
  • India’s markets regulator imposed a penalty of 72.7 billion rupees ($1.1 billion) on PACL Ltd. for raising funds from the public without its approval.

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