September 24th

Daily Market Commentary



  • MBA Mortgage Applications in the U.S. were reportedly down 4.1%.
  • A Survey of the Business Climate in Germany resulted in a score of 104.7, below estimates of 105.7.
  • Consumer Confidence in Italy was reported at 102, above estimates of 101.5.


  • West Texas Intermediate traded near the lowest price in more than 16 months on estimates that crude inventories increased last week in the U.S., the world’s biggest oil consumer. Brent was steady in London.
  • Gold was little changed in London, after rising the most in almost seven weeks yesterday, as investors weighed signs of more buying against the outlook for an improving U.S. economy.
  • Copper fell to a three-month low in London on concern demand will slow in China, the biggest consumer of industrial metals. Aluminum traded at the lowest price since July.


  • Quebec expects to save C$220 million ($199 million) by eliminating “hundreds” of administrative jobs in health care to help balance the budget next year, Premier Philippe Couillard said.
  • CAE said it has received a series of contracts valued at about $115 million to provide a range of training systems and services for global defense and security customers.
  • Magna International said it is expanding its global footprint with the addition of two new facilities in India.

United States:

  • U.S. stock-index futures advanced, signalling the Standard & Poor’s 500 Index may halt a three-day slump, as investors awaited data that may show new-home sales rebounded for the first time in three months.
  • Citizens Financial Group Inc., the U.S. subsidiary of Royal Bank of Scotland Group Plc, raised $3 billion in its initial public offering, pricing the shares below the marketed range.
  • Pfizer Inc. has approached Actavis Plc to express its interest in an acquisition that could allow the U.S. drugmaker to move overseas and reduce taxes, in a sign the Obama administration’s efforts to curtail such deals could fall short.


  • European stocks advanced, following their biggest drop in 11 weeks, as investors assessed the health of the euro-area economy after a report showed German business confidence fell for a fifth month.
  • German business confidence fell more than analysts forecast in September as economic and political risks in the euro area increase.
  • China’s stocks rose, sending the benchmark index to its biggest gain in about seven weeks, as a jump in new trading accounts lifted brokerages and defence companies rallied on speculation of increased state spending.
  • General Motors Co. expects Cadillac sales in China to increase 40% this year, as the U.S. car-maker prepares to re-organize its luxury brand as a separate unit based in New York.
  • Alibaba Group Holding Ltd.’s finance arm aims to create a market-place for $163 billion of loans in as soon as two years as the e-commerce group encourages more Chinese to borrow and lend.

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