September 25th

Daily Market Commentary



  • Durable Goods orders in the U.S. were reportedly down 18.2% in August, below estimates of -18%.
  • Initial Jobless claims in the U.S. were reported at 293K, below estimates of 300K.
  • Continuing Jobless Claims in the U.S. were reported at 2.439M, below estimates of 2.450M.
  • The Markit Services PMI in the U.S. were reported at 58.5, below estimates of 59. 


  • West Texas Intermediate traded near the highest closing level in almost a week as crude inventories shrank in the U.S., the world’s biggest consumer. Brent’s premium to WTI was close to the lowest in five months.
  • Gold fell to an eight-month low in London as signs of an improving U.S. economy strengthened the dollar and curbed demand for a protection of wealth. Platinum sank to an almost 15-month low and palladium declined.
  • Copper and aluminum paced declines by industrial metals in London as the dollar climbed, denting demand for commodities as an alternative investment.


  • Hewlett-Packard Co., one of the leading technology suppliers to the Canadian government, is facing a possible 10-year ban on selling products and services to Ottawa in the wake of a high-profile U.S. bribery conviction. (Globe)
  • Petronas chief executive officer Shamsul Abbas told the Financial Times in an interview that he is “ready to call off” the Pacific NorthWest LNG project amid a delayed regulatory approval process, plans by the B.C. government to impose an LNG tax and a “lack of appropriate incentives.” (Globe)
  • Canada’s fiscal outlook is improving more quickly than the government projected and its housing market remains robust, while the nation’s imminent budget surplus will allow it to keep business taxes low and attract companies like Burger King Worldwide Inc., Harper said in New York yesterday.

United States:

  • U.S. stock-index futures were little changed, after the Standard & Poor’s 500 Index climbed the most in over a month, as investors awaited data on jobless claims and durable-goods orders.
  • Three Federal Reserve presidents are calling for patience as the central bank weighs when to raise interest rates above zero, arguing moving prematurely poses a greater risk to the economy than waiting too long.
  • Motorola Solutions Inc., the maker of two-way radios and other communications equipment, is transferring $4.2 billion in pension obligations to Prudential Financial Inc. to remove risk from its balance sheet.


  • European stocks rose for a second day amid optimism that the euro’s weakness against the dollar will boost profits at the region’s companies and the strength of the U.S. economy will drive global growth.
  • Direct Line Insurance Group Plc sold its German and Italian businesses to Spain’s Mapfre SA for 550 million euros ($701 million) as the company pares back its international operations to cut costs and pay a dividend.
  • The U.K. government plans to criminalize the manipulation of seven more benchmarks in markets from foreign exchange to gold and oil as it tries to revive confidence in the integrity of London as a financial center.
  • Asian stocks rose from the lowest level in more than three months as U.S. new-home sales spurred optimism about the world’s largest economy, weakening the yen and sending Japanese exporters higher.
  • Tesla Motors Inc. will double its workforce in Hong Kong as the electric car maker expands in a market the company said could become the “Norway of Asia.”
  • China uncovered almost $10 billion in fraudulent trade nationwide as part of an investigation begun in April last year, including many irregularities in the port of Qingdao, the country’s currency regulator said today.

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