September 25th, 2015

Daily Market Commentary



  • Annualized GDP in the U.S. for Q2 was quoted at 3.9%, above estimates of 3.7%.
  • Personal consumption expenditure prices in the U.S. were up 2.2% in quarter-over-quarter terms.
  • The M3 Money Supply in the Eurozone was up 4.8% in year-over-year terms, below estimates.



  • Oil rose in New York, heading for a second weekly gain on signs that retreating supply will begin to pare a global glut even as Chinese demand slows.
  • Copper pared a weekly decline after new home sales in the U.S. rose to the highest in seven years, boosting the outlook for demand in the world’s second-biggest metals consumer.


  • The Canadian dollar reached an 11-year low as global economic growth looks set to derail the country’s plan for an export-led recovery.

United States:

  • The Federal Reserve’s confidence that the U.S. economy is strong enough to cope with an interest rate increase this year boosted stock-index futures. Gold drops form one month high.
  • Schlumberger Ltd. will not pursue a $1.7 billion agreement to buy a minority stake in Russia’s largest driller Eurasia Drilling Co. beyond Sept. 30, after a lack of regulatory approvals stalled the deal.
  • Google Inc. is back under U.S. antitrust scrutiny as officials ask whether the tech giant stifled competitors’ access to its Android mobile-operating system, said two people familiar with the matter.
  • Albertsons Cos., a U.S. supermarket chain with more than 2,000 stores, said it plans to raise as much as $1.84 billion in an initial public offering to reduce debt.



  • European stocks jumped from an eight-month low after Federal Reserve Chair Janet Yellen said recent market turmoil won’t derail the U.S. recovery. Asian stocks rose.
  • The British government sold another 1 percent stake in Lloyds Banking Group Plc in the past month, pushing its holding below 12 percent as the bank’s shares hovered near the state’s minimum disposal price.
  • Norway’s government beat back a lawsuit from companies controlled by Allianz SE and Abu Dhabi among others seeking to reverse cuts in tariffs on the Gassled pipeline network they claim will cost them about $1.8 billion.
  • Investors in Russian Eurobonds are about to be swamped by billions of dollars in cash, helping to sustain a market-beating rally. Holders of the securities will be looking for a place to reinvest $41.6 billion of payments they will get from maturing bonds and loans in the fourth quarter.
  • Foxconn Technology Group has signed a letter of intent to buy a stake in Sharp Corp.’s liquid-crystal display business in a deal that would give Foxconn management control as the Japanese electronics maker spins off the unit, according to people familiar with the plan.

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