September 29th, 2015

Daily Market Commentary



  • The Redbook Index, which measures same-store sales growth of US general merchandising companies, was down 1.5% and up 0.9% in month-over-month and year-over-year terms, respectively.
  • Consumer Confidence in the US was reported at 103, above estimates of 96.
  • The Raw Material Index in Canada was down 6.6% in August.
  • The Industrial Product Price Index in Canada was down 0.3% in month-over-month terms.
  • The German Consumer Price Index was down 0.2% and flat in month-over-month and year-over-year terms, respectively.



  • Oil advanced before data expected to show that a decline in U.S. crude supplies continued for a third week.
  • Gold dropped for a third day on expectations the Federal Reserve will raise U.S. interest rates before the year is over, countering demand for a haven amid a global markets slump. Platinum extended its decline to the lowest in more than six years.


  • Canada’s household debt levels rose at their fastest year-over-year pace in nearly three years in August, as Canadians continued to pile into residential mortgages in the wake of the Bank of Canada’s second interest-rate cut in six months. (Globe)
  • Bombardier Inc., draining cash amid delays on its marquee CSeries jetliner, can count on Quebec’s provincial government if the planemaker needs financial assistance, Premier Philippe Couillard said.

United States:

  • U.S. stock-index futures rebounded from an earlier decline, as investors awaited consumer-confidence data to help gauge the health of the world’s biggest economy.



  • European stocks resumed declines after briefly erasing them, signalling a lack of conviction among investors.
  • Volkswagen AG’s stock will be removed from the Dow Jones Sustainability indexes after the automaker cheated on emissions tests.
  • Euro-area economic confidence unexpectedly increased in September as sentiment in the industrial and services sectors improved.
  • Royal Bank of Scotland Group Plc Chief Executive Officer Ross McEwan said he wants the U.K. bank to buy back shares to help reduce the government’s stake.
  • U.K. mortgage lending rose in August by the most since before the financial crisis in 2008 as an improving economy and low interest rates fuelled demand.
  • Hammerson Plc and Allianz SE’s real estate unit agreed to buy a group of Dublin shopping-mall loans for 1.85 billion euros ($2.1 billion) from Ireland’s National Asset Management Agency, in the bad bank’s biggest single sale since it was set up in 2009.
  • Asian stocks fell, with the benchmark index heading for the lowest close since November 2012, as a selloff in U.S. and European markets spread to the region and commodity producers tumbled.

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