September 3rd, 2015

Daily Market Commentary



  • International Merchandise Trade in Canada was negative $0.59B, slightly below what was expected, indicating stronger exports than expected.
  • The US Markit PMI Composite was reported at 55.7.
  • The Markit Services PMI in the U.S. was reported at 56.1.
  • The ISM Non-Manufacturing PMI was reported at 59, above estimates of 58.1.
  • Initial Jobless Claims in the U.S. were reported at 282K, slightly above estimates.


  • Gold declined before a U.S. government payrolls report on Friday which may offer clues on whether the economy is strong enough for an interest rate rise after private jobs data showed an increase in hiring.
  • Oil traded near $50 amid signs the global glut will persist as President Barack Obama secured congressional support for the Iranian nuclear deal and U.S. crude supplies rose the most since April.


  • Pembina commissioned 260 MMcf/d of new processing capacity and pipeline infrastructure in Alberta and Saskatchewan for combined investment of ~C$320m.
  • The average price for single-family detached homes in Greater Vancouver has jumped 20 per cent to a record $1.47-million over the past year as the affordability gap widens between houses and condos. (Globe)
  • Canadian Oil Sands says return to “more normal production rates” likely toward end of Sept. after fire at Syncrude’s Mildred Lake upgrader in Alberta on Aug. 29.
  • Senior-housing companies in Canada rallied after Amica Mature Lifestyles Inc. agreed to be acquired by a pension fund-backed company, extending an industrywide consolidation.

United States:

  • Futures on the Standard & Poor’s 500 Index signaled the benchmark will rally for a second day, mirroring advances in European and Asian stocks.
  • Pacific Investment Management Co.’s flagship fund fell below $100 billion in assets for the first time in more than eight years, leaving it with about a third of the money it managed at its 2013 peak.



  • U.K. services grew at the weakest pace in more than two years in August, underscoring signs the economy is slowing in the third quarter.
  • UBS Group AG and Credit Suisse Group AG accounted for about three out of four job losses in the Swiss banking industry last year, even though they employ less than half the local workforce.
  • South Korea’s foreign-exchange reserves dropped for a second month in August, a sign the central bank likely intervened to stem a slide in the won.

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