September 8th, 2015
Daily Market Commentary
- The NFIB Business Optimism Index in the U.S. was reported at 95.9, slightly below estimates.
- Eurozone GDP was up 0.4% and 1.5% in quarter-over-quarter and year-over-year terms, respectively.
- Brent crude oil rose on Tuesday as strong European economic data and a year-on-year increase in Chinese crude imports outweighed concern over Asia’s economic growth and a global fuel glut.
- Some Canadian banks allow wealthy Asian investors to skirt Chinese law by helping the bring in large amounts of money that is often used to buy real estate in Vancouver. A recent study by Macdonald Realty said 70% of clients who paid more than $3M for Vancouver houses last year were from China. It is illegal for Chinese citizens to remove more than $50,000 USD a year from China without government permission. (The Globe).
- Canadian specialty pharmaceuticals company Concordia Healthcare Corp. is paying $3.5 billion USD to buy Amdipharm Mercury Ltd. from European private equity firm Cinven. (The Globe).
- U.S. stock futures are set to shoot higher once the trading day beings in New York. The Dow Jones industrial average, S&P 500, and Nasdaq are all poised to open about 1.8% higher. (CNN).
- The Chinese government has spent $236 billion trying to prop up the country’s plunging stock market, according to analysis by Goldman Sachs.
*All information is taken from Bloomberg, unless otherwise noted.