Daily Market Commentary
- Housing starts in Canada were reportedly up 192.4K in August, in year-over-year terms, coming in slightly below estimates.
- The NFIB Business Optimism Index for the U.S. was reported at 96.1, above estimates of 95.9.
- Industrial Production in Great Britain was reportedly up 0.5% and 1.7% in month-over-month and year-over-year terms, respectively.
- Manufacturing Production in the Great Britain was reportedly up 0.3% and 2.2% in month-over-month and year-over-year terms, respectively.
- Brent crude declined to near a 16-month low, moving again below $100 a barrel on speculation that the cease-fire in eastern Ukraine allays the risk of a disruption in the region’s energy supplies. West Texas Intermediate rose in New York.
- Gold traded little changed near a three-month low in London as a stronger dollar cut demand and investors weighed signs of easing tensions over Ukraine. Platinum reached the lowest price in four months.
- Nickel fell the most in a month, leading industrial metals lower, as the dollar advanced. Tin slid to a one-year low.
- Iron ore extended its decline to the lowest level in five years on signs of weakening demand growth in China, the world’s biggest consumer, amid a widening global seaborne glut.
- Encana Corp., Canada’s second-largest natural gas producer, is selling its controlling stake in PrairieSky Royalty Ltd. for C$2.6 billion ($2.4 billion) following the unit’s initial public offering.
- Bombardier said it has resumed test flights of its C-series jet, which has been grounded for more than three months following a major engine failure.
- Athabasca Oil said it has increased its 2014 capital budget to $667 million from $527 million and maintained its production guidance range for the second half of 2014.
- U.S. stock-index futures were little changed, after the biggest drop in a month for the Standard & Poor’s 500 Index pulled it away from a record.
- Facebook Inc.’s market value exceeded $200 billion to put it among the world’s biggest corporations, as investors bet on the company to capitalize on the future of mobile advertising.
- Home Depot Inc., the largest home-improvement chain, confirmed that hackers infiltrated its computer systems at stores in the U.S. and Canada.
- Sprint Corp. is offering to match other wireless companies’ deals for smartphone trade-ins, following an earlier move by T-Mobile US Inc. designed to lure customers who want to exchange their phones for devices like Apple Inc.’s new iPhone.
- European stocks were little changed after their biggest two-day decline in a month as Scots prepared for a referendum on independence while investors weighed the prospects for central-bank stimulus.
- Telefonica SA’s German unit is selling 3.62 billion euros ($4.7 billion) in new stock to help finance the acquisition of E-Plus from Royal KPN NV and create the largest wireless carrier by customers in the country.
- Mark Carney signalled Bank of England officials will probably increase their benchmark rate from a record low in spring next year as wage growth accelerates and the recovery gains momentum.
- Asia-Pacific stocks fell a fourth day, with the benchmark index heading for its lowest close in almost four weeks, after the Standard & Poor’s 500 Index retreated from a record and as consumer shares slipped.
- Rakuten Inc. agreed to buy U.S. rebates website Ebates Inc. in Japan’s largest e-commerce deal as the operator of the country’s biggest online mall seeks overseas growth through acquisitions.
- Foreign companies are the target of 10% of China’s anti-monopoly probes, Premier Li Keqiang said today, rebutting allegations the investment climate has worsened and the government is singling out overseas firms.
*All information is taken from Bloomberg, unless otherwise noted.