April 10th, 2015
Daily Market Commentary
- The unemployment rate in Canada was reported in line with estimates, at 6.8%.
- The net change in employment in Canada was reported at 28.7K, above estimates of no change.
- Housing starts in Canada were reportedly up 189.7K on a year-over-year basis, above estimates of 175.
- The Import and Export price indices in the U.S. were reportedly down 10.5% and down 6.7% in month-over-month and year-over-year terms, respectively.
- Oil headed for the longest stretch of weekly gains since February 2014 as Iran disputed the framework for a nuclear deal with world powers that would allow the OPEC member to boost crude exports.
- Snapping its three-day losing streak, gold prices recovered today on increased buying by jewellers at prevailing levels amid a firm global trend.
- Zinc gained, heading for the best week since July, on concern supply is tightening. Industrial metals advanced after inflation grew faster than forecast in China.
- BCE Inc. has ousted Bell Media president Kevin Crull three weeks after he intervened in news coverage at the company’s television stations. BCE chief executive George Cope thanked Mr. Crull for his work but also stressed the need to protect independence and trust in Bell Media’s news outlets, which include CTV, the country’s largest private broadcaster. (Globe)
- General Electric said it plans to sell the bulk of its $30 billion real estate portfolio over the next two years as it returns to its industrial roots, and has set a share buyback plan of up to $50-billion – the second-largest ever. (Globe).
- U.S. stock-index futures were little changed after energy companies led equities higher amid a rebound in oil prices.
- Lowe’s Cos. Inc. says it will phase out the sale of products and plants that contain pesticides linked to deaths of honey bees and other pollinators, becoming what is believed to be the largest retailer to take such a move. (Globe)
- European stocks climbed, extending an all-time high and heading for the biggest weekly gain since January.
- Deutsche Bank AG, Germany’s largest lender, is set to pay more than $1.5 billion in fines as global regulators wrap up a probe into interest-rate manipulation, according to a person familiar with the matter.
- Asian stocks were poised for the biggest weekly advance in five months as mainland buyers drove a rally in Hong Kong. The Shanghai Composite Index closed above 4,000 for the first time since 2008.
*All information is taken from Bloomberg, unless otherwise noted.