April 20th, 2015
Daily Market Commentary
- The Chicago Fed National Activity Index was down 0.42 points in March.
- The construction output in the Eurozone was reportedly down 1.8% and 3.7% in month-over-month and year-over-year terms, respectively.
- Gold held above $1,200 an ounce amid concern that U.S. inflation may boost the case for higher rates, countering expectations of a rise in demand as Greek debt talks remain deadlocked.
- Oil rose in London, holding its biggest weekly gain in five years as U.S. drillers idled rigs for a 19th week.
- The Inuit community of Clyde River is challenging the National Energy Board in federal court Monday, saying its approval of seismic testing for oil and gas potential in the waters of the eastern Arctic could threaten their traditional way of life. (Globe)
- Guy Laliberte, the audacious street performer who transformed his fire-breathing act into a global circus empire, has agreed to sell control of Cirque du Soleil to two of the world’s largest financial investors for about $1.5 billion. (Globe).
- U.S. stock futures are pushing up, indicating Wall Street will have a positive start to the week. This comes after a sharp drop Friday when the Dow Jones industrial average lost 280 points, the S&P 500 fell 1.1% and the Nasdaq closed with a 1.5% loss. (CNN)
- Comcast Corp. and Time Warner Cable Inc. will meet with the U.S. Department of Justice this week to discuss their planned merger, and Comcast could ultimately walk away from the deal if concessions needed to win approval are too strict, according to people familiar with the matter.
- Verizon Communications Inc. and AT&T Inc. will post first-quarter results this week that will probably show wireless subscriber growth trailed smaller rival T-Mobile US Inc., a milepost passed only once before.
- Wall Street investment bank Morgan Stanley reported a much stronger-than-expected rise in quarterly profit, boosted by higher revenue from trading bonds and equities.
- European stocks and U.S. futures rose, with commodity shares leading gains after China’s central bank boosted stimulus measures.
- Deutsche Bank AG employees in its Postbank unit voted in favour of striking indefinitely, escalating protests as they seek job protections amid a companywide strategic review that may lead to the division’s sale.
- Job vacancies in London’s financial-services industry increased by 19 percent in March as firms sought employees to manage additional compliance and governance demands from regulators, a recruitment survey showed.
- General Motors Co.’s joint venture with SAIC Motor Corp. in China plans to spend 100 billion yuan ($16 billion) by 2020 as global automakers step up investment to compete for market share in the world’s largest car market.
- Baring Private Equity Asia is nearing an agreement to buy about 40 percent of Weetabix Ltd., the cereal brand controlled by China’s Bright Food Group Co., people with knowledge of the matter said.
*All information is taken from Bloomberg, unless otherwise noted.