August 15th, 2016
Daily Market Commentary
- The NY Empire State Manufacturing Index was quoted at -4.2, below estimates.
- Industrial production in Japan was down 1.5% and up 2.3% in month-over-month and year-over-year terms, respectively.
- Oil traded near the highest closing level in three weeks in New York amid speculation that crude producers will revive talks to stabilize prices.
- Gold climbed for its first day in three as bets on the U.S. raising interest rates this year declined and the dollar slid to the lowest since June after disappointing U.S. retail sales.
- Nickel advanced from its lowest level in a month as UBS Group AG said the metal is one of its most preferred commodities and that the full impact of mine shutdowns in the Philippines is still to come.
- Canada’s economic recovery is lagging so far behind the U.S. that even a rebound in crude prices is failing to boost the nation’s currency. The four-week correlation between the Canadian dollar and crude fell to an 18-month low last week.
- U.S. stock-index futures were little changed as investors assessed the rally that sent equities to records in recent sessions.
- Mid-America Apartment Communities Inc. agreed to buy Post Properties Inc. forming a real estate investment trust that’s expected to have a market capitalization of about $17 billion.
- Honeywell International Inc. is set to acquire JDA Software Group Inc. in a deal valued at about $3 billion, the Wall Street Journal reported, citing a person familiar with the matter whom it didn’t identify.
- European shares tempered progress in thin volume to trade little changed as investors assessed recent gains in light of the outlook for earnings and economic growth.
- William Hill Plc rejected an increased 3.1 billion-pound ($4 billion) offer from 888 Holdings Plc and Rank Group Plc, stepping up its resistance to a takeover of the U.K.’s biggest bookmaker as a deadline looms.
- Weaker demand, slower growth, faster inflation — that’s the U.K. economy that the Bank of England sees in its crystal ball after the nation voted for Brexit. Now the first hard numbers are on the way.
- Asian stocks outside Japan rose as Chinese shares climbed to the highest since January on optimism details of a trading link between Shenzhen and Hong Kong will soon be announced. Equities in Tokyo slid amid data showing the economy expanded at a slower pace than forecast.
- Thailand’s economy grew more than analysts estimated in the second quarter as the military government accelerated spending on road and rail projects to help offset weak demand for the nation’s exports. Gross domestic product expanded 3.5 percent in the three months through June from a year earlier.
- Indonesia, an aviation market with one of the world’s worst safety records, had its air-safety rating upgraded by the U.S. Federal Aviation Administration, a move that may add momentum to flag carrier PT Garuda Indonesia’s expansion plans.
*All information is taken from Bloomberg, unless otherwise noted.