August 24th, 2015
Daily Market Commentary
- Retail Sales in Canada were up 0.6%, above estimates of 0.2%.
- The Consumer Price Index in Canada was up 1.3%, slightly below estimates.
- The Markit Manufacturing PMI was listed at 52.9, below estimates of 54.
- Consumer Confidence in the Eurozone was -6.8, slightly above estimates.
- Oil in London slid below $45 a barrel for the first time since March 2009 on concerns Chinese demand is slowing just as supplies from the U.S. and Iran threaten to swell a global surplus.
- Gold fell from a six-week high and palladium reached the lowest in three years during a global retreat among commodities. Copper and aluminum slumped to six-year lows.
- Canadian banks are facing a tough economic environment, raising some uncertainty among observers over what the Big Six’s quarterly financial results will look like this week. Analysts expect third-quarter bank earnings will rise by an average of just 2 per cent over last year – a cautious forecast that will be tested over the next several days. (Globe)
- Index futures signalled losses will cascade in the world’s biggest stock market after U.S. equities ended last week down the most in almost four years.
- Treasuries led a rally in core-market government bonds, pushing 10-year note yields below 2 percent for the first time since April, as a rout in stocks and commodities boosted demand for the safest fixed-income assets.
- Uber has spent more on lobbyists in California than Facebook and Apple combined to fend off regulations aimed at the heart of its worldwide business model.
- Dell Inc. has created a new business division to sell servers to customers large enough to warrant some light customization, but not so large that they’re designing and assembling their own equipment.
- Commercial-property brokerages, the stars among U.S. real estate stocks this year, are losing luster as the booming market for deals shows signs of cooling.
- The European stock rout is getting worse as equities tumbled for a fourth day and Germany’s benchmark gauge headed for a bear market.
- The U.K. government sold a 1 percent stake in Lloyds Banking Group Plc, bringing its holding in the bailed-out British lender to less than 13 percent.
- China’s stocks plunged the most since 2007 as government support measures failed to allay investor concern that a slowdown in the world’s second-largest economy is deepening.
- Sony Corp. plans to offer commercial drone services targeting the construction, logistics and agriculture industries from the first half of next year.
*All information is taken from Bloomberg, unless otherwise noted.