August 27th, 2015
Daily Market Commentary
- Annualized GDP in the U.S. was revised upwards to 3.7%, above estimates of a revision to 3.2% growth.
- The Initial Jobless claims figures were up 271K, below estimates of 274K.
- Pending Home Sales in the U.S. were up 0.5% and 7.2% in month-over-month and year-over-year terms, respectively.
- Oil climbed the most in three months to more than $40 a barrel in New York amid a relief rally in global stocks and a surprise drop in U.S. crude inventories.
- Gold rose for the first time in four days on signs that the U.S. Federal Reserve may hold off on raising interest rates. Funds backed by the metal saw the biggest increase in assets since January.
- Toronto-Dominion Bank said fiscal third-quarter profit rose 7.5 percent on higher earnings from Canadian retail banking and capital markets.
- Canadian Imperial Bank of Commerce said fiscal third-quarter profit rose 6.2 percent on gains in wealth management and consumer lending. The firm raised its dividend 2.8 percent to C$1.12.
- The Standard & Poor’s 500 Index is poised to extend its biggest rally since 2011 as the benchmark’s futures tracked gains in global markets.
- Boeing Co. settled a lawsuit over claims that fees and expenses paid by a 401(k) retirement plan were illegal, averting a trial that was scheduled to begin Wednesday.
- CRH Plc agreed to buy Los Angeles-based C.R. Laurence Co. for $1.3 billion to expand in products used in window installation as U.S. construction markets stabilize.
- Confidence is returning to the market, with European stocks rising for the second time in three days.
- Total SA has agreed to sell gas pipelines and a terminal in the U.K. for 585 million pounds ($906 million) to North Sea Midstream Partners as part of a longstanding plan to shed non-core assets.
- Ukraine agreed to a restructuring deal with creditors after five months of talks, giving President Petro Poroshenko some breathing room as he seeks to avert default and revive an economy decimated by a war with separatists backed by Russia.
- China’s stocks rallied in the last hour of trading, led by financial companies, halting the benchmark index’s steepest five-day rout since 1996.
- Hong Kong initial public offerings are the world’s worst performers this year, burning investors from BlackRock Inc. to billionaire Cheng Yu-tung as the city’s stock market gets battered by China’s $5 trillion selloff.
*All information is taken from Bloomberg, unless otherwise noted.