August 6th, 2015
Daily Market Commentary
- Initial Jobless Claims in the U.S. were 270K, below estimates of 273K.
- Continuing jobless claims in the U.S. were 2.255M, slightly above estimates.
- A BoE Interest Rate Decision resulted in maintaining the key interest rate at 0.5%.
- Copper inventories in China’s bonded warehouses fell in July for the first time in four months after smelters were said to have curbed sales because domestic prices were unprofitable. Futures rallied in London.
- Oil traded near the lowest level in more than four months amid speculation a global glut that drove prices into a bear market will be prolonged.
- Manulife Financial Corp., Canada’s largest life insurer, said second-quarter profit fell 36 percent as changes to interest rates tempered growth and investment income.
- Canadian Natural Resources Ltd., the country’s largest heavy-oil producer, reported a second-quarter loss as cost cuts failed to make up for a crude slump weighing on returns across the industry.
- Canada’s oil-sands companies are starting to look like their coal-company cousins — struggling to cut costs fast enough to keep up with sinking prices.
- U.S. stock-index futures were little changed as investors weighed quarterly results and deal activity.
- Pershing Square Capital Management, led by Bill Ackman, said it has built a stake in snack-maker Mondelez International Inc. valued at about $5.6 billion.
- A drop in energy producers dragged European stocks lower, while investors weighed the prospect of a Federal Reserve rate increase.
- CF Industries Holdings Inc. plans an $8 billion merger with the European and North American nitrogen-fertilizer assets of OCI NV to create a global player to rival industry leader Yara International ASA.
- Deutsche Telekom AG reported second-quarter sales that topped analysts’ estimates as a weaker euro boosted earnings from its T-Mobile US Inc. unit, while wirelesss revenue in Germany slowed.
- Greek stocks rose for the first time since markets reopened as banks rebounded after a three-day rout wiped out more than half their value.
- Rio Tinto Group reported first-half profit that was better than expected as the world’s second-biggest mining company stripped out costs and reined in spending to combat lower iron-ore prices amid a slowdown in China.
*All information is taken from Bloomberg, unless otherwise noted.