August 8th, 2016
Daily Market Commentary
- Building Permits in Canada were down 5.5% in month-over-month terms.
- A Sentix survey of investor confidence in the EU was reported at 4.2, above estimates.
- Oil gained after OPEC’s president said the group will hold informal talks in Algiers next month and predicted the current bear market would be short lived.
- Gold fell to the lowest level in a week after Friday’s U.S. jobs report showed strength in the labor market and raised bets the Federal Reserve will boost interest rates this year
- Copper rallied with other industrial metals, rebounding from the lowest level in four weeks, after U.S. jobs data burnished sentiment toward the world’s biggest economy.
- British Columbia’s decision to impose a 15 percent tax on foreign buyers to cool Vancouver’s scorching housing market is poised to derail more than 400 deals worth millions of dollars and may prompt calls for legal action.
- U.S. stock-index futures rose, signaling optimism over the strength of the U.S. economy will propel equities higher for a fourth day.
- Three judges are set to rule on Teva Pharmaceutical Industries Ltd.’s last line of defense for Copaxone, its best-selling multiple sclerosis injection. The U.S. Patent & Trademark Office will decide on the legitimacy of patents that expire in 2030, which safeguard the drug’s thrice-weekly regimen and the $4 billion in annual sales it rakes in.
- European shares rose, heading for their biggest three-day increase in more than three weeks, amid investor optimism about global growth.
- Steinhoff International Holdings NV’s European acquisition spree swept across the Atlantic as the South African retailer agreed to buy Mattress Firm Holding Corp. for about $2.4 billion.
- Airbus Group SE said the U.K. Serious Fraud Office has opened a criminal investigation into allegations of fraud, bribery and corruption relating to some of its third-party consultants.
- Asian stocks rose to the highest level in a year as a weaker yen buoyed Japanese equities after a strong U.S. jobs report increased risk appetite.
- The yuan fell by the most in three weeks after a better-than-expected U.S. jobs report fueled speculation the Federal Reserve will raise interest rates this year.
*All information is taken from Bloomberg, unless otherwise noted.