Daily Market Commentary
- The NY Empire State Manufacturing Index was reported at -3.58, below estimates of 12.
- Industrial Production in the U.S. was reportedly up 1.3% in month-over-month terms, above estimates of 0.6%.
- Capacity Utilization in the U.S. was reported at 80.1%, above estimates of 78.3%.
- The housing price index in Great Britain was reportedly down 3.3% and up 7% in month-over-month and year-over-year terms, respectively.
- An outlook for large manufacturing companies in Japan was reported at a score of 9, below estimates of 14.
- Crude oil jumped the most in two weeks on signs output may contract from two nations accounting for about 9 percent of OPEC production. Prices remain near a five-year low, and the United Arab Emirates said the 12-nation group won’t rein in production in response to the slump.
- Gold fell to the lowest in almost a week on speculation the Federal Reserve is moving closer to raising U.S. interest rates amid an improving economy. Silver declined.
- Wheat for March delivery declines as much as 1.1% to $5.9975/bu on Chicago Board of Trade, before trading at $6.045 by 3:05 p.m. in Singapore.
- CAE won series of contracts during 3Q valued at >C$115m to provide range of simulation products, upgrades, professional and long-term support services.
- Canada’s ratio of household debt to disposable income rose to a record between July and September, adding fresh evidence of what the central bank has called the biggest domestic risk to the economy.
- U.S. stock-index futures indicated the Standard & Poor’s 500 Index will rebound after its worst week in more than two years, while confidence grows that the nation’s economy can withstand a global slowdown.
- PetSmart Inc. agreed to be bought by a group led by BC Partners for about $8.3 billion in the largest leveraged deal for a U.S. company this year.
- Investors withdrew more than $2.5 billion from U.S. exchange-traded funds that buy emerging-market stocks and bonds last week, the biggest outflow since January.
- Riverbed Technology Inc., under pressure from activist investor Elliot Management Corp., agreed to be acquired for about $3.6 billion by private-equity firm Thoma Bravo and Teacher’s Private Capital.
- A rebound in energy shares sent European stocks higher after their biggest weekly slump in three years.
- Technip SA, Europe’s biggest oil-services company, said it plans to expand in upstream businesses even after a bid to buy French seismic surveyor CGG SA failed on price and industrial considerations.
- France plans to ban Uber’s UberPop car service, three days after a Paris judge rejected a bid to block the smartphone application that lets users get rides with private cars.
- Asian stocks fell, after U.S. markets posted the biggest weekly drop in three years, amid concern that a tumbling oil price signals weakness in the outlook for global economic growth.
- Indonesia’s rupiah tumbled to the lowest level since the Asian financial crisis as an uptick in dollar buying by local companies before the year-end coincided with a rout in the sovereign bond market.
- Recall Holdings Ltd. rejected a A$2.19 billion offer from data storage and information management company Iron Mountain Inc., saying it ‘materially undervalues’ the Australian-listed target.
*All information is taken from Bloomberg, unless otherwise noted.