Daily Market Commentary
- Consumer Confidence in Italy was reported at 99.7.
- Oil advanced for the first time in three days amid speculation that an escalating conflict in Libya may pare a global surplus that’s driven crude into a bear market.
- Gold fell on speculation that gains last week were exaggerated amid prospects for a stronger dollar and weak investor demand.
- Copper traded near a four-year low after data showed industrial profits in China fell, fueling speculation that demand from the largest metals user will weaken.
- Ontario Teachers’ Pension Plan (Teachers’) today announced the acquisition of an additional stake in Birmingham Airport (BHX) from Victorian Funds Management Corporation (VFMC). The purchase of VFMC’s 19.25% ownership increases Teachers’ holding in BHX to 48.25% from the current 29%.
- A price war is brewing between Canada and Latin America over who will satisfy U.S. Gulf Coast refiner’s hunger for heavy oil. The new Seaway Twin pipeline will almost double the amount of heavy Canadian crude coming to Gulf terminals and plants to about 400,000 barrels a day starting in January, according to reports.
- U.S. stock-index futures were little changed after a year-end rally that drove the Standard & Poor’s 500 Index to its 52nd record close in 2014.
- Lion Capital, the hedge fund that formerly backed American Apparel Inc., urged the clothing chain to consider strategic alternatives such as a sale of the company, a person with knowledge of the matter said.
- European stocks fell, led by a slump in Greece’s ASE Index as the nation faces early elections after Prime Minister Antonis Samaras failed a third time to get enough backing for his presidential candidate.
- Asian stocks rose, led by a surge in Chinese shares, amid optimism government steps to spur lending will bolster growth. Japanese shares reversed gains following a report a man is being tested for Ebola in Tokyo.
- AirAsia Bhd. shares tumbled the most in three years after the Malaysian budget carrier’s flight QZ8501 disappeared en route from Indonesia to Singapore.
- Oil’s slump has almost doubled the value of India’s big, state-owned refiners, outpacing the rest of the industry from China to the U.S.
*All information is taken from Bloomberg, unless otherwise noted.