February 10th, 2015
Daily Market Commentary
- The Redbook Index, which measures same-store sales growth in U.S., was reportedly up 0.2% and 2.1% in month-over-month and year-over-year terms, respectively.
- The NFIB Business Optimism Index was reported at 97.9, below estimates of 101.3.
- Oil fell for the first time in four days amid speculation that U.S. supply will continue to exacerbate a global glut.
- Copper and nickel led declines in industrial metals after China reported consumer prices rose at the slowest pace in more than five years and factory-gate deflation deepened.
- Talisman Energy Inc., the Canadian producer being acquired by Spain’s Repsol SA, reported about $1.37 billion in one-time charges for the fourth quarter as it reduced the value of certain assets because of slumping crude-oil prices.
- Jim Prentice became premier of Alberta in the fall pledging to eliminate deficits. As the province’s oil-sands boom turns to bust, the debt-averse leader is ready to break the promise to avoid a worse scourge: recession.
- Sales of existing homes will slide 16 percent in Alberta this year as a plunge in oil drags down the provincial economy, according to Royal Bank of Canada.
- Oil output in Canada will continue to increase, the International Energy Agency said today, and money already earmarked for near-term projects will be spent.
- U.S. stock-index futures fell, signalling equities may decline for a second day, after Greece’s prime minister reiterated pledges opposing the nation’s bailout.
- The U.S. Justice Department is looking into whether UBS Group AG misled clients in the marketing and selling of some foreign-exchange structured products, according to people with knowledge of the situation.
- McDonald’s Corp’s worldwide same-restaurant sales fell a steeper-than-expected 1.8% in January, as the company fights to win back diners around the world and shake off the after-effects of a supplier scandal in China.
- European stocks advanced, as a gain in technology shares outweighed a decline in energy companies, amid a standoff between Greece and its euro-area creditors over bailout terms.
- Canon Inc. made a 23.6 billion-krona ($2.8 billion) cash bid to acquire Sweden’s Axis Communications AB, expanding into video surveillance as smartphone competition erodes digital camera sales.
- UBS Group AG fell after reporting lower-than-expected earnings at its wealth management division and warning that negative interest rates may hurt profitability
- Asia’s benchmark stock index fell for a fourth day as investors weighed concern about Greece’s rejection of its bailout program against Chinese inflation data that boosted stimulus prospects.
- Qualcomm Inc. was fined $975 million by Chinese antitrust regulators, who set new terms for smartphone makers to license the chipmaker’s technology, ending an inquiry that threatened the U.S. company’s growth in the biggest mobile market.
- SoftBank Corp., the wireless carrier controlled by billionaire Masayoshi Son, posted plunging third-quarter profit as Japanese subscriber growth stalled and losses widened at Sprint Corp.
*All information is taken from Bloomberg, unless otherwise noted.