January 23rd, 2015
Daily Market Commentary
- he Consumer Price Index in Canada was reportedly down 0.7% and up 1.5% in month-over-month and year-over-year terms, respectively.
- Retail Sales in Canada were reportedly up 0.4% in month-over-month terms, beating expectations of a 0.2% drop.
- Oil pared gains following the death of King Abdullah of Saudi Arabia as his successor said policies won’t change in the world’s largest crude exporter.
- Gold fell, paring gains after a three-week rally, as Goldman Sachs Group Inc. said low inflation and higher U.S. interest rates will drag down prices later this year.
- Copper fell in London, poised for a sixth weekly decline, after data showed manufacturing contracted in top user China.
- Canadian Prime Minister Stephen Harper said the central bank’s monetary policy remains “restrictive” relative to other economies even after yesterday’s rate cut, while dismissing concerns the move reflects a weak economy that needs more government stimulus.
- U.S. stock-index futures were little changed, after confidence that central banks will support the global economic recovery sent the Standard & Poor’s 500 Index to a three-week high.
- General Electric Co. exceeded analysts’ fourth-quarter earnings estimates as the company boosted sales in its power and water business, blunting the impact of falling oil prices.
- Uber Technologies Inc. applied to be regulated under a New Delhi taxi system and will hire drivers who recently passed police background checks. The city had shut down Uber’s previous service after a driver was accused of rape.
- European stocks climbed for a seventh day amid optimism the European Central Bank’s quantitative-easing measures will spur economic growth in the region.
- UBS Group AG, Switzerland’s biggest bank, said its trading businesses didn’t suffer a loss in the havoc that erupted when the Swiss central bank unexpectedly scrapped its limit on the franc.
- Asian stocks rose, with the regional benchmark index set for its highest close in two months, after Draghi unveiled an expanded stimulus plan.
- Li Ka-shing’s Hutchison Whampoa Ltd. started exclusive talks to buy O2, Telefonica SA’s U.K. wireless carrier, for as much as 10.25 billion pounds ($15 billion) in the biggest overseas purchase by the billionaire.
*All information is taken from Bloomberg, unless otherwise noted.