Daily Market Commentary
- The Eurozone Markit Manufacturing PMI was reported at 50.6, slightly below estimates of 50.8.
- The Markit Manufacturing PMI for Great Britain was reported at 52.5, below estimates of 53.7.
- Gold climbed with silver on speculation the European Central Bank may add stimulus to fight the region’s slowing economic growth.
- Oil traded near its lowest closing price since mid-2009 amid signs of manufacturing weakness in Europe and China.
- Iron ore plummeted last year as surging global supplies topped demand. It opened 2015 by posting the biggest weekly gain in 18 months amid speculation that China will take more steps to spur growth in the world’s largest user.
- Enbridge Inc., a pipeline operator that runs several lines across the U.S. and Canada, restarted its North Dakota system after a fire at a truck-loading facility, according to a company spokesman.
- U.S. stock-index futures climbed, indicating the Standard & Poor’s 500 Index will rebound after posting its first December drop since 2007.
- Pacific Investment Management Co.’s biggest mutual fund trailed a majority of peers for the second straight year after missing a rally in longer-term bonds and betting incorrectly that inflation would rise.
- European stocks declined on the first trading day of the year after completing the smallest annual advance since 1992.
- Royal Bank of Scotland Group Plc fell after the Times reported in London that the U.K. lender could pay at least $7.7 billion to resolve claims of misconduct in its handling of U.S. mortgage securities.
- European Central Bank President Mario Draghi said he can’t exclude the risk of deflation in the euro area, in a sign that the likelihood of large-scale quantitative easing is increasing.
- Asian stocks rose on low trading volume with the region’s two largest markets shut for holidays. Chinese shares in Hong Kong jumped amid.
- Hyundai Motor Co. and Kia Motors Corp., South Korea’s largest automakers, forecast their weakest sales growth in nine years as they run out of capacity to increase output and competition intensifies in major markets.
*All information is taken from Bloomberg, unless otherwise noted.