Daily Market Commentary
- The Canadian Raw Material Price Index in November was reportedly down 5.8%, below estimates of a 4.7% drop.
- The Industrial Product Price index was reportedly down 0.4%, slightly above the estimated 0.8% drop.
- The Markit Services PMI for the Eurozone was reported at 51.6, slightly below estimates of 51.9.
- The Markit Services PMI for Great Britain was reported at 55.8, below estimates of 58.5.
- Oil extended losses below $50 a barrel amid speculation that U.S. crude inventories will expand, exacerbating a global supply glut that’s driven prices to the lowest level since April 2009.
- Gold climbed for a third day, set for the longest run of gains since October, as slumping equity markets and political uncertainty in Greece spurred demand for a haven.
- Copper traded near the lowest in more than four years as concern that Greece will exit the euro area weighed on markets, bolstering speculation that consumption will slow
- Yesterday Canadian stocks posted the steepest plunge since 2013, joining a global selloff, as banks and energy producers tumbled after oil prices slumped below $50 a barrel for the first time in five years.
- Bank of Nova Scotia was Canada’s top arranger of stock sales for the first time since 2002 after exclusively leading offerings for Manulife Financial Corp. and Veresen Inc. in a year fuelled by energy financings.
- U.S. stock-index futures were little changed, as investors gauged whether signs of a strong economy will help lift equities after a slide in energy shares sent the Standard & Poor’s 500 Index to its biggest drop since October.
- Verizon Communications Inc. has approached AOL Inc. about a potential acquisition or joint venture with the Internet company to expand its mobile-video offerings.
- Manhattan apartment prices jumped to the highest point since their 2008 peak as buyers competed for a limited supply of homes and deals were completed in new luxury developments.
- Global sovereign bonds rallied, pushing yields to a record low, as tumbling oil prices damped the outlook for inflation and raised the prospect central banks will extend stimulus measures to boost growth.
- Coach Inc. agreed to buy designer footwear company Stuart Weitzman for as much as $574 million, part of an effort to revamp the luxury handbag maker’s image amid declining sales and increased competition.
- European stocks trimmed losses and were little changed after a two-day selloff.
- Growth at U.K. service companies slowed more than economists forecast in December, adding to signs the economy lost momentum at the end of 2014.
- The cost of insuring Russian bonds against default rose to the highest level in almost six years on speculation a cut in the nation’s credit rating to junk is imminent. The ruble tumbled for a second day.
- Asian stocks fell a second day, with the regional benchmark index heading for its biggest decline in nine months, extending a global selloff as the bear market in oil deepened.
- Sony Corp. unveiled an ultra-high definition action camera as it challenges GoPro Inc. in the market for filming extreme sports and offers a broader range of products using 4K video.
*All information is taken from Bloomberg, unless otherwise noted.