Daily Market Commentary
- The New Housing Price Index in Canada was reportedly up 0.1% and 1.7% in month-over-month and year-over-year terms, respectively.
- The Initial Jobless Claims in the U.S. were reportedly up 294K, above estimates of 290K.
- Continuing Jobless claims in the U.S. were reported at 2.452M, above estimates of 2.368M.
- A Bank of England Interest Rate Decision resulted in the key rate being held at 0.5%.
- Oil was steady as analysts said a supply glut that’s driven prices to the lowest level in more than five years will linger through the first half of 2015.
- Gold declined for a second day as global equities and the dollar strengthened before employment data may provide clues on the outlook for interest rates in the U.S.
- Copper advanced for the first time this year on signs that U.S. borrowing costs will remain low and China is boosting infrastructure investments.
- Iron ore will probably extend declines in 2015 as global supply exceeds demand and the world’s largest producers plan to add production, according to INTL FCStone Inc., which described last year’s rout as incredible.
- TransCanada Corp.’s proposed Energy East pipeline has cleared the first of several hurdles in Quebec, Canada’s second-most populous province.
- BlackBerry Ltd. CEO John Chen got a boost in his attempt to revive the company Wednesday as giant U.S. carrier AT&T Inc. became the first to commit to sell and promote its oversized Passport smartphone in the United States. (Globe)
- Porter Aviation Holdings Inc., the biggest operator of flights at Toronto’s island airport, is nearing a deal to sell its passenger terminal to a group led by InstarAGF Asset Management Inc. for more than C$750 million ($633 million), people with knowledge of the matter said.
- U.S. stock-index futures advanced, indicating the Standard & Poor’s 500 Index will climb for a second day after equities had their worst start to the year since 2008.
- Utility stocks have become too expensive in the U.S. after producing the biggest annual gain since 2000 for an industry gauge, according to John Stoltzfus, Oppenheimer & Co.’s chief market strategist.
- Activist investor Starboard Value LP intensified pressure on Yahoo Inc. in a new letter urging CEO Marissa Mayer to disclose her plans for assets such as a stake in Alibaba Group Holding Ltd.
- Coca-Cola Co. will cut as many as 1,800 jobs, or about 1 percent of its global workforce, as the world’s largest beverage company reduces costs amid a sales slump.
- European stocks climbed the most in three weeks amid optimism monetary policies by the European Central Bank and Federal Reserve will support the economy.
- Standard Chartered Plc is shutting its institutional equities business and eliminating about 4,000 jobs at its consumer operations as Chief Executive Officer Peter Sands seeks to restore the U.K. bank’s profit growth.
- Asian stocks rose, with the regional gauge set for the biggest gain in three weeks, after U.S. equities rebounded on economic data and Federal Reserve meeting minutes confirmed the likely timeframe for interest-rate hikes.
- Takata Corp., the maker of air bags that led to millions of vehicle recalls by global carmakers, rose to the highest price in more than two months as a major lender said it would support the troubled supplier should it fail.
- Mortgage rates in Japan have fallen to record lows, bolstering forecasts for a rebound in the residential market dented by April’s sales tax increase.
*All information is taken from Bloomberg, unless otherwise noted.