July 13th, 2015
Daily Market Commentary
- Imports and Exports in China were down 6.1% and up 2.8% in year-over-year terms, respectively. Both figures were above expectations.
- Industrial Production in Japan was down 2.1% in month-over-month terms.
- Oil extended its decline after the biggest weekly drop since March as investors weighed the prospects of Iran increasing crude exports in an oversupplied market.
- Aluminum shipments from China climbed to the highest level this year, swelling a global surplus that has pushed prices down to the cheapest since 2009.
- Iron ore imports by China shrank in the first six months of the year, highlighting weakness in demand in the world’s largest buyer as mills sold a record amount of production overseas amid a domestic glut.
- The likelihood Canada’s economy entered a recession in the first half of the year is prompting economists to cut forecasts for two-year government debt to the lowest in two years.
- Dominion says Robert A. Gannicott is returning from medical leave to resume his duties as Chairman of the Board immediately and Brendan Bell, currently Acting CEO, is appointed CEO as of July 31, 2015.
- U.S. and Iranian diplomats are digging in over the last remaining issues holding up a historic nuclear deal, casting doubt on earlier optimism that an accord could be announced as early as Monday.
- Blackstone Group LP’s Invitation Homes, after spending more than $9 billion in a U.S. property-buying spree, is starting to sell some houses as it shifts focus from rapid expansion to fine-tuning its holdings
- Portuguese and French equities led European stocks higher as Greece and its creditors reached an agreement and U.S. stock-index futures advanced, signaling equities will rally for a third day.
- European leaders gave Greek Prime Minister Alexis Tsipras a straightforward choice: ditch his principles or quit the euro.
- China’s shares climbed, with a gauge of smaller companies capping its biggest advance in more than six years, as hundreds of stocks resumed trading and export data exceeded economists’ estimates.
*All information is taken from Bloomberg, unless otherwise noted.