July 14th, 2015
Daily Market Commentary
- The Redbook index, which measures same-store sales growth of U.S. general merchandisers, was up 0.3% and 1.4% in month-over-month and year-over-year terms, respectively.
- The Import and Export indices for the U.S. were down 10% and down 5.7% in month-over-month and year-over-year terms, respectively.
- Retail sales in the U.S. were down 0.3% and down 0.1% excluding Autos, in month-over-month terms, respectively. Both figures were below estimates.
- Oil extended declines as Iran, once OPEC’s second-biggest producer, reached a deal with world powers over its nuclear program, raising speculation it will increase crude shipments into an oversupplied market.
- Gold fell for a second day as the prospect that Greece will secure a new bailout spurred investors to shift their focus on when the U.S. will start raising interest rates.
- Shale fields that powered the U.S. energy renaissance will suffer the biggest drop in output since the boom began after companies pulled more than half their drilling rigs.
- Royal Bank of Canada said it agreed to sell its Swiss unit to Banque Syz SA of Geneva, in the latest retreat of a foreign financial firm from Switzerland as regulatory costs climb.
- Fairfax India Holdings Corp., the $1 billion fund created by Toronto-based investor Prem Watsa, offered to buy 26 percent more in Indian brokerage IIFL Holdings Ltd. for $255 million.
- Additional railroad layoffs loom on top of more than 1,000 job cuts this year as North American carriers including Union Pacific Corp. and Canadian National Railway Co. try to cushion a second-quarter earnings slump.
- U.S. stock-index futures were little changed, after equities capped their biggest three-day rally of 2015, as investors awaited earnings reports from companies including Johnson & Johnson and JPMorgan Chase & Co.
- FedEx Corp., the only current commercial customer for Boeing Co.’s 767 cargo jet, is in talks to acquire at least 25 more of the twin-engine freighters, two people familiar with the matter said.
- WPX Energy Inc., a Tulsa, Oklahoma-based oil and gas producer, agreed to buy closely held RKI Exploration & Production for $2.35 billion adding production in the Permian basin in Texas.
- Portuguese and Italian shares led a decline in European stocks after they posted their biggest rebound since 2011.
- With negotiations kicking off this month between U.S. carmakers and their main domestic labor union, talks involving Fiat Chrysler Automobiles NV are poised to be the most contentious.
- German investor confidence fell less than forecast in July, signaling optimism that the economy can cope with any fallout from Greece’s financial crisis.
- Bank of England Governor Mark Carney said officials are edging closer to tightening policy as the economic recovery continues.
- Britain’s inflation rate fell back to zero in June, led by prices for food and clothing, while the core measure dropped to match a 14-year low.
- Japanese stocks rose a third day after the yen weakened to an almost two-week low amid optimism over Greece’s bailout. Brokerages led gains on the Topix index.
*All information is taken from Bloomberg, unless otherwise noted.