July 4th, 2016
Daily Market Commentary
- The RBC Manufacturing PMI for Canada was listed at 51.8.
- The Producer Price Index for the Eurozone was up 0.6% and down 3.9% in month-over-month and year-over-year terms, respectively.
- A Sentix survey of Investor Confidence in the Eurozone was reported at 1.7, below estimates.
- Brent crude traded near $50 a barrel as Nigerian militants carried out attacks on oil production sites, threatening to deepen the country’s biggest output losses in decades.
- Bullion prices climbed to the highest level in more than two years in June as investors absorbed the implications of the U.K. result, adding to a rally that’s been driven by the Fed’s hesitation in raising borrowing costs and the spread of negative rates in Europe and Japan.
- Silver vaulted above $21 for the first time in two years and gold advanced for a fourth day as investors sought precious metals as a haven after the U.K.’s vote to leave the European Union. Shares of silver miner Fresnillo Plc surged.
- Nickel rose to the highest in eight months after the Philippines, the world’s largest producer of nickel ore, threatened to close mines that fail to meet environmental standards.
- Canada’s Federal Court of Appeal ruled to overturn Enbridge Inc.’s permits for the Northern Gateway pipeline, which was approved by former Prime Minister Stephen Harper’s government (06/30).
- Tesla Motors Inc. delivered 14,370 vehicles in the second quarter, missing its forecast of 17,000 units because of what it called an “extreme production ramp” that saw half of the quarter’s production in the final four weeks.
- The rally that lifted Europe’s stocks by the most since February lost steam as declines in Italian banks countered a jump in commodity producers.
- The British government’s sale of its stake in Royal Bank of Scotland Group Plc has been delayed by at least two years after the U.K. voted to leave the European Union, according to Chief Executive Officer Ross McEwan.
- Asian stocks rose for a fourth day as commodity producers rallied and speculation grew that central banks will take steps to ease the economic fallout from the shock U.K. decision to leave the European Union.
- Investment bank China International Capital Corp. and brokerage China Investment Securities Co., firms with 186 billion yuan ($28 billion) of assets last year, are in talks on a possible merger, people familiar with the matter said.
*All information is taken from Bloomberg, unless otherwise noted.