July 6th, 2015
Daily Market Commentary
- A Sentix survey of Investor Confidence for the Eurozone was reported at 18.5, above estimates of 15.
- Factory orders in Germany were down 0.2% and up 4.7% in month-over-month and year-over-year terms, respectively.
- Brent slid below $60 a barrel for the first time since April amid China’s stock market turmoil may lead to weaker fuel demand.
- Gold fell as Greek voters’ rejection of austerity strengthened the dollar, diminishing the appeal of the metal that’s sometimes bought as a haven. Silver, platinum and palladium declined.
- From burger meat to prime steaks, the rising cost of beef from Canada shows no signs of easing anytime soon. A drought has parched pastureland throughout the biggest beef-producing provinces and left Canada, the world’s seventh-largest exporter, with its smallest herd in 22 years.
- Manulife Financial Corp.’s banking subsidiary is hitting the streets, rolling out a fleet of 830 bank machines across the country. Manulife Bank’s new automated banking machines (ABMs) will be installed in Alimentation Couche-Tard Inc.’s stores – including Mac’s and Circle K – in nine provinces and territories by the end of September. (Globe)
- Canada’s embattled energy producers’ efforts to cut debt to weather a price crash are helping them claw back second-quarter losses in the bond market.
- Manulife Financial Corp. has delayed plans for an initial public offering of its U.S. office assets in Singapore because of increased stock-market volatility.
- US stock futures are deep in negative territory, with investors taking their cue from Europe and Asia, where nearly all major stock markets are falling. (CNN)
- General Motors Co. posted a slower pace of growth in China sales in the first half than in the U.S., as the economy slowed in its biggest market and local competitors flooded the market with cheaper SUV models.
- European and Asian stocks and U.S. stock-index futures fell after Greek voters rejected creditors’ austerity demands, while a measure of volatility slid amid speculation that the resignation of Finance Minister Yanis Varoufakis will smooth further talks.
- Yields on Greek 10-year government bonds soared to nearly 17% as investors saw an increased risk that the country will have to dump the euro. (CNN)
- Whatever happens after Greece’s vote, stock investors have had time to prepare. They’ve taken action in the options market to hedge against equity selloffs, trading an average of 1.6 million Euro Stoxx 50 Index contracts each day in the past month — the most since 2011.
- Rolls-Royce Holdings Plc Chief Executive Officer Warren East put the engine-maker’s troubles under a spotlight on his second day in the job, drawing a line under his predecessor’s more cautious approach to updating investors.
- Chinese brokerage Guolian Securities Co.’s shares tumbled in the worst major Hong Kong trading debut since 2011, even after China rolled out emergency measures to stabilize the nation’s stock market.
*All information is taken from Bloomberg, unless otherwise noted.