June 10th, 2015
Daily Market Commentary
- MBA Mortgage Applications in the U.S. were reportedly up 8.4% in the U.S.
- Industrial production in Great Britain was up 0.4% and 1.2% in month-over-month and year-over-year terms. Both figures were above estimates.
- Gold rose for a third day as the dollar weakened. Silver advanced as investors added cash to exchange-traded funds for a sixth day, the longest stretch since 2013.
- Oil extended its biggest advance this month on signs the slowdown in U.S. drilling is reducing a crude supply glut in the world’s biggest consumer.
- Most base metals rose as investors await industrial production data from China that’s forecast to show an improvement in activity from the weakest in more than six years.
- The Canadian market for the riskiest corporate bonds is disappearing. Sales of high-yield bonds issued in the Canadian currency have slowed to just one C$250 million ($202.6 million) offering this year, compared with seven issues totalling C$1.45 billion through the same period in 2014.
- Telus Corp., Canada’s second-biggest wireless carrier, is closing its chain of Blacks Photo Corp. retail photography stores, saying it wasn’t able to make a profit.
- A consortium led by Malaysia’s state-owned Petronas is slated to make a preliminary decision this week on whether to forge ahead with plans to export liquefied natural gas from British Columbia.(Globe)
- U.S. stock-index futures rose, signalling the Standard & Poor’s 500 Index will climb after ending a three-day losing streak.
- Spotify Ltd., the music-streaming service with more than 60 million users, received a valuation that topped $8 billion in a deal with Swedish phone company TeliaSonera AB.
- Target Corp. reiterated a 7.7 percent increase in its dividend to 56 cents in an official statement, after a similar announcement was posted on its website earlier by mistake.
- European stocks advanced, snapping a six-day losing streak, as Greek Prime Minister Alexis Tsipras prepares to meet German Chancellor Angela Merkel and French President Francois Hollande in Brussels to seek progress on debt talks.
- Bayer is in definitive agreement to sell Diabetes Care business to Panasonic Healthcare for EU1.02b.
- EasyJet’s network of 26 bases offers potential to pursue value-creating partnerships with long-haul carriers looking for a “feed” of European passengers, says Credit Suisse (outperform).
- Germany’s government bonds dropped, with 10-year yields rising to more than 1 percent for the first time since September, amid increasing supply and signs of economic recovery in the euro area.
- Asia’s benchmark stock index rose, set to snap seven days of losses, as health-care companies advanced. Chinese shares fell for a second day after MSCI Inc. held off from adding mainland shares to its benchmark indexes.
*All information is taken from Bloomberg, unless otherwise noted.