June 13th, 2014
Daily Market Commentary
- The Producer Price Index in the U.S. was reportedly down 0.2% and up 2% in month-over-month and year-over-year terms, respectively.
- The Producer Price Index except food and energy in the U.S. was reportedly down 0.1% and up 2% in month-over-month and year-over-year terms, respectively.
- Manufacturing shipments in Canada were reportedly down 0.1% in month-over-month terms.
- The Employment Change in the Eurozone was reportedly up 0.1% and 0.2% in quarter-over-quarter and year-over-year terms, respectively.
- West Texas Intermediate crude headed for the biggest weekly advance since December and Brent gained as escalating violence in Iraq threatened supplies from OPEC’s second-largest oil producer.
- Gold was little changed near a two- week high, set for the first back-to-back weekly advance since April, as investors weighed whether escalating violence in Iraq will increase demand for the precious metal as a haven.
- Copper rose the most in almost two weeks in London amid signs that recent declines drew buyers and after growth in Chinese industrial production matched estimates.
- The Ontario Securities Commission is reviewing its market structure rules and may consider measures to regulate high-frequency trading if evidence of predatory activity is found, Chairman Howard Weston said.
- Ontario Voters Re-Elected Premier Kathleen Wynne’s Liberal Party, upgrading her government to a majority mandate and rejecting the main opposition Conservative Party’s call for budget austerity.
- Valeant Pharmaceuticals International Inc. shareholder ValueAct Capital Management LLC said it’s not selling the stock and backs the company’s efforts to merge with Allergan Inc. after shares of both fell.
- LinkedIn Corp. must face a lawsuit claiming the company violated customers’ privacy rights for marketing purposes by accessing their external e-mail accounts and downloading their contacts’ addresses.
- President Barack Obama said he won’t rule out using airstrikes to help Iraq’s government beat back Islamist militants who’ve seized cities and threatened to re- ignite a sectarian war in OPEC’s second-largest oil producer.
- European stocks fell the most in four weeks as escalating violence in Iraq threatened oil supplies, and U.K. property companies slid after Britain promised new measures to restrict mortgage lending. U.S. index futures were little changed.
- Mark Carney said rising U.K. mortgage debt may threaten Britain’s recovery as he signalled interest rates might start to rise earlier than anticipated.
- Merlin Properties SA, a Spanish real estate investment trust, aims to raise about 1.5 billion euros this month in what would be the largest IPO by a European REIT.
- Asian stocks slipped, paring the regional index’s fifth straight weekly gain, as airlines retreated on surging oil prices amid escalating violence in Iraq. Energy explorers jumped.
- China’s industrial output and retail sales increased at a faster pace in May, adding to evidence that Premier Li Keqiang’s support measures are stabilizing the world’s second-biggest economy.
- China Eastern Airlines corp., the nation’s third-largest carrier, agreed to buy 80 Boeing Co. 737 jets valued at $7.4 billion to meet travel demand in a country set to become the world’s biggest aircraft market.