June 1st, 2015
Daily Market Commentary
- The RBC Manufacturing PMI was reported at 49.8.
- Personal spending in April in the U.S. was flat over April, below estimates of 0.2% growth.
- Personal Income in the U.S. was up 0.4% in April, slightly above estimates.
- The Consumer Price Index in Germany was reportedly up 0.1%
- Speculators retreated from both bullish and bearish wagers on crude-oil prices before OPEC ministers meet to determine their output for the next six months.
- Gold fell for the first time in four days as the dollar strengthened against the euro after Greece struggled to reach a deal with creditors. Platinum slipped to a two-month low.
- Investors who say Canada’s economy is in a deeper hole than the central bank estimates are making bolder bets that more interest rate cuts are needed to revive growth.
- Upgrader maintenance and wildfires in Alberta expected to bring output temporarily below 4m b/d, Barclays analysts say in e-mailed report dated June 1.
- U.S. stock-index futures were little changed, after equities posted their worst week in six, before data that may show manufacturing picked up last month.
- Shares in Altera are rallying by about 8% pre-market as reports say Intel will soon announce a takeover deal for the company worth roughly $17 billion. Intel will reportedly pay $54 per share. (CNN).
- European shares were little changed as data showed manufacturing in the region expanded less than initially forecast, while talks over Greek financial aid continue.
- U.K. stocks reversed earlier gains after data showed British manufacturing expanded less than economists forecast.
- China’s stocks rose the most since January as an official manufacturing gauge showed a third month of expansion and speculation increased the government will take steps to tackle local government debt.
- China’s success in bringing down borrowing costs will face a major challenge this month, with data showing rates rose every June over the past decade. What will make it worse this time are the biggest share sales in five years.
- A Chinese factory gauge rose last month, suggesting the government’s monetary easing and relaxation of fiscal rules have helped cushion the economy.
*All information is taken from Bloomberg, unless otherwise noted.