June 27th, 2016
Daily Market Commentary
- The Goods Trade Balance in the US was reported at -$61B, below estimates.
- The US Markit Services PMI was reported at 51.3.
- Private Loans in the EU were up 1.6% in year-over-year terms.
- Oil traded near $48 a barrel as the market remained volatile after the U.K. last week voted to leave the European Union.
- Gold rose a second day as financial markets continued a selloff following the U.K.’s vote, with inflows into bullion-backed funds surging the most by value since 2012.
- Fairfax Financial, the Canadian investment firm led by Prem Watsa, agreed to buy ~80% stake in Paninvest’s non-life insurance unit Asuransi Multi Artha Guna in a deal valued at ~2.7t rupiah, people with knowledge of the matter said.
- Prime Minister Justin Trudeau says Canada can weather market turmoil after the U.K. voted to leave the European Union, while economists forecast the Bank of Canada is likely to continue to hold interest rates steady for longer.
- U.S. stock-index futures indicated equities will deepen declines, after the S&P 500’s worst selloff in ten months.
- Medtronic to buy Heartware for $58.00/share in cash; a deal estimated around $1.1b.
- European stocks fell for a second day, extending losses as investors continued to speculate on the fallout from Britain’s shock vote to leave the European Union.
- BHP Billiton Ltd., the world’s biggest miner, will raise its annual exploration budget by more than a quarter to $900 million as it targets discoveries in copper and conventional petroleum.
- HSBC Holdings Plc and Nomura Holdings Inc. extended declines in Asian trading Monday on concern that Britain’s vote to leave the European Union may force banks with a large presence in the U.K. to undergo costly relocations.
- International Monetary Fund Managing Director Christine Lagarde said that the fallout from Britain’s vote to leave the European Union hinges on what policy makers do in coming days.
- Asian stocks rebounded from the steepest slump since August. Rallies in Japan and China overshadowed declines in other benchmark gauges across the region.
- Line Corp., Japan’s most popular messaging service, plans to delay till Tuesday the setting of a price range for its initial public offering after Britain’s vote to exit the European Union sent global markets into turmoil.
*All information is taken from Bloomberg, unless otherwise noted.