June 8th, 2016
Daily Market Commentary
- Canadian Housing Starts were up 188K, below estimates.
- Building Permits in Canada were down 0.3% in month-over-month terms.
- MBA Mortgage Applications in the US were up 9.3% in June.
- Industrial Production in the US was up 2% and 1.6% in month-over-month and year-over-year terms, respectively.
- Oil traded near the highest close in more than 10 months as weekly U.S. industry data showed crude stockpiles declined, trimming a glut.
- Gold advanced as investors weighed China’s move to pause gold purchases for the first time in 11 months against diminishing odds for a Federal Reserve interest-rate increase this year, which helped push the dollar to a one-month low.
- Nickel climbed to a three-week high, aluminum topped the highest in a month and copper rebounded after economic data from China signaled improving demand.
- Canadian stocks rose a fourth day, extending a rally to near 10-month highs, as energy producers advanced with crude to offset a slump in Valeant Pharmaceuticals International Inc.
- General Motors of Canada Ltd. will announce on Friday that it plans to hire as many as 1,000 additional engineers, giving a strong boost to its research and development activities in Canada. (Globe and Mail)
- Lululemon Athletica Inc. forecast that second-quarter profit will be below analyst estimates amid signs that the athletic-apparel craze of recent years is cooling off. Earnings this quarter will be 36 cents to 38 cents, the Vancouver-based company said in a statement Wednesday.
- U.S. stock-index futures were little changed after the equity benchmark closed at its highest level since July.
- Apple Inc. sold $1.38 billion of dollar bonds in Taiwan while Canada’s Manulife Financial Corp. also priced $1 billion of securities, as such debt offerings in the jurisdiction jump amid demand from insurers.
- Yahoo! Inc. is exploring the sale of more than 3,000 patents as part of an effort begun earlier this year to look into ways to monetize its intellectual property.
- European stocks declined, snapping their biggest back-to-back gains in two weeks as banks led losses and global-growth concern resurfaced.
- K. industrial production posted its biggest monthly gain in almost four years in April as manufacturing surged.
- Fiat Chrysler Automobiles NV, the first major automaker to strike a deal with Google on driverless cars, now has started discussions on a similar partnership with Uber Technologies Inc., people familiar with the matter said.
- The European Central Bank entered new territory in its efforts to stimulate the euro region’s flagging economy, plunging into the corporate bond market on Wednesday and buying the debt of some of the continent’s biggest companies.
- Asian stocks rose for a fourth day as energy producers climbed with oil and Chinese shares in Hong Kong capped their longest winning streak in nine years after data showed the nation’s imports beat estimates in May
- The world’s three biggest shipyards plan to raise a combined 8.41 trillion won ($7.3 billion) selling assets as part of a restructuring following losses last year.
*All information is taken from Bloomberg, unless otherwise noted.