March 16th, 2015
Daily Market Commentary
- Foreign portfolio investment in Canadian securities was reported at $5.73B, above estimates of $3.74B.
- Canadian portfolio investment in foreign securities for January was reportedly down $10.78B.
- The NY Empire State Manufacturing Index was reported at 6.9, below estimates of 8.00.
- A Housing Price Index for Great Britain reported an increase of 1% and 5.4% in month-over-month and year-over-year terms, respectively.
- Oil slumped to the lowest price since March 2009 in New York on speculation that record U.S. supply may start to strain the country’s storage capacity.
- Gold held above a three-month low amid speculation the Federal Reserve is getting closer to raising U.S. interest rates and as Greece risks running out of cash.
- Barrick Gold aims to meet debt reduction target, could sell Zaldivar mine to private equity groups including X2 Resources and possibly keep minority stake.
- BlackBerry Ltd. introduced a modified Samsung Electronics Co. tablet computer that lets government and corporate users access consumer applications such as YouTube and WhatsApp while keeping confidential work-related information away from spies and crooks.
- Valeant Pharmaceuticals International Inc. is planning to raise its offer for Salix Pharmaceuticals Ltd., a person with knowledge of the matter said, after Endo International Plc made a competing offer this week.
- U.S. stock-index futures rose, indicating stocks may rebound after three weeks of losses, before this week’s Federal Reserve meeting.
- United Technologies will buy $2.65 billion of stock under an accelerated share-repurchase plan, which comes as the company is cutting costs and considering a spinoff of its helicopter business.
- U.S. steel announced more layoffs as it struggles to contend with surging imports and declining demand in the energy sector, saying it will temporarily idel one of its iron-ore operations in Minnesota, affecting 412 workers.
- European stocks extended their gains as Germany’s DAX Index surpassed 12,000 for the first time.
- Russian President Vladimir Putin said he was ready to put his country’s nuclear forces on alert when he annexed Ukraine’s Crimean peninsula last year in case of intervention by the U.S. and its allies.
- Asian telecommunication stocks rose and energy companies fell, leaving a regional equity index little changed, as investors awaited this week’s Federal Reserve meeting for clues on the timeline for higher interest rates.
- Sunac China Holdings Ltd., which is buying Kaisa Group Holdings Ltd., has found during due diligence that the troubled developer probably had a loss last year, people familiar with the matter said.
- The cost of borrowing in China’s interbank market is the most expensive on record for the start of a year. That suggests the central bank isn’t finished easing policy.
*All information is taken from Bloomberg, unless otherwise noted.