March 3rd 2015
Daily Market Commentary
- Annualized GDP in Canada for the fourth quarter was reportedly up 2.4%, above estimates of 2%.
- Month-over-month GDP growth in Canada was reportedly up 0.3%, above estimates of 0.2%.
- The Raw Material Price Index in Canada was reportedly down 7.7%, below estimates of a 6% drop.
- The Redbook Index, which measures same-store sales growth in U.S. general merchandisers, was reportedly up 0.8% and 2.6%, respectively.
- The Producer Price Index in the Eurozone was reportedly down 0.9% and down 3.4% in month-over-month and year-over-year terms, respectively.
- Crude traded near $50 a barrel in New York before U.S. government data on inventory levels in the world’s biggest oil consumer.
- Copper fell from the highest close in seven weeks after data showed manufacturing slowed in the U.S. and before policy makers unveil growth targets in China.
- Bank of Nova Scotia posted profit that missed analysts’ estimates as domestic and international banking earnings declined.
- Silver Wheaton Corp., which resells precious metals bought from mining companies, agreed to buy $900 million worth of gold from a Vale SA mine in Brazil, expanding a supply agreement signed two years ago.
- Metro Inc., the operator of grocery stores in Ontario and Quebec, is seeking acquisitions as sales and profit growth lags behind competitors.
- U.S. stock-index futures were little changed, after benchmark gauges reached records.
- Citigroup Inc. agreed to sell OneMain Financial Holdings Inc. to Springleaf Holdings Inc. for $4.25 billion. The transaction is expected to be completed in the third quarter of the year, according to the statement.
- Exxon Mobil Corp. shook off the chill of sanctions and has continued to snap up oil drilling rights in Russia.
- Costco Wholesale named Citigroup and Visa as its new credit-card partners, replacing American Express as the exclusive credit-card network at its stores beginning in April of next year.
- European stocks pared gains as a decline in banks offset gains in personal and household-goods shares.
- Barclays Plc set aside an extra 750 million pounds ($1.2 billion) to cover the cost of settling the probe into alleged currency rigging and posted a 32 percent drop in full-year pretax profit at its investment bank. The shares fell.
- The Swiss economy grew twice as fast as economists forecast at the end of 2014, indicating resilience before the central bank scrapped a currency cap that was shielding exporters.
- Asian stocks headed for a five-month high after U.S. equities climbed to records on rising consumer spending. China shares slumped amid concern the mainland slowdown is deepening.
- Kaisa Group Holdings Ltd., the troubled Chinese developer whose projects are blocked in Shenzhen amid a corruption probe, is asking onshore creditors to relax terms on some $7.6 billion of debt.
*All information is taken from Bloomberg, unless otherwise noted.