May 14th, 2015
Daily Market Commentary
- Initial Jobless claims in the U.S. were 264K, below estimates of 275K.
- Continuing jobless claims in the U.S. were 2.229M, slightly below estimates as well.
- The Producer Price Index for the U.S. was down 0.4% and down 1.3% in month-over-month and year-over-year terms, respectively. Both figures were below estimates.
- The New Housing Price Index in Canada was reportedly flat and up 1.2% in month-over-month and year-over-year terms, respectively.
- Oil traded near $60 a barrel for a third day as traders weighed the biggest cut in U.S. refinery activity in four months against a decline in the nation’s crude inventories.
- Gold held near a five-week high as the dollar weakened after U.S. data dimmed prospects for the Federal Reserve to raise interest rates. Silver climbed.
- Pacific NorthWest LNG is scrambling to come up with a Plan B after the Lax Kw’alaams First Nation soundly rejected the Malaysian-led project’s $1-billion cash offer aimed at securing its support for a B.C. liquefied natural gas terminal. (Globe)
- U.S. index futures advanced, signalling the Standard & Poor’s 500 Index will rise for the first time this week.
- U.S.-traded Russian stocks rallied to a one-month high as oil rose to near the strongest level this year and concern continued to ease that the country will face increased sanctions linked to the Ukraine conflict.
- The New York-bound Amtrak train that derailed in Philadelphia, killing seven and injuring more than 200, was traveling 106 miles per hour just before the accident, more than double the speed limit, according to U.S. regulators.
- Amazon.com Inc.’s subscription-video service will drop several Viacom Inc. shows, including “Teen Mom” and “Mob Wives,” people with knowledge of the matter said, evidence that viewer fatigue with reality shows is spreading online.
- European stocks were little changed, after a two-day decline, as a plunge in miners offset a rally in Italian shares led by Assicurazioni Generali SpA.
- UBS Group AG faces the prospect of making a guilty plea that would require it, along with four other giant global banks, to seek U.S. regulators’ permission to keep managing Americans’ money.
- Bank of England Governor Mark Carney indicated he’s in favour of Prime Minister David Cameron holding an early referendum on Britain’s European Union membership.
- Asian stocks fell as weaker-than-forecast U.S. retail sales fuelled concern about growth in the world’s largest economy, strengthening the yen and sending Japanese shares lower.
- Sharp Corp. plans to cut 10 percent of workers globally after posting a third annual loss in four years and getting another lifeline from lenders.
*All information is taken from Bloomberg, unless otherwise noted.