May 25th, 2015
Daily Market Commentary
- Gold slipped, extending the biggest weekly loss since April, as prospects for the first U.S. interest rate increase since 2006 helped to push the dollar to a one-month high. Silver and palladium declined.
- Copper extended its biggest weekly decline in four months as Goldman Sachs Group Inc. said investors may profit from selling at current prices.
- Evolution Mining Ltd. agreed to pay $550 million for Barrick Gold Corp.’s Cowal mine in Australia’s New South Wales to add what it said is a “world-class” operation.
- Alberta forest fires have prompted the shutdown of about 9 percent of Canada’s oil sands production. Cenovus Energy Inc. closed its 130,000-barrel Foster Creek operations and Canadian Natural Resources Ltd. shut its 80,000-barrel-a-day Primrose project after a forest fire broke out on the Cold Lake Air Weapons Range in northeastern Alberta, the companies said.
- Canada’s housing agency is expecting home values to fall in Alberta over the next two years as the impact of lower oil prices weigh on the energy-reliant province.
- US Markets are closed today for Memorial Day.
- The euro weakened versus most of its major counterparts as Greece told its international creditors they needed to reduce their demands that have been holding up the release of bailout funds for the Mediterranean country.
- Fiat Chrysler Automobiles NV shares fell in Milan after the New York Times reported that General Motors Co. in March rejected an invitation from Chief Executive Officer Sergio Marchionne to discuss a merger
- Vodafone said to revive plans to list India Unit by 4QFY16.
- Japanese exports rose more than forecast in April, providing support for an economy that’s expanded for two straight quarters after a recession in 2014.
*All information is taken from Bloomberg, unless otherwise noted.