May 5th, 2015
Daily Market Commentary
- Imports and exports for Canada were reported at $45.52B and $42.50B in March, respectively.
- The Trade balance in the U.S. for March was reported at -$51.37B, far below estimates of -$41.20B
- The Producer Price Index for the Eurozone was up 0.2% and down 2.3% in month-over-month and year-over-year terms, respectively.
- The Construction PMI figure for Great Britain was reported at 54.2.
- Oil prices jumped more than $1 a barrel on Tuesday, pushing North Sea Brent and U.S. light crude to 2015 highs, after protests stopped crude flows to the eastern Libyan oil port of Zueitina, hampering exports. (Reuters).
- Iron ore miners from Australia to Brazil stood helpless last month as Chinese speculators first bought and then sold a record volume of Dalian iron ore futures, sending global prices on a roller-coaster ride. (Reuters).
- Alberta is preparing for a political shake-up for the first time in a generation as voters head to the polls Tuesday with surveys showing the Progressive Conservative’s 44-year dynasty may be coming to an end.
- RioCan says it has begun negotiations with retailers that could potentially use some of the space in 15 former Target Canada stores that have been returned to the REIT. (Globe).
- WestJet Airlines reported better than expected first-quarter earnings on Tuesday, helped by lower fuel costs and an improvement in other operating costs. (Globe)
- U.S. stock-index futures were little changed as traders awaited services data and before earnings from Walt Disney Co. and News Corp.
- Two years of client withdrawals at Pacific Investment Management Co.’s flagship have cost it the title of the world’s biggest bond mutual fund.
- European stocks advanced for a second day as companies including UBS Group AG and Adidas AG posted better-than-estimated results.
- UBS Group AG rose to the highest price in Zurich trading since the day the Swiss government came to its rescue in October 2008 after profit almost doubled in the first quarter.
- Metro AG reported a narrower second-quarter loss than analysts estimated, spurring optimism over a turnaround at the German retailer’s electronics stores.
- The European Commission raised its euro-area growth forecast as the impact of a weaker euro and unprecedented monetary stimulus help the economy overcome pressure on confidence from the continuing crisis in Greece.
- London Stock Exchange Group Plc has entered the competition to build a not-for-profit European dark pool backed by a consortium of banks and asset managers.
- Asian stocks outside of Japan dropped, with a regional equity gauge heading for a two-week low, as Chinese shares slumped on concern recent gains were excessive and that new share sales will divert funds from existing equities.
*All information is taken from Bloomberg, unless otherwise noted.