Daily Market Commentary
- The NFIB Business Optimism Index for the U.S. was reported at 96.1.
- Consumer confidence in Japan was reported at 38.9.
- Brent crude fell to the lowest in four years as forecasts for rising U.S. crude stockpiles bolstered speculation that supply gains are outpacing demand. West Texas Intermediate slid in New York.
- Gold futures fell for a ninth time in 10 days as a stronger dollar curbed demand for the metal that reached a four-year low last week.
- Aluminum fell to this month’s lowest price in London and copper slid as a stronger dollar eroded demand for commodities as an alternative investment.
- Iron ore prices will plummet to less than $60 a metric ton next year as global supply increases and demand remains weak, according to Citigroup Inc., which slashed its quarterly forecasts for 2015 by as much as 23%.
- Canadian heavy oil strengthened the most in more than a month after Imperial Oil Ltd. shut operations at its Kearl oil sands project. Operations were suspended after vibrations were detected in an ore crusher unit at the site.
- Canadian housing starts fell for the second time in three months in October on a drop in multiple-unit projects, government figures showed.
- Mitel Networks Corp. increased its offer for ShoreTel Inc. after the business communications firm rejected its initial takeover bid late last month. Mitel said in a statement it offered $8.50 a share in cash and stock for ShoreTel, up 5 percent from the $8.10 a share cash bid on Oct. 20.
- U.S. stock-index futures were little changed, as investors weighed equity valuations after benchmarks closed at a fourth straight record.
- GoPro Inc. filed for a secondary offering to raise $800 million, as it expands the business and works to temper stock swings ahead of a share lockup that expires next month.
- American Apparel Inc., which has been without a permanent chief executive officer since June, posted a wider quarterly loss after the clothing chain’s sales fell the most in almost four years.
- European stocks rose for a second day as companies from Vodafone Group Plc to Henkel AG rallied on better-than-estimated financial results and improving forecasts.
- Vodafone Group Plc shares rose the most in 14 months after the wireless carrier reported a smaller decline in service revenue than analysts estimated, showing signs of recovery in European markets.
- Japan’s stocks jumped, with the Topix closing at a six-year high, as the yen extended losses and corporate earnings beat estimates.
Alibaba Group Holding Ltd. turned an obscure Chinese holiday into the country’s biggest shopping event. Now it’s aiming to take the success of Singles’ Day global by tapping foreign brands, including Calvin Klein and Blue Nile Inc
*All information is taken from Bloomberg, unless otherwise noted.