November 11th, 2015
Daily Market Commentary
- MBA Mortgage Applications in the US were down 1.3%.
- Average earnings excluding bonuses in the UK were up 2.5% over the quarter, slightly below estimates.
- Oil fell to its lowest in two weeks in New York as U.S. industry data showed crude stockpiles expanded in the world’s biggest consumer, compounding a global surplus.
- Gold held near a three-month low on growing expectations that the Federal Reserve will increase interest rates in December, with futures markets showing that two-thirds of investors expect the central bank to act at the final meeting of the year.
- General Motors Co. is urging Canada’s new federal government to be more competitive in the incentives it offers the auto industry in order to spur innovation and stem the flow of jobs to the southern U.S. and Mexico.
- Canada’s housing agency is considering ways to collect more data on foreign investment as home prices continue to surge in Toronto and Vancouver.
- Iamgold now owns 45.76m shares or 25.2% of Merrex; deal settles debt owed by Merrex on Siribaya joint venture.
- Apple Inc.’s planned investment in research and development in Indonesia will enable it to meet rules requiring locally produced content, allowing it to sell smartphones in the country beyond next year, according to Minister of Communications and Technology Rudiantara.
- European stocks climbed, resuming a rally that had stalled earlier this week, as focus turned to Mario Draghi’s monetary policy.
- Mediaset SpA had its biggest intraday drop in almost 18 months after the broadcaster controlled by former premier Silvio Berlusconi reported a wider quarterly net loss higher than analysts estimated.
- Anheuser-Busch InBev NV made a formal $107 billion offer to buy SABMiller Plc, sealing a long-anticipated deal that combines the world’s biggest brewers into a company controlling about half the industry’s profit.
- A company controlled by private equity investor HitecVision AS bought 10 percent of oil-platform builder Kvaerner ASA for 215 million kroner ($25 million) in a bet oil service company stocks may have hit bottom amid a collapse in crude prices.
- Asian stocks rose, with the regional benchmark index rebounding from a four-week low, as consumer companies advanced. Chinese shares in Hong Kong fell after the nation’s industrial output matched the weakest growth since the global financial crisis. U.S. stock index futures advanced.
- Transactions through Alibaba Group Holding Ltd. during the annual Singles’ Day shopping event passed 57.1 billion yuan ($9 billion) before midday, eclipsing last year’s record with another 12 hours still to go. By 6:45 p.m. Beijing time, they totaled more than 74 billion yuan. The top-selling items included baby-related and nutritional products, Nike sneakers and Levi’s jeans, the company said.
*All information is taken from Bloomberg, unless otherwise noted.