November 13th, 2015
Daily Market Commentary
- Retail Sales in the US were up 0.1% and up 0.2% in month-over-month terms, both including and excluding autos, respectively. Both figures were below estimates.
- The Producer Price Index in the US was down 0.4% and down 1.6% in month-over-month and year-over-year terms, respectively. Both were below estimates.
- Oil headed for a second weekly decline in New York, trading near its lowest level in two months, as U.S. crude stockpiles rose three times more than forecast and the IEA said inventories in developed nations have reached a record.
- Gold traded near a five-year low as investors sold bullion-backed funds amid expectations the U.S. will increase interest rates this year, damping the appeal of the metal.
- Copper traded little changed after dropping to the lowest in more than six years on metal oversupply. A gauge of mining equities fell.
- Statoil ASA was the most active bidder for exploration licenses off Canada’s Atlantic Coast awarded Thursday as some of the world’s largest producers committed to spend about C$1.29 billion ($969 million) for the prospect of long-term growth.
- Ontario Teachers’ Pension Plan, Canada’s third largest pension fund, purchased $17.2 million worth of shares in Valeant Pharmaceuticals International Inc. during the third quarter, according to regulatory filings.
- U.S. stock-index futures were little changed as investors weighed yesterday’s rout in commodities against the prospects of the first potential rise in interest rates since 2006.
- MSCI Inc. said it will add 14 U.S.-traded Chinese stocks to its largest indexes, giving a boost to some of the country’s biggest technology companies as President Xi Jinping moves to increase their role in the nation’s economic growth.
- Nordstrom Inc. joined Macy’s Inc. in posting woeful results last quarter, renewing concern that U.S. shoppers are skipping a trip to the mall and spending their money on cars, homes and iPhones instead.
- Worse-than-forecast data on euro-area growth, coupled with lingering concern about a Federal Reserve rate increase, are sending European stocks toward a three-week low.
- Amazon.com Inc. is giving Britain’s embattled supermarkets another challenge by introducing a grocery service for Amazon Prime members.
- Deutsche Lufthansa AG aims to return to almost normal operations on Saturday after the conclusion of the airline’s longest-ever strike in a protracted labor dispute that led to thousands of cancellations.
- Standard Chartered Plc Chief Executive Officer Bill Winters bought 1 million pounds ($1.5 million) of shares in the bank, a week after seeking $5.1 billion from investors and unveiling his revised strategy for the Asia-focused lender.
- Asian stocks followed U.S. shares lower, with the regional benchmark index heading for a one-month low, as energy and material shares slid amid a renewed selloff in commodities.
- Mitsubishi UFJ Financial Group Inc. said it will buy back shares for the third time in a year after first-half profit unexpectedly rose.
*All information is taken from Bloomberg, unless otherwise noted.