Daily Market Commentary
- The Producer Price Index for the U.S. was reportedly up 0.2% and 1.5% in month-over-month and year-over-year terms, respectively. Both figures were above estimates.
- The Redbook Index, which measures same-store sales-growth of general merchandisers in the U.S., was reportedly down 0.9% and up 3.9% in month-over-month and year-over-year terms, respectively.
- A survey on economic sentiment for the Eurozone was reported at 11, far above estimates of 4.3.
- Brent crude rose for the second time in three days as investors weighed the likelihood that OPEC will reduce output when it meets next week amid signs of weakening global demand. West Texas Intermediate also climbed in New York, buoyed by a weakening dollar.
- Gold climbed to the highest in two weeks on speculation the European Central Bank may purchase assets including bullion to counter low inflation.
- Corn declined for a third day as a record harvest neared completion in the U.S., the world’s biggest grower.
- Iron ore extended a tumble to the lowest level in more than five years as declining home prices in China added to concern that an economic slowdown in the biggest buyer will deepen, exacerbating an oversupply.
- Bank of Nova Scotia, the top arranger of Canadian stock sales for the first time since at least 2000, is poised to reap Street’s biggest investment-banking revenue gains this year as Canadian lenders collect record fees from a surge in energy deals.
- Vermilion Energy Inc. and Surge Energy Inc. are pledging to maintain their dividends as the plunge in oil prices rattles Canadian producers.
- An Ivanhoe Cambridge Inc. venture agreed to buy a Manhattan office tower from Blackstone Group LP for about $2.25 billion, extending a surge of demand for prime U.S. properties, two people with knowledge of the deal said.
- U.S. stock-index futures were little changed as investors considered equity valuations after the Standard & Poor’s Index 500 Index extended an all-time high.
- Home Depot Inc., the largest U.S. home-improvement retailer, posted third-quarter profit that topped analysts’ estimates as customer traffic gained.
- In five years, Actavis Plc has reshaped itself from just another generics drugmaker to one of the top 10 pharmaceutical companies in the world by market value, capping off a blistering pace of deal making with the $66 billion agreement to purchase Allergan Inc.
- SunEdison Inc. and its power-plant holding company, TerraForm Power Inc., agreed to buy closely held First Wind Holdings Inc. for $2.4 billion, expanding the types of renewable-energy projects it can develop.
- European stocks rose for a second day as a report showed German investor confidence advanced for the first time this year.
- U.K. inflation unexpectedly accelerated last month as transport prices fell less than a year earlier and the cost of toys rose in the run-up to Christmas.
- Nokia Oyj unveiled a tablet running Google Inc.’s Android software, marking a return by the former smartphone-market leader into mobile devices just months after it sold its handset business to Microsoft Corp.
- EasyJet Plc boosted annual earnings by more than a fifth and said it will carry on adding capacity at a rate of 5 percent a year as Europe’s No. 2 discount carrier bets that it can fend off a fight back at network competitors.
- Chinese stocks dropped, with the benchmark index declining for a fourth day, as enthusiasm toward an exchange link with Hong Kong waned and falling home prices added to concerns that an economic slowdown will deepen.
- Indonesia’s central bank raised its policy interest rate for the first time this year to guard against inflation after President Joko Widodo increased subsidized fuel prices.
*All information is taken from Bloomberg, unless otherwise noted.