Daily Market Commentary
- Wholesale Sales in Canada were reportedly up 1.8%, far above estimates of 08%.
- The Consumer Price Index in the U.S. was reportedly up 0% and 1.7% in month-over-month and year-over-year terms, respectively. Both figures were above estimates.
- The Markit Manufacturing PMI was reported at 54.7 for the U.S., slightly below estimates of 56.4.
- Existing Home Sales in the U.S. were reportedly up 1.5% in month-over-month terms, above estimates of 0% growth.
- Brent crude dropped for a fourth day as data showed the euro-area economy risks a renewed slowdown. West Texas Intermediate also fell as U.S. oil inventories increased.
- Copper futures declined for the third time in four days after a report showed a factory gauge fell to a six-month low in China, the world’s top user of industrial metals.
- Natural gas futures rose in New York after the first inventory decline of the U.S. heating season was bigger than forecast.
- QKR Corp., a mining fund headed by former JPMorgan Chase & Co. banker Lloyd Pengilly, is close to making a bid of about $1 billion for Canada’s Nevsun Resources Ltd., according to people with knowledge of the situation.
- TransCanada Corp. is redoubling efforts to show why the U.S. needs its Keystone XL pipeline after the projects latest defeat in Congress.
- U.S. stock-index futures declined, indicating equities will fall for a second day, as worse-than- forecast manufacturing data in the euro area and China added to signs of a deepening global-economic slowdown.
- Brookfield Property Partners LP dropped plans to buy the shuttered Revel Casino in Atlantic City, New Jersey, in a new setback for the state’s shrinking gambling industry.
- IMAX Corp., the pioneer of large-screen cinema, is building dozens of theatres in China, Brazil, Russia and the Middle East, Chief Executive Officer Rich Gelfond said.
- Best Buy Co. posted a surprise sales gain last quarter amid demand for higher-definition TVs, fuelling optimism that CEO Hubert Joly can restore growth at the world’s largest electronics chain.
- Mining companies led a decline in European stocks as manufacturing data missed economists’ estimates for the region and China.
- U.K. retail sales rose at the fastest pace in six months in October, boosted by sales of household goods such as furniture and spending on food.
- Technip SA, Europe’s largest oil and gas services company, proposed buying CGG SA for about 1.47 billion euros ($1.8 billion) in cash, a bid rejected by the seismic surveyor.
- Royal Bank of Scotland Group Plc was fined $88 million by British regulators for the 2012 collapse of its computer system that left millions of customers without access to their accounts for weeks.
- Asian stocks fell a second day as materials shares dropped after the price of iron ore continued to slide and as Federal Reserve minutes reflected concern about low U.S. inflation.
- CGN Power Co., the Chinese nuclear energy producer, won commitments from GIC Pte and Och-Ziff Capital Management Group LLC to invest in its $3 billion initial public offering.
- Japan’s exports rose the most in eight months in October, supporting an economy that fell into recession last quarter.
*All information is taken from Bloomberg, unless otherwise noted.