Daily Market Commentary
- Retail Sales in Canada were reportedly up 0.8% in month-over-month terms, above estimates of 0.5%.
- Retail Sales excluding Autos in Canada were reportedly flat, below estimates of 0.3%.
- Annualized Q3 GDP in the U.S. was reported at 3.9%, above estimates of 3.3%.
- The GDP Price Index for Q3 was reported at 1.4%, above estimates of 1.3%.
- The Redbook index, which measures same-store sales growth in U.S. general merchandisers, was reportedly down 0.5% and up 4.2%.
- The S&P/Case-Shiller Home Price Indices were reportedly up 4.9%, above estimates of 4.6%.
- Brent crude advanced for the third time in four days amid speculation that OPEC will reduce its production ceiling when it meets later this week. West Texas Intermediate also rose in New York.
- Gold traded near the highest level in three weeks as investors weighed stimulus measures designed to spur economic growth with expectations for higher borrowing costs in the U.S. Platinum advanced.
- Iron Ore traded below $70 for the first time in five years as rising low-cost supplies by the world’s top miners widen a global glut amid slowing demand from China, the biggest user.
- Ontario Teachers’ Pension Plan and Public Sector Pension Investment Board are nearing a $7 billion deal for Canadian satellite company Telesat Holdings Inc. after months of delays and discussion breakdowns.
- Canada’s central bank will raise its key interest rate in May to contain inflation pressure, the Organization for Economic Cooperation and Development said.
- The Canadian oil-sands frenzy that led to $265 billion of investments in less than a decade won’t immediately stop with $75 crude. Two years from now is another matter, as oil-sands projects are multibillion-dollar investments made upfront to allow many years of output, unlike competing U.S. shale wells that require constant injections of capital.
- U.S. stock-index futures on small caps advanced, indicating the Russell 2000 Index will rise a fourth day, after benchmark indexes extended records amid optimism over the economic recovery.
- Apple Inc., already the world’s largest company by market capitalization, hit a new record value: $700 billion.
- Tiffany & Co., the world’s second-largest luxury jewellery retailer, rose as much as 5.5% in early trading after higher-than-projected sales in the Americas last quarter helped make up for a slowdown in Asia.
- European stocks extended a two-month high, led by a rally in banks and German equities.
- Bayer AG is exploring the sale of its diabetes device business as the German company focuses on faster-growing medicines, according to people with knowledge of the matter.
- Asian stocks rose, with the regional benchmark gauge heading for a third day of gains, as Japan shares reached a six-year high and Chinese equities climbed on speculation interest rates will be cut further.
- Japan’s public pension manager posted a 2.9 percent investment return last quarter, sending assets to a record, while it cut domestic bonds to less than half of holdings for the first time.
- China’s banking regulator expanded a trial to allow more regions including Beijing to set up firms to buy bad loans from local financial institutions, government officials familiar with the matter said.
*All information is taken from Bloomberg, unless otherwise noted.