Daily Market Commentary
- Durable Goods orders in the U.S. were reportedly up 0.4%, above estimates of a 0.6% drop.
- Initial Jobless claims in the U.S. were reported at 313K, above estimates of 288K.
- Continuing jobless claims were reported at 2.316M, below estimates of 2.350M.
- Personal Spending in the U.S. for October was reportedly up 0.2%, below estimates of 0.3%.
- West Texas Intermediate traded near the lowest price in more than four years as Saudi Arabia’s oil minister said the price will stabilize by itself, while the United Arab Emirates said OPEC will do what it takes to balance the market. Brent was steady in London.
- Gold traded near the highest level in three weeks as investors weighed increased stimulus around the world against the outlook for higher U.S. interest rates.
- Saudi Arabia’s oil minister said crude prices will stabilize while the UAE said OPEC will do what it takes to balance the market. Angola predicted the 12-nation group will reach a consensus when it meets tomorrow.
- Copper fell to an eight month low in New York before a report projected to show a further drop in durable-goods orders in the U.S., the world’s second-largest consumer of the metal.
- Catalyst Capital Group Inc., Canada’s second-largest private-equity firm, is planning to raise $1.25 billion for its fifth and largest fund next year, people with knowledge of the matter said.
- Canadian Imperial Bank of Commerce is scaling back branch openings and shrinking the size of its outlets while investing more in technology to reflect evolving consumer tastes.
- U.S. stock-index futures were little changed, with equities near all-time highs, before reports on spending, home sales and durable-goods orders that may provide evidence that the economic recovery is on track.
- Hewlett-Packard Co. posted fourth-quarter declines in its printing, services and enterprise divisions, underscoring the challenges for both sides of the computer maker’s business as it prepares to split in two.
- CBS Corp. and Dish Network Corp. extended a programming agreement into next week, keeping the most-watched U.S. network on the air for Dish’s 14 million satellite-TV subscribers while the parties negotiate.
- Deere & Co., the world’s largest farm-equipment maker, forecast lower-than-expected earnings for fiscal 2015 as a slump in crop prices means farmers are buying fewer of the company’s most profitable machines.
- European stocks extended a two-month high, with German equities posting their longest winning streak since 2013, while travel and energy companies fell.
- Aviva Plc, Britain’s second-biggest insurer, said its investment arm plans to exit hedge-fund businesses as it scales back in the U.S.
- Asian stocks rose, with the regional benchmark index heading for a four-day advance, after Chinese shares extended their rally as insurers led gains.
- Samsung Electronics Co. said it will buy back shares valued at 2.19 trillion won ($2 billion) after its parent group announced the sale of stakes in chemicals and defence businesses in the chaebol’s biggest restructuring.
- The largest U.S. ETF that tracks mainland Chinese stocks has jumped to a record premium to its underlying assets as unprecedented demand forces fund manager Deutsche Bank AG to all but stop taking in new money.
*All information is taken from Bloomberg, unless otherwise noted.