Daily Market Commentary
- The RBC Manufacturing PMI for Canada was reported at 55.3.
- The Markit Manufacturing PMI for the Eurozone was reported at 50.6, slightly below estimates of 50.7.
- Gold fell near a four-year low set last week on speculation the Federal Reserve is moving toward raising borrowing costs as other central banks add to stimulus, strengthening the dollar. Silver slid to the lowest since 2010.
- Brent crude traded near the lowest closing level in four days as an official gauge from China showed factory output slowed in the world’s second-largest oil consumer. WTI was steady in New York.
- Natural gas futures surged the most in five weeks in New York on forecasts for unusually cold weather that would stoke demand for the heating fuel and reduce stockpiles.
- Mackie Research Financial Corp. has announced it is buying Jennings Capital. Both firms are privately held so no financial terms were disclosed.
- While TransCanada Corp. insists Quebec will see a $5.8 billion boost to its GDP and secure a significant chunk of employment worth 50,000 people if its Energy East pipeline is approved, some local leaders aren’t so sure. They simply don’t believe the benefit projections from TransCanada, and they fear one small spill from the tanker will wipe out decades of effort they’ve spent luring visitors to their nature-rich regions. (Globe)
- Bank of Nova Scotia has trimmed the size of its capital markets arm, making the changes right before the fiscal year ends.
- Laboratory Corp. of America Holdings agreed to buy Covance Inc. for about $6.1 billion to add contract research services for drug companies to its offering of medical diagnostic tests.
- Ford Motor Co., Fiat Chrysler Automobiles NV and Nissan Motor Co. reported U.S. sales that exceeded analysts’ estimates as buyers emboldened by falling gasoline prices flocked to sport-utility vehicles.
- Apple Inc. is holding calls with investors today to discuss a bond sale, according to a person familiar with the matter.
- Virgin America Inc., the seven-year-old airline partially owned by U.K. billionaire Richard Branson, is seeking as much as $320 million in an IPO in the U.S.
- European stocks rose to a three-week high amid optimism the Bank of Japan’s stimulus will fill some of the gap left by the end of Federal Reserve bond buying.
- U.K. manufacturing growth unexpectedly accelerated to the fastest pace in three months in October as buoyant domestic demand offset weakening sales to the embattled euro region.
- HSBC Holdings Plc shares fell after it reported lower-than-estimated third-quarter profit as it set aside more than $1 billion for customer compensation and an investigation into rigging currency markets.
- Asian stocks slipped from a one-month high after gauges of China’s manufacturing and services industries showed signs of a broadening slowdown in the world’s second-largest economy.
- A gauge of China’s services industry fell to a nine-month low in October, joining manufacturing in signalling a broadening economic slowdown.
*All information is taken from Bloomberg, unless otherwise noted.