October 7th, 2015

Daily Market Commentary



  • Building Permits in August in Canada were down 3.7%, below estimates of 0.8% growth.
  • MBA Mortgage Applications in the U.S. were up 25.5%.
  • Industrial Production in Great Britain in August was up 1% and 1.9% in month-over-month and year-over-year terms, respectively. Both were above estimates.
  • Manufacturing production in Great Britain increased by 0.5% in month-over-month terms, also above estimates.


  • Oil headed for its longest rally in almost six months as U.S. industry data showed crude stockpiles fell in the world’s biggest consumer.


  • Suncor Energy Inc. expects Canadian Oil Sands Ltd. to reject its C$4.3 billion ($3.3 billion) hostile takeover, so it’s striving to convince shareholders of the merits of the deal, Chief Executive Officer Steve Williams said.

United States:

  • U.S. stock-index futures climbed after the Standard & Poor’s 500 Index snapped its longest winning streak this year.
  • Exelon Corp. moved a step closer to completing its $6.8 billion takeover of utility Pepco Holdings Inc. by announcing a settlement with Washington’s mayor.



  • Commodity and oil producers prolonged a winning streak, pushing European stocks higher for a fourth day, the longest stretch of gains since August.
  • Volkswagen AG will probably start recalling diesel cars with rigged emissions systems in January and plans to complete the repairs by the end of 2016, Chief Executive Officer Matthias Mueller told Frankfurter Allgemeine Zeitung in an interview.
  • Tesco Plc, the troubled British grocery leader, abandoned the sale of its data analytics unit Dunnhumby, raising concern that the company will need to resort to a capital increase to reduce its 21.9 billion-pound ($33 billion) pile of debt.
  • Heineken NV took control of two joint ventures from partner Diageo Plc, spending $781 million to shore up control of brands including Jamaica’s Red Stripe beer amid a consolidation sweep in the industry.
  • IG Group Holdings Plc has accepted a ruling by the U.K.’s Financial Ombudsman Service that it should compensate some customers that lost money during a rapid appreciation of the Swiss franc in January, costing the spread-betting company about 1 million pounds ($1.5 million).
  • Asian stocks climbed, with the regional benchmark index heading for its highest close in six weeks, as energy shares advanced with oil headed for its longest rally in almost six months and Samsung Electronics Co. rallied after quarterly profit topped estimates.
  • AirAsia Bhd. climbed the most in almost three weeks in Kuala Lumpur trading after Reuters reported that founders of Southeast Asia’s biggest low-cost carrier are sounding out investors about taking the company private.

*All information is taken from Bloomberg, unless otherwise noted.