Daily Market Commentary
- Manufacturing Shipments in Canada were reportedly up 2.5%, above estimates of 1%.
- The Producer Price Index in the U.S. was reportedly flat and up 1.8% in month-over-month and year-over-year terms, respectively.
- The Redbook Index, which measures same-store sales growth of General Merchandisers in the U.S., was reportedly down 0.4% and up 3.6% in month-over-month and year-over-year terms, respectively.
- West Texas Intermediate crude recouped losses to trade near the highest closing level in more than a week before data forecast to show inventories declined last week. Brent was little changed in London.
- Gold rose a second day in London on speculation prices near an eight-month low will spur more buying as the Federal Reserve begins a two-day policy meeting.
- China will ban sales and imports of coal with high ash or sulphur in a move to promote cleaner types of the fuel and improve the nation’s air quality.
- Copper traded near the lowest price since June in London after China, the world’s biggest consumer of the metal, recorded its lowest foreign direct investment in four years.
- Canada’s six-year drive to boost competition in the wireless industry took a step forward after Globalive Wireless Management Corp. agreed to buy VimpelCom Ltd.’s stake in upstart carrier Wind Mobile. Globalive, in a deal backed by a group of investors led by West Face Capital Inc., is paying about C$135 million ($122 million), VimpelCom said today.
- Alberta Energy Regulator approves Canadian Natural Resources application to conduct low pressure steaming at Primrose East Area 1, according to AER website.
- Bombardier Inc.’s proposed C-Series Jet, already two years late, is stirring concern among analysts that the company will miss its target to get the plane in service by the second half of 2015.
- Tim Hortons said same-store sales for the nine weeks ended Aug. 31 were up 3.6% in Canada and 7.0% in the U.S. The Coffee and doughnut chain pre-announced the preliminary figures as part of the disclosures related to debt financing activities in its proposed Burger King Worldwide deal.
- U.S. stock-index futures slipped, indicating equities will fall for a third day, as the Federal Reserve starts a two-day policy meeting.
- Sprint Corp., striving to win back users, is offering the best deal in the industry ahead of the biggest phone debuts of the year — the iPhone 6 and 6 Plus, arriving later this week.
- The California Public Employees’ Retirement System plans to divest the entire $4 billion that it invested with hedge funds, saying they’re too expensive and complex.
- European stocks fell to a two-week low amid speculation about the timing of a U.S interest-rate increase before a two-day Federal Reserve meeting, and this week’s vote on Scottish independence.
- U.K. inflation slowed to match the least in five years in August as a supermarket price war and weather effects pushed food prices down the most in more than a decade.
- Orange SA offered to acquire Spanish broadband provider Jazztel Plc for about 3.4 billion euros ($4.4 billion) in cash, marking the French carrier’s biggest takeover attempt in almost a decade.
- The ECB will re-write a non-disclosure agreement with lenders undergoing its current health-check, after fewer than half the institutions agreed to the terms.
- Asian stocks fell, with the regional benchmark index heading for the longest losing streak since 2002, ahead of the start of a Federal Reserve policy meeting.
- Mahindra & Mahindra Ltd., India’s largest maker of tractors and sport-utility vehicles, is in advanced talks to buy PSA Peugeot Citroen’s scooter business, according to three people familiar with the matter.
- LG Display Co. expects its next-generation TV technology to turn a profit in 2015 as production costs fall and talks to supply Sony Corp., Panasonic Corp. and Chinese set makers continue.
- Foreign direct investment into China, a gauge of external confidence, slumped to a four-year low amid antitrust probes into multi-national companies that have spurred a letter of complaint from the U.S.
*All information is taken from Bloomberg, unless otherwise noted.