Daily Market Commentary
- Building Permits in Canada were reportedly up 11.8% in month-over-month terms in July, far above estimates of -10%.
- A Sentix Investor Confidence survey was reported at -9.8, below estimates of 2.0.
- Brent crude fell below $100 a barrel for the first time since June 2013, as a slowdown in imports into China reinforced signs that global markets are comfortably supplied. West Texas Intermediate dropped to the lowest in almost eight months.
- Gold traded little changed near a 12-week low in London as investors weighed the strength of the U.S. economy and the Ukrainian truce.
- Nickel climbed to the highest level in more than nine weeks, extending the longest winning streak in two months, amid concern that ore shipments from the Philippines will be disrupted.
- Corn fell in Chicago, erasing earlier gains, as traders weighed prospects of a record U.S. crop against concern that some areas will experience damaging frost. Soybeans also dropped.
- Bombardier Inc. yesterday conducted the first test flight of its CSeries jet since an on-the-ground engine failure in May set back efforts to introduce the narrow-body airliner next year.
- Canadian building permits jumped to a surprise record in July, led by Toronto and Vancouver condominiums and apartments, at a time when the central bank says high home prices and indebted consumers remain a key risk to the economy.
- Air Canada reported record load factor for August of 89.8%, and that traffic and capacity also rose. WestJet exhibited similar increases, with their highest load factor since inception.
- U.S. stock-index futures were little changed after a five-week rally pushed the Standard & Poor’s 500 Index to a record.
- Twitter Inc. is testing a ‘buy’ button, so consumers can purchase directly from tweets posted on its service. Twitter is partnering with payments company Stripe Inc. to save a person’s credit-card information so users can make a purchase with just a couple of clicks.
- Family Dollar said its board unanimously rejected Dollar General’s revised takeover bid, again citing anti-trust concerns and reiterating its support for a deal with smaller rival Dollar Tree.
- Starbucks announced plans to cater to busy commuters by launching smaller, express-style stores.
- European stocks slid as investors weighed equity valuations after the Stoxx Europe 600 Index completed its fourth weekly rally, while U.K. banks retreated on concerns that Scotland will vote for independence.
- Electrolux AB agreed to buy General Electric Co.’s century-old appliances unit for $3.3 billion in cash, bridging the gap with industry leader Whirlpool Corp. of the U.S.
- Sterling dropped the most in more than a year versus the dollar as opinion polls highlighted the risk Scotland will vote for independence next week, potentially splintering the U.K.’s 307-year-old union. Royal Bank of Scotland Group Plc and Lloyds Banking Group Plc fell.
- Most Asian stocks advanced as investors weighed data showing Chinese exports rose more than analysts projected last month, while imports unexpectedly fell.
- China’s trade surplus climbed to a record in August as exports rose on the back of increased shipments to the U.S. and Europe, while imports fell for a second month as a property slump hurt domestic demand.
- Sharp Corp., the Japanese electronics maker, is seeking to sell its U.S. solar-energy development unit Recurrent Energy.
*All information is taken from Bloomberg, unless otherwise noted.