September 8th, 2016
Daily Market Commentary
- The new housing price index in Canada was reportedly up 0.4% and 2.8% in month-over-month and year-over-year terms, respectively.
- Building permits in Canada were up 0.8% in month-over-month terms, far below estimates.
- Initial jobless claims in the US were reported at 259K, below estimates.
- Oil advanced as weekly industry data showed a big decline in U.S. crude inventories, trimming supplies that are at the highest seasonal level in at least 30 years.
- Gold held near its three-week high as weaker U.S. economic data damp prospects for an interest rate increase this month by the Federal Reserve.
- China, the world’s biggest producer and user of refined copper, cut imports for a fifth month to the lowest level in a year amid slowing demand and rising production.
- Canadian stocks slipped after a three-day advance as a rally in materials producers faltered and consumer shares slumped after the Bank of Canada warned risks of weak inflation and slower economic growth have increased.
- Canadian Finance Minister Bill Morneau said additional measures may be needed to manage the risks associated with the “highly charged” Vancouver and Toronto housing markets, even after British Columbia imposed a foreign buyer tax.
- The stock market remained stuck in its lull, with U.S. index futures little changed before a ECB policy update.
- Hewlett Packard Enterprise Co. is combining some software assets with Micro Focus International Plc of the U.K. in a deal valued at about $8.8 billion as Chief Executive Officer Meg Whitman takes further steps to slim down the U.S. company’s operations.
- Airbnb Inc.’s public debut won’t happen anytime soon as the company is still focused on growth and overcoming regulatory challenges, said Jeff Jordan, the Andreessen Horowitz partner on the board of the online home-booking company.
- European stocks were little changed as investors weighed the chances of President Mario Draghi indicating further European Central Bank stimulus at its meeting today.
- Mario Draghi might have no choice but to extend his bond-buying plan. How he’ll achieve it is anything but clear. The European Central Bank president will hold a press conference on Thursday after his Governing Council sets monetary policy for a euro-area economy that’s looking in need of heightened stimulus for a while to come.
- Virgin Media has today entered into an agreement to acquire Arqiva WiFi, a wholly owned subsidiary of Arqiva Group. Acquisition gives a significant boost to Virgin Media’s capability to provide out-of-home connectivity for consumers and businesses.
- Asian stocks erased losses as a rally in Hong Kong equities and gains in Nintendo Co. offset declines in Japanese financial shares.
- The cost of borrowing yuan in Hong Kong surged to a seven-month high amid speculation China’s central bank is intervening to discourage bearish bets on the currency.
- Doosan Bobcat Inc.’s shareholders are seeking as much as 2.45 trillion won ($2.2 billion) from a South Korean initial public offering of the manufacturer of excavators and loaders.
*All information is taken from Bloomberg, unless otherwise noted.