September 9th, 2015
Daily Market Commentary
- The Bank of Canada held their key interest rate steady at 0.5%, as expected.
- Housing starts in Canada were reported at 216.9K, above expectations.
- Building permits in Canada fell by 0.6% month-over-month, ahead of expectations.
- JOLTS Job Openings in the U.S. were posted at 5.735M, above estimates.
- MBA Mortgage Applications in the U.S. were down 6.2%.
- Gold held near a three-week low as gains in global stocks cut demand for a haven and India approved a plan to tap the country’s bullion to reduce imports of the metal.
- Oil traded near the highest in a week as investors weighed rising crude stockpiles in the U.S. against a rally across equities and emerging-market currencies.
- Billionaire Warren Buffett dumped Exxon Mobil Corp. shares held by Berkshire Hathaway Inc. and took a $4.5 billion stake in refiner Phillips 66 after souring on the outlook for oil prices, he said in television interviews.
- More than 100 years after it was formed to link the country, Canadian Pacific Railway Ltd. just convinced the bond market to wager that it will be around for another century. The railroad’s $900 million 100-year bond, sold with a coupon of 6.125 percent.
- Bombardier rejected an offer by Beijing Infrastructure Investment for 60%-100% of Bombardier Transport, Reuters reports, citing an Aug. 14 letter outlining the bid.
- Concordia Healthcare Corp.’s CEO said the company’s $3.5 billion deal for Amdipharm Mercury Ltd. will give the Toronto-based drug maker the global scale it needs to go after larger targets.
- U.S. stock futures are set to shoot higher once the trading day beings in New York. The Dow Jones industrial average, S&P 500, and Nasdaq are all poised to open about 1.8% higher. (CNN).
- Yahoo! Inc. failed to get the advance approval it sought from U.S. officials for a plan to spin off its stake in Alibaba Group Holding Ltd. without incurring taxes. The Web company may proceed with the transaction anyway.
- Quiksilver Inc., the California surfwear chain that lost 79 percent of its market value this year, filed for bankruptcy with a plan to hand control over to lender Oaktree Capital Management LP.
- The Stoxx Europe 600 Index tracked gains in Asian equities as optimism grew China’s market turmoil will be contained and Japan’s prime minister said he’ll lower corporate taxes next year. U.S. stock-index futures advanced.
- U.K. industrial production unexpectedly declined and goods exports plunged the most in nine years, indicating a loss of economic momentum that may keep the Bank of England on a cautious policy footing.
- Ryanair Holdings Plc lifted its full-year profit forecast 25 percent, sending shares of Europe’s No. 1 discount carrier up the most in 10 months as it joined EasyJet Plc and Deutsche
- Standard Chartered Plc is priced for a crisis, with a stock valuation that has sunk to lower than during Asia’s meltdown in the 1990s or the global turmoil of 2007-08.
- China auto sales barely rose last month after declining in June and July, as discounts and other incentive offers helped prop up sales after a steep rout in Chinese stocks rattled consumer confidence.
*All information is taken from Bloomberg, unless otherwise noted.