Daily Market Commentary

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Get a complete view of the world as seen through the eyes of our investment professionals each and every business day shortly after the opening bell.

The information contained herein is intended for advisors for general information only and is compiled from sources believed to be reliable, but no representation or warranty, express or implied, is made as to its accuracy. All opinions contained in the commentary and expressed by the portfolio manager are subject to change without notice and are provided in good faith without legal responsibility. All market data is sourced from Bloomberg.​​​​​

  • The Bank of Canada ...

    Wednesday, March 9, 2016 - 09:00 EST
    (Close)
  • Global stocks declined as ...

    Tuesday, March 8, 2016 - 09:00 EST
    (Close)
  • In corporate credit, TransCanada ...

    Monday, March 7, 2016 - 09:00 EST
    (Close)
  • Equities advanced on the back of ...

    Friday, March 4, 2016 - 09:00 EST
    (Close)  
  • Stocks in the U.S. erased the losses as ...

    Thursday, March 3, 2016 - 09:00 EST
    (Close)   Stocks in the U.S. erased the losses as oil rebounded and commodity producers gained, offsetting health-care and technology stocks. Tomorrow’s nonfarm payrolls will be watched carefully as the market continues to search for clues as to whether or not the Fed will continue its hiking path this year.  
  • U.S. stocks fluctuated, but ...

    Wednesday, March 2, 2016 - 09:00 EST
    (Close)   U.S. stocks fluctuated, but banks continued to rally.  In addition, a rebound in oil caused energy shares to do better.  
  • Canada’s economy registered an unexpected ...

    Tuesday, March 1, 2016 - 09:00 EST
    (Close)
  • U.S. stocks failed to ...

    Monday, February 29, 2016 - 09:00 EST
    (Close) U.S. stocks failed to hold a monthly gain after two weeks of advances, with the S&P turning negative in the afternoon.  Fresh stimulus from China initially bolstered commodities and emerging market assets.  The new TD 10yr NVCC is now 18-19bps tighter post its issue on Friday.  With no issuance on the horizon, we expect the positive tone in credit to continue throughout the week.
  • Stocks are poised to continue to...

    Friday, February 26, 2016 - 09:00 EST
    (Close)
  • Equity futures are positive after a...

    Thursday, February 25, 2016 - 09:00 EST
    (Close)
  • As the day progressed, oil prices ...

    Wednesday, February 24, 2016 - 09:00 EST
    (Close)
  • European stocks fell, along with...

    Tuesday, February 23, 2016 - 09:00 EST
    (open) European stocks fell, along with emerging markets, after the People’s Bank of China reduced the yuan’s reference rate by the most in six weeks, reigniting concerns over the health of their economy. In addition, S&P cut BP’s rating from A to A- stable. This is positive news given the expectation was for a downgrade to BBB+.
  • Global shares rallied with crude as ...

    Monday, February 22, 2016 - 09:00 EST
    (Close)
  • Hydro One came to market with ...

    Friday, February 19, 2016 - 09:00 EST
    (Close) Hydro One came to market with a 3 tranched $1.35 billion deal that was priced very tight to secondary levels.  Nevertheless the deal was oversubscribed with little product coming out against it, suggesting the market is still flush with cash and looking for product.  CDXIG25 is 1.65 wider to 118.8.  Corporate credit was generally better today with the flow in cable and telecom being decent.  With this issue out of the way, we are not expecting much further issuance, which should support credit spreads.  
  • It was another good day for ...

    Thursday, February 18, 2016 - 09:00 EST
    (Close)
  • Minutes from the FOMC meeting expressed concern that ...

    Wednesday, February 17, 2016 - 09:00 EST
    (Close)   Minutes from the FOMC meeting expressed concern that the fall in commodity prices and the rout in financial markets increasingly posed risks to the U.S. economy. That said stocks rallied today, along with oil, as risk assets rebounded from their recent lows.  
  • Shaw and Sun Life were both in the market today with ...

    Tuesday, February 16, 2016 - 09:00 EST
    (Close) Shaw and Sun Life were both in the market today with reasonable concession, taking advantage of the better tone.  CDXIG25 is 0.9 tighter to 121.5.  In general, corporate credit finished the day better with NVCC slightly tighter.  U.S. stocks rose as beaten-down banks, technology and retailer shares led an advance.  It would appear that the U.S. market is catching up with the rest of the world from yesterday.  Oil prices still remain weak but we expect more issuance in the coming days if the risk-on tone continues.
  • The rout in global equities has subsided a...

    Friday, February 12, 2016 - 09:00 EST
    (open)
  • In a second day of testimony, FOMC chair ...

    Thursday, February 11, 2016 - 09:00 EST
    (Close)
  • In a testimony to Congress, Yellen suggested that ...

    Wednesday, February 10, 2016 - 09:00 EST
    (Close)
  • CDXIG25 is 2 tighter to 118.6.

    Tuesday, February 9, 2016 - 09:00 EST
    (Close)
  • Canadian Bank NVCC came under pressure today on ...

    Monday, February 8, 2016 - 09:00 EST
    (Close)
  • U.S. stocks tumbled ...

    Friday, February 5, 2016 - 09:00 EST
    (Close)
  • Equity markets finished the day in ...

    Thursday, February 4, 2016 - 09:00 EST
    (Close) Equity markets finished the day in the green after the U.S. dollar gave back some of its earlier gains and Oil closed lower. 10 year U.S. treasuries also strengthened by 4 bps while the bond market seems to be trading within a narrow range ahead of tomorrow’s nonfarm payroll data release, which is expected to be a strong 190k. Corporate credit traded slightly weaker.. 
  • The U.S. dollar dropped the most in ...

    Wednesday, February 3, 2016 - 09:00 EST
    (Close)
  • Another volatile day in the markets ended with ...

    Tuesday, February 2, 2016 - 09:00 EST
    (Close) Another volatile day in the markets ended with north American equities dropping around 2% while bonds rallied on the back of weaker Oil prices. Oil dropped below $30 again as concerns about global growth rekindled. With equity markets staying quite volatile, it appears that bond markets are decoupling from macro fundamentals in the U.S. and focusing more on the downside protection in the wake of US automakers reporting the strongest January sales numbers in a decade. 
  • Weak Chinese PMI data is driving this...

    Monday, February 1, 2016 - 09:00 EST
    (open)
  • Fourth quarter GDP came in at...

    Friday, January 29, 2016 - 09:00 EST
    (Close) Stock markets finished higher as the Bank of Japan unexpectedly boosted confidence with their negative rates.  With this surprise move by the Bank of Japan, the pressure for the Federal Reserve to raise rates has diminished slightly.  Bond traders are now predicting a 57% probability of a quarter point boost for this year.  CDXIG25 is 2.15 tighter to 101.6.  Corporate credit tone finished the day better. Equity Markets:
  • Concern over the global economy still...

    Thursday, January 28, 2016 - 09:00 EST
    (Close) U.S. stocks climbed as quarterly earnings from Facebook and Abbott Laboratories came in stronger than expected. Dovish comments by the Federal Reserve yesterday continue to push emerging markets higher, while oil climbed above $33/bbl. Ontario Pension Board issued a $250mln 10yr deal that broke 3bps tighter. There was significant demand for this deal as it will fall into the Provincial Index. CDXIG25 is 1.8 tighter. Corporate spreads in general tightened, in particular Bank NVCC was tighter by 6bps.  
  • Today the Fed will announce their...

    Wednesday, January 27, 2016 - 09:00 EST
    (Close)
  • Asian markets closed down 6.4% on...

    Tuesday, January 26, 2016 - 09:00 EST
    (Close) North American markets looked past the rout in China and advanced, along with commodities, with a focus on corporate earnings.  Consumer confidence in the U.S. extended the gains while Crude rose, briefly surpassing $32/bbl.   
  • U.S. futures are pointing to a negative open after...

    Monday, January 25, 2016 - 09:00 EST
    (open)
  • Global stocks surged today on speculation that ...

    Friday, January 22, 2016 - 09:00 EST
    (Close)
  • The tone was a little better today with ...

    Thursday, January 21, 2016 - 09:00 EST
    (Close)
  • The Bank of Canada decided to leave rates unchanged but ...

    Wednesday, January 20, 2016 - 09:00 EST
    (Close)
  • North American equities are coming off from ...

    Tuesday, January 19, 2016 - 09:00 EST
    (Close)
  • The U.S. market is closed due to...

    Monday, January 18, 2016 - 09:00 EST
     
  • Figures on retail sales and manufacturing today showed ...

    Friday, January 15, 2016 - 09:00 EST
    (Close)
  • U.S. stocks rebounded at the end of the day as ...

    Thursday, January 14, 2016 - 09:00 EST
    (Close) U.S. stocks rebounded at the end of the day as Energy and Healthcare shares led the gain.  This may be the start of a small relief rally that the market has been waiting for.  There was lots of trading in Canadian Bank NVCCs with more buying than selling.  The new Royal Bank NVCC tightened by 3bps today.  With the volatility that we saw starting the year, it is understandable that this will trigger conversations of asset allocation which is now resulting in shifts in the market place which we may now be seeing.
  • The latest U.S. Beige Book survey released today points to ...

    Wednesday, January 13, 2016 - 09:00 EST
    (Close)
  • WTI Oil dropped below $30 briefly for ...

    Tuesday, January 12, 2016 - 09:00 EST
    (Close)
  • Oil continues to slide

    Monday, January 11, 2016 - 09:00 EST
    (close) Oil continues to slide, finishing the day down almost 6% as the commodity sector took another hit. This comes as anxiety over China’s slowdown continues to remain widespread. 
  • Despite the strong non-farm payroll numbers that ...

    Friday, January 8, 2016 - 09:00 EST
    (Close)  
  • China halted the current ...

    Thursday, January 7, 2016 - 09:00 EST
    (Close)
  • Global markets moved lower today as ...

    Wednesday, January 6, 2016 - 09:00 EST
    (Close)
  • TD issued $700mln of NVCC preferred shares with ...

    Tuesday, January 5, 2016 - 09:00 EST
    (Close)
  • Global stocks sold off as concern over ...

    Monday, January 4, 2016 - 09:00 EST
    (Close) Global stocks sold off as concern over China’s economic growth is decelerating.  Emerging markets slid the most as slowing manufacturing triggered a selloff that halted the Shanghai trading.  Bonds rallied while credit spreads widened by 2-5bps depending on the sector and term.  Trading volumes were low as investors came in this morning and were shocked as to how the equity markets were underperforming on the first day of the year.  The tone for risk assets is certainly negative to start the year. 

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