Financial Update: After yesterday’s volatile trading day, - TopicsExpress

Financial Update: After yesterday’s volatile trading day, Equity markets continue the sell off with no specific rationale for the sharp downturn. A combination of factors plus investors having a mindset like a Lemming most likely created a mini stampede.. Today we have some soft revised Euro zone manufacturing numbers and steelmaker heavyweight ArcelorMittal guiding full year profits lower. China did show a nice jump in manufacturing readings at it’s highest since 18 months ago. Europe is all in the red while overnight in Asia it’s the same tune. In the U.S, the screens were showing a bit of green this morning after the non-farm payroll report released indicating a slower than expected 209,000 jobs created in July with an uptick in unemployment to 6.20%. Despite a 6 month string of 200K+ job growth , Julys report seemed to soothe fears about an earlier than predicted rate hike by the Feds. Additionally, good news on the manufacturing front showing a better than expected 1.80% increase in July. On the earnings front, notables P&G, Tesla, Chevron, Weyerhaeuser and LinkdIn reported earnings on the upside. In Canada, the TSX, other than Health Care sector is in the red continuing to take its lead from down south and abroad. Manufacturing numbers for July released by RBC show numbers at an 8 month high on improving employment and demand. On the earnings front, Enbridge just beat estimates while Bell Aliant missed but is up on defensive buying. In corporate news, Fairfax CEO Prem Watsa and President Paul Rivett are being investigated by Quebecs regulators for possible insider trading. S&P500 is down 3 to 1,927 the DOW is down 74 to 16,489 and the TSX is down 142 to 15,188. The Loonie is unchanged US$0.9169. Bond yields are down with the CDA 5-year at 1.49% and the 10-year is at 2.14%. Gold is up U$13.30 at US$1,296/oz. Silver is up 4 cents to US$20.46/oz, natural gas is up 2 cents to US$3.86/btu, copper is down a penny to US$3.23/lb and Oil is down 80 cents to $97.38/barrel

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