Financial Update Nov 29/13 It’s Black Friday, so named for the start of holiday shopping season when retailers (hopefully) move from being in the red to posting a profit on the year. The frenzied scenes of rampaging shoppers is being mirrored by a bit of a buying stampede in the markets today. North American indexes are comfortably higher this morning with the TSX climbing to within 20 points of its 2013 high and US averages well into record territory. The breadth of the rally can be assessed by the fact that almost 400 NYSE listed stocks are making new 52-week highs this morning. The list of AAA rated countries has shrunk again after S&P downgraded the Netherlands a notch. Canada remains in the triple-A club, along with Australia, Denmark, Finland, Germany, Norway, Singapore and Sweden. Canada’s GDP expanded at a healthy 2.7% pace in the third quarter, its best performance since 2011 and well ahead of the Bank of Canada’s forecast. Poloz & Co. meet next week and it will be interesting to see if they change their outlook. The TSX is up 120 pts. The Dow is up 56 pts. The Canadian dollar is flat at US$0.9446 despite the strong GDP print. Bond yields are also flat at 1.74% for the 5-year Canada and 2.56% for the ten. Oil is up $1.34 to US$93.62/barrel. Natural gas is up a nickel to US$3.95/mbtu. Silver is up 40 cents to US$20.08/oz. Gold is up $15 to US$1253/oz. Enjoy the weekend.
Posted on: Fri, 29 Nov 2013 18:16:47 +0000
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