MARKET SUMMARY JUNE 4/09

The screen is green again this morning after yesterday’s sell-off. North American markets are benefiting from more positive economic data after initial jobless claims fell (slightly) while the number of Americans already collecting unemployment benefits unexpectedly declined, breaking a string of 17 consecutive weeks in record territory. The Bank of Canada made its policy announcement this morning and reiterated its position that no interest rate hikes are in the cards for at least a year. Confidence among Canadian businesses owners appears to be on the rise, as an index compiled by the Canadian Federation of Independent Business showed optimism in every province in the country. The TSX is up 153 pts. The Dow is up 33 pts.

 

The Canadian dollar rallied after the Bank of Canada announcement, recouping roughly half of yesterdays decline. The Loonie is up a penny to US$.9117 at last check. Bond yields have softened over the past two days with the 5-year Canada yielding 2.46% and the 10-year 3.39%. Oil is up $2.38 to US$68.50/barrel. Gold is up $12.90 to US$978.50/oz.

 

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Terry Black

Terry Black

Sales Representative
CENTURY 21 Trident Realty Ltd.
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