North
American markets are slightly higher this morning, a nice surprise given that
the TSX hasn’t experienced a Monday gain since mid-July. That said the overall
trend over that period has been nothing but positive with our Canadian
benchmark gaining ground in ten of the last fourteen weeks. There is little
data on the wires this morning but the market will have its fair share of
things to fret about as the week progresses. The German Constitutional Court
will rule Wednesday on whether the country is legally able to fund the European
Stability Mechanism, although is fully expected to give it the thumbs up. The
Greek government will propose another round of contested budget cuts on Friday.
Sandwiched in between will be the FOMC’s policy announcement Thursday with the
Fed now clearly tilted toward more monetary easing. The TSX is up 15 pts. The
Dow is up 16 pts.
The
Canadian dollar is trading at a one year high, up a quarter-penny on the day to
US$1.0249. Bond yields are flat at 1.42% for the 5-year Canada and 1.86% for
the ten. Gold is $7 lower at US$1734/oz. Oil is unchanged at US$96.42/barrel.
Have
a great day.
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