Indexes
opened in positive territory this morning and have maintained gains despite
some sluggish economic data. Both the TSX and S&P500 are looking to snap a
five-day losing streak, and with less than two trading days left in September
will almost assuredly post their fourth consecutive month of gains. The final
tally of US economic growth was revised down to a rather anaemic 1.3% for the
second quarter, well short of forecasts. Durable goods orders dropped a whopping
13% in August although the print was dominated by a near goose egg in new
orders at Boeing. The figure climbed 1.1% excluding defence and aircraft,
reversing the decline from the prior two months. The lone bright spot was
initial unemployment claims which fell to 359K last week, close to the lowest
levels we’ve seen through this expansion. The TSX is up 37 pts. The Dow is up
18 pts.
The
Canadian dollar is up 16 bps to US$1.0167. Bond yields are steady at 1.32% for
the 5-year Canada and 1.75% for the ten. Gold is up $14 to US$1768/oz. Oil is
up $1.21 to US$91.19/barrel.
Have
a great day.
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