There’s
lots going on this morning, but you wouldn’t know it from looking at the
relatively flat indexes. Apple is taking a beating after research firm IDC
suggested the companies share in the tablet market will fall below 50% by 2016
as competition heats up. Copper and gold giant Freeport McMoRan agreed to
acquire both Plains Exploration and McMoRan Exploration for about $9 billion,
leading to a steep drop in the former and a surge in the latter companies. The
Canadian REIT”s are strong this morning after a consortium of pensions
announced plans to buy shopping mall operator Primaris for about $4.4 billion.
In fact almost every sector in the TSX is higher this morning, but the index is
being anchored by pronounced weakness in the gold sector as the price of the
metal approaches a three-month low. Chinese markets rallied overnight after
regulators discarded a rule limiting investment by insurance companies in the
countries commercial banks. The TSX is up 24 pts. The Dow is up 16 pts.
The
Canadian dollar is up 10 bps to US$1.0078. Bond yields are down about 2 bps
across the curve to 1.26% for the 5-year Canada and 1.68% for the ten. Oil is
off 54 cents to US$87.96/barrel. Gold is down $7 to US$1689/oz.
Have
a great day.
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