May 8th, 2013 Market Update

Asia rallied overnight as the Dow and S&P continued the upward trend yesterday.  Japan continues to move higher due to the aggressive monetary policy to increase inflation.  Chinese exports increased dramatically in April which moved that market higher overnight also.  However there was some currency speculation which may have distorted the data somewhat.

In Europe, German March industrial output increased by 1.2% vs. estimates of a 0.1% decrease which has indices trading up about a quarter to a half a point.

In the US no economic news this morning and other than a few earnings reports the markets are relatively flat.  Futures are currently off slightly.

In Canada, mandate company Enbridge reported this morning and the pipeline company reported a 31 percent rise in first-quarter adjusted profit driven by higher volumes.  Earnings at $0.62 came in well ahead of consensus estimates at $0.51.

After trading down dramatically yesterday, Gold is moving higher this morning up 17.00 to 1466.  Oil is also higher by about 15 cents to 95.77 and the Loonie is flat at 99.55.

Kenneth A. Dick, BA, CIM, CFP, FCSI

Branch Manager & Portfolio Manager | Independent Wealth Management

Canaccord Genuity Wealth Management

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