May 21st, 2013 Market Update

Overnight there was some weakness in the Asian markets as corporate Japan is suggesting the fall in the currency is enough and stability or a slight increase is warranted.  Costs to exporters continue to rise as the currency falls and it would seem that the sweet spot has been by passed according to reports out the country.  Markets in the region are mixed off just slightly from yesterdays close.

Europe is off about a half a point this morning as markets are quiet going into the Bernanke congressional testimony later today.

The US markets are however pointing to a slightly higher open up about a quarter point.

Commodities continue to be under pressure as gold is off another 16.00 to 1368, oil is down a quarter point to 96.67 and the Loonie is down about a half a cent to 97.22.

Lastly, as I am sure most are aware by now there was a severe tornado in Oklahoma yesterday that has devastated a small town and killed many, including several children.  Take a moment and think of those affected today sending positive thoughts.

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

Branch Manager & Portfolio Manager | Independent Wealth Management

Canaccord Genuity Wealth Management

www.glwm.ca

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