June 6th, 2013 Market Update

After the big hit in North America on the ADP Jobs report yesterday we are seeing a relatively flat opening on the way.  Japan was off a point in sympathy with the North American decline as was China.

In Europe markets are higher by a quarter point at midday on bargain hunting and the fact the BOE and ECB are both leaving the asset purchase programs and interest rates alone basically playing the wait and see game going into the summer.

In the US, Initial Jobless Claims came in down 11000 to 346000 last week which is a good number, but really failing to move markets in that the Non-Farm Payrolls are being released tomorrow morning.  Futures in the US are virtually flat this morning.

The new Bank of Canada Governor Stephen Poloz is giving his inaugural talk to the finance committee this morning and I managed to last about 10 minutes until I started to dose off.  It would seem we have in knack in this country of appointing the most boring, dry bank governors on the planet to the job.  Nothing new is coming out of his mouth and it looks like he is doing the right thing and staying the course for now.

Gold is off slightly to 1400, oil is up 1% to 94.62 and the loonie is down 12 bps to 96.60.

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

Branch Manager & Portfolio Manager | Independent Wealth Management

Canaccord Genuity Wealth Management


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