July 23rd 2013 Business & Market Update

Overnight the Chinese government reiterated the commitment to a 7% growth rate by providing the stimulus necessary to continue to achieve the goal.  Market in Asia on the news were up with China leading the way up more than 2%.  Japan advanced by about a point.  Australia which does a great amount of trade with China was up about a third of a point.

Europe was also higher on the news as a big trading partner.  Markets in the region were up about a half a point at midday.

In North America,  we are seeing some upside this morning on the China news and further positive earnings reports.  Both US and Canadian futures are up about a quarter point.

Mandate company, Canadian National Railways reported after the close yesterday and beat estimates on both revenue and earnings.  They did however warn of a challenging second half of the year.

Also, Canadian retail sales were released for May and beat estimates by a large margin coming in at 1.9% vs. 0.4% estimated.

Gold is trading down about 7.00 this morning to 1330, oil is off 1.00 to 105.98 and the loonie is up a quarter cent to 96.97.

Lastly, as I am sure all must know by now, the new royal was born yesterday afternoon.  A bouncing baby prince.  Name to be determined, I am betting on James.

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

Branch Manager & Portfolio Manager | Independent Wealth Management

Canaccord Genuity Wealth Management


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