September 10th, 2013 Business & Market Update

Some encouraging news out of the middle east overnight as it would seem the Russians are suggesting that if all chemical weapons are removed from Syria by a third party a military strike would be avoided.  Both the Syrians and Americans at first brush seem to be in agreement.  Nice to see that politicians are actually trying to come to an agreement rather than continually blowing things up costing lives and countless millions of dollars.

The markets have reacted positively to the news with both of Asia and Europe trading higher by more than 1.5%.  US futures are up half a point and Canadian futures are higher by a quarter point.

On the other side of the page, gold is off by more than $22.00 to 1364, oil is retreating by more than 2% to 107.18 and the loonie is higher by 0.25 cents to 96.68.  The 10 year US and Canadian Bond are selling off causing yields to creep higher to 2.94% and 2.79% respectively.

Apple is hosting a big press conference today to announce new product launch’s which many wondering what the next direction is for the big tech company.

Visa , Nike and JP Morgan are being added to the Dow 30 Index today and Bank of America, Alcoa and Hewlett Packard are being dropped.  A pretty big shake-up on the index as there has not been something of this magnitude in some time.  There will be buying action today in the added names and selling pressure on the deleted names.

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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