October 4th, 2013 Business – Market Updates

Asia traded lower overnight in concert with the decline in the North American markets yesterday.  Japan was off about a point on a stronger yen and China was a little higher.

Europe is trending higher at midday with markets there up about a half a point as US futures are pointing slightly higher.

Canada is looking to open higher by about a tenth of a point.

Today is looking quiet as the lack of economic data coming out of the US is causing many to sit on the side lines until some sort of deal is reached between warring political parties in Washington.

Gold is trading up a couple of bucks to 1319, oil is up 0.70 to 104.00 and the loonie is off slightly to 96.76.  The ten year bonds in the US and Canada are off a little today with yields increasing to 2.64% and 2.57% respectively.

Lastly, Twitter filed the documents for its IPO yesterday suggesting that the company be valued in the $12bn range.  They are looking to raise about $1bn with the deal.  With that said, it is interesting that with the filing financials had to be included and it would seem the company does not make money and has not since its inception.  To the contrary, they lost $69mm in 2012 on surging revenues.  Should be an interesting deal much like Facebook was when it went public in 2011.

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

Branch Manager & Portfolio Manager | Independent Wealth Management

Canaccord Genuity Wealth Management


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