November 6th, 2013 Market / Business Update

In Asia overnight markets were generally quiet, however Japan did move higher on great sales and earnings numbers from Toyota.  Japan closed up 0.80%.

Europe bounced back and at midday the EuroStoxx is up 0.70% mainly on the thought that at the ECB policy meeting Thursday some further monetary accommodation will be provided and continued positive economic data.

US and Canadian Futures are trading higher by a third of a point on positive earnings news.

Gold is stronger by 9.00 to 1317, oil rebounded 0.56 to 93.93 and the loonie is stronger by 0.10 to 95.76.  The 10 year US and Canada Bonds continue to creep lower as yields are now at 2.65% and 2.54% respectively.

Mandate earnings news saw, Magna, Keyera and Gibson Energy all beat estimates.

Lastly, unless you have been living under a rock for the past week or so you would have seen the debacle that has become the City of Toronto and the politicians running it with the emphasis on the Mayor.  I would suggest, that regardless of what this public official has done to embarrass himself and the city, he has done what he was elected to do.  Of course this is no excuse for his behavior.  What amazes me is the fact the Ontario government threw almost $1bn away on two gas plants that were never built and the Federal government has been embroiled in a Senate debacle and cover-up for the last year and at the end of the day no one seems to care about either of these situations, in the media anyway.  I am now officially politically agnostic as I just don’t trust any of them!

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

Branch Manager & Portfolio Manager | Independent Wealth Management

Canaccord Genuity Wealth Management

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