Well, looks like the kids in DC just couldn’t share the crayons and now have shut down the non-essential government services in the US. As I have mentioned in past blogs, a deal will be struck and the debt ceiling will be increased and we will move on to the next crisis. In the interim, nothing else has changed.
Overnight, markets in Asia were mixed and relatively flat. Euro markets are higher by about a half a point despite some disappointing economic news out of Germany and the continuing Italian government saga of “Where’s the Prime Minister”.
In North America, US futures were not phased by the budget idiocy as futures are higher by about a third of a point. Canada is flat this morning.
Gold is in another free fall as the commodity is lower by about 33.00 to 1295 suggesting that a solution is in the works to the crisis. Oil is down a half a buck to 101.40 and the loonie is flat at 96.96.
The 10 year bonds in both the US and Canada are both trading lower this morning causing yields to rise to 2.63% and 2.56% respectively.
|Kenneth A. Dick, BA, CIM, CFP, FCSI
Branch Manager & Portfolio Manager | Independent Wealth Management
Canaccord Genuity Wealth Management