October 15th, 2013 Business and Market Update

Looks like there has been some movement over the weekend in Washington as hints of a deal are starting to emerge on the news wires this morning.  No details just yet but flat US futures are suggesting that something is brewing.  Stay tuned.

In Asia overnight, markets were higher by about a quarter point following the US rise on Friday and Monday and reacting to the positive news out of Germany on investor sentiment rising yet again.  Euro stocks are up about a half a point on the news.

Earnings season gets under way in earnest today as Coke and JNJ beat on both bottom and top line numbers.  Citigroup however missed estimates by a couple of cents with the hit coming from charges and fixed income trading.  That news caused the futures to pull back from higher levels earlier.

With a deal somewhat imminent in Washington, Gold has pulled back again this morning down more that 16.00 to 1260.  Oil is trading down a buck to 101.46 and the loonie is off 20bps to 96.46.  The US and Canadian 10 year bonds are mixed this morning with yields coming in at 2.71% and 2.62% respectively.

Lastly, Blackberry has put ads in papers worldwide to try and explain the current situation that they are in and how they are going to move forward.  To me it seems to be a desperate attempt to hold onto what they have.  We shall see how effective the ads turn out to be.

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

Branch Manager & Portfolio Manager | Independent Wealth Management

Canaccord Genuity Wealth Management