September 4th, 2013 Business & Market Update

A good day yesterday, with a grain of salt.

It looks like some action will occur in the middle east if the US congress votes favorably.  With that said, the Russians, Iran and China are not on board and how the other mid-east countries react is still a big question.  With all that said a war will cause volatility.

Asia was stronger overnight on the back of the US move higher.  Europe is off at midday by about a point on continued fears of war in the middle east.

US futures are lower by about a quarter point and Canadian futures are showing the same decline.

Gold is off $20.00 this morning to 1393.  The commodity is very fickle at the moment with a number of factors affecting it.  The commodity started to move higher on the war threat and then slammed into the 200 day moving average and has bounded off that and retreated.  The trend is down – until there is some hint of inflation.  Oil is off over a point this morning to 107.36, the loonie is up 20 bps to 95.12 and the US and Canada 10 years bonds are flat at 2.86 and 2.68 respectively.

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

Branch Manager & Portfolio Manager | Independent Wealth Management

Canaccord Genuity Wealth Management

www.glwm.ca