US Futures Down, Canadian Penny Phased Out

This morning we are seeing some downside in the capital markets as politics is once again playing a role in the direction of markets.

Spain is in the news this morning as opposition parties are calling for the resignation of the current leader over accusations of a corruption scandal and in Italy, former PM Berlusconi is seeing an increase in support for the upcoming election which could signal some problems for the reforms that have been put in place.  The weakness is occurring after continued positive economic news out of North America, Europe and China last week.

Markets in Europe are off about 1.5% at midday.

US futures are trading down in sympathy by about a half a point, with US Treasury bonds trading higher.

Gold and Oil are both lower this morning, with oil off over 1.5%.

After the “big” BB10 release last week RIM has also changed its name to Blackberry in trying to rebrand and build on the new product.  The new symbol is BB for those that care.

Lastly this morning, today marks the demise of the penny in Canada.  The coin will be phased out over the balance of the year and many businesses starting this morning will no longer accept the coins (evidenced by my coffee purchase at Tim’s this morning).

Courtesy of:

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

Portfolio Manager & Branch Manager

Independent Wealth Management