Equity markets are getting beaten up this morning, but not nearly as bad as the thrashing laid on Peyton Manning and the Broncos yesterday J. Economic data out this morning didn’t live up to expectations, although the weakness in markets can largely be blamed on an unwinding of overbought conditions experienced through the second half of last year. The US ISM manufacturing index dropped to a barely-expansionary 51.3 in January versus an expected 56. China’s ISM figure was 50.5, a six-month low but in-line with forecasts. Month end brings several more economic tidbits throughout this week, but Friday’s employment report from the US Labour Department will be the focus, especially after last month’s dud. Both Ford and GM reported significant declines in sales last month with cold weather taking the blame. The TSX is down 141 pts. The Dow is down 188 pts. The Canadian dollar is poised to complete a three-day winning streak for the first time since mid-December, up 58 bps to US$0.9036. Bond yields are lower at 1.53% for the 5-year Canada and 2.31% for the ten. Oil is down $1.05 to US$96.48/barrel. Natural gas is down 4 cents to US$4.90/mbtu. Silver is up 32 cents to US$19.44/oz. Gold is up $24 to US$1264/oz. Have a great day.
Posted on: Mon, 03 Feb 2014 17:27:02 +0000
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