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Financial and Mortgage Update for October 20, 2006
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Financial and Mortgage Update for October 20, 2006


Markets opened in the red this morning after heavy equipment manufacturer Caterpillar cut its full-year profit forecast. Shares in the company dropped 12% after the announcement. Meanwhile, Google managed to double their profit, beating analysts expectations and send their shareprice soaring by . Headline inflation in Canada dropped to a 2.5 year low as gas prices sank, but core inflation unexpectedly rose due to rising real estate prices, clothing costs and tuition fees. This should put any talk of a BoC rate cut on the back burner. The TSX is down 33 pts. The Dow is down 25 pts.

The Loonie has rallied by a full cent over the last two sessions due to firming oil prices yesterday and the CPI report this morning. The dollar is at US$.8895 this morning. Bonds sold of after the inflation numbers, sending the 5-year Canada yield up to 4.10% and the 10-year to 4.19%. Oil is off 14 cents to US.36/barrel. Gold is down .70 to US9.80/oz. Mortgage rates remain stable with the five year fixed rate at 5.25%




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