tsx rally
The rally continues on the TSX this morning after yesterdays 200 pt gain, but poor profit reports from south of the border are dragging down the Dow. Canadian oil & gas producer EnCana announced a 150% increase in profits, lifting its shares by 3%. CP Rail profit tripled due to a tax-related gain, but the shares have slipped 2%. In the US, United Parcel Service failed to meet Wall Street's earnings estimates sending the shares tumbling 12%. 3M Co. announced Q2 results at the low end of forecasts. McDonalds reported a 57% increase in Q2 earnings due to strong sales in Europe. The TSX is up 77 pts. The Dow is off 30 pts.
The Loonie is down 18 bps to US$.8757. Bond yields are essentially flat with the 5-year Canada at 4.24% and the 10-year at 4.38%. Oil is off 90 cents to US.15/barrel. Gold is up 60 cents to US3.80/oz. |
