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Financial Update August 1, 2006
A slew of economic data is pushing US stocks lower, while the TSX continues to climb on the back of rising energy prices and higher profits. Consumer spending in the US rose by its smallest percentage this year, as consumers retrench in light of higher gas prices and a weakening housing sector. Meanwhile, core inflation jumped to a 2.4% annual pace, renewing fears that the Fed will raise rates next week. Rogers Communications reported stellar profit growth last quarter, sending its shares 9% higher. Natural Gas continues to climb from recent lows as hot weather in the east keeps energy consumption near record highs. The TSX is up 14 pts. The Dow is down 69 pts.
Bonds are relatively flat with the 5-year Canada yielding 4.18% and the 10-year 4.31%. The Canadian dollar is edging lower at US$.8823. Oil is up 45 cents to US.85/barell. Gold is up .50 to US0.30/oz.
Source: BMO Nesbitt Burns
Mortgage rates continue to remain stable. Do not hesitate to contact us if you require the services of a mortgage broker. |
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