Today marks the one-year anniversary of the indexes recent bear-market lows. Traditionally known as the “paper” anniversary, this one is true to form with the US adjusted monetary base (aka. the sum of currency in circulation) having grown a staggering $600 billion over the last year. That said, markets are hardly celebrating this morning with US stocks being led slightly higher by heavyweights AT&T and Verizon, while the TSX is being weighed down by a retreat in the energy sector. Bank of Nova Scotia rounded off earnings season for the Canadian financials by beating average forecasts with 17% profit growth. Speculation is starting to mount on possible dividend hikes for the banks after a two year hiatus. The TSX is down 31 pts. The Dow is up 19 pts.
The Loonie continues to ride the recent winning streak with another 19 bps gain this morning to US$.9750, just half a cent shy of its highest level since July ‘08. Bonds are steady with the 5-year Canada yielding 2..78% and the 10-year 3.51%. Gold is down $5 to US$1119/oz. Oil is off 49 cents to US$81.38/barrel.
