North American markets opened stronger this morning after reports on both consumer confidence and US home prices were better than expected. The seasonally adjusted figures for residential real estate prices climbed for the eighth straight month in January, while the annual rate of change will almost assuredly break into positive territory in the months to come. Consumer confidence climbed this month as more Americans perceive the employment situation is beginning to improve. Greece managed to raise half of the total funds required to roll over their debt in a 7-year note auction yesterday, but the subsequent 12-year note was undersubscribed.
The TSX is up 19 pts. The Dow is up 12 pts.
The Canadian dollar is slightly higher this morning at US$.9806. Bond yields continue to rise on the positive economic data with the 5-year Canada yield up to 2.93% and the 10-year to 3.59%. Gold is down $7 to US$1103.30/oz. Oil is up 12 cents to US$82.30/barrel.
