CIBC, National Bank offer hints Canadians getting grip on debt...
"Analysts say the numbers are not necessarily a confirmation that Ottawa’s message has sunk in with consumers, forcing them to put the plastic away and pay down their monthly bills. Rather, a drop in loan loss provisions is generally linked to a stronger economy."
* TSX -88.88 to 13,867.31 (Reuters) as violence in Libya persuaded investors to take some profits from a market surge that has gone on pretty much without a break since the end of August. The only bright spot was from the financial sector in the wake of solid earnings reports from CIBC and National Bank who both beat estimates.
* DOW -37.28 to 12,068.50 amid mixed economic data.
* Dollar +.56c to 101.71c USD continued to benefit from sharply higher crude prices amid growing violence in Libya that has effectively split the country in two. This morning it was almost 2 full cents above parity on speculation of what the Bank of Canada will signal at its policy-setting meeting next week.
* Oil +$.82 to $97.28 USD per barrel Prices had moved as high as US$103.41 but starting shedding gains after a Saudi Arabian oil official said that his country and other OPEC states are willing and able to replace any lost Libyan oil, including crude of the same quality.
* Gold +$1.80 to $1415.80 per ounce.
* Canadian 5 yr bond yields -.01bps to 2.60. The spread (based on the MERIX 5 yr rate published rate of 4.14%) is good and high in the comfort zone at 1.54.
(courtesy of Barb Morgan, DBD Ontario Southwest)
