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Daily Market Commentary

This morning we are seeing bonds trade a little lower as there is some optimism creeping its way into the markets.  While Asian equity markets traded lower, Europe is currently higher and the futures here are pointing to a higher open.  This is very interesting as Euro area sentiment was reported this morning to have dropped.  Economic confidence is quickly sliding across the pond as oil prices climb higher, and inflation worries continue among the regulators.

 

The market has shrugged off rumours that Credit Suisse will have large writedowns coming to their commercial loan origination group.  Despite these rumours swirling around, the TED spread has eased to 138 this morning.  As would be expected, Treasury and Canada yields are slightly higher this morning and the loonie is regaining some of its losses from Friday's horrible sessions.

 

Expect the CAD$ to lose some of its lustre as the world continues to debate whether or not a US recession is coming.  A significant slowdown in the US would kill a lot of the reasons that the loonie has soared recently.  Also the world still likes the US$ as a safe haven during turbulent times.

 

 

There is no data out this morning, and this week will be light on numbers save Canada's employment numbers Friday.  As its the first full week back, don't expect that to hold back the volatility.  Volumes should be back to normal and new issuance should come back into the provincial space providing a better pricing background for the entire market.

 



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