“The More Laws, The Less Justice” – Marcus Tullius Cicero
TSX Higher On The Week
The Toronto stock market was slightly higher Friday at the end of a positive week. The S&P/TSX composite index gained 5.81 points to 14,708. For the week the index is up 1.33%.The Canadian dollar erased early gains to move up 0.17 of a cent to 91.97 cents US while the latest inflation data showed rising price pressures. Statistics Canada reported that the consumer price index for April rose at an annualized rate of 2%, in line with expectations and up from 1.5% the previous month. On a monthly basis, the CPI was up 0.3%, lower than the 0.4% reading that had been forecast.
Positive housing data helped send U.S. indexes higher heading into the Memorial Day long weekend with the Dow Jones industrials ahead 63.19 points to 16,606, the Nasdaq was 31.47 points higher to 4,185 and the S&P 500 index climbed 8.04 points to 1,900; a record high. The annual rate for new home sales in April rose to 433,000, up from a revised 407,000 in March and better than the 429,000 reading that economists expected. But that is still below levels of 446,000 a year ago.
The TSX registered a solid weekly gain in the wake of quarterly earnings results from Royal Bank and TD Bank that blew past analyst expectations. The rest of the big banks report next week. The earnings helped push the TSX financial sector up 1.33% this week.
Deutsche Bank Fed Up With Foul-Mouthed Traders
Foul-mouthed traders are on notice at Deutsche Bank. A leaked video shows Colin Fan, a Canadian senior executive at the London-based bank, warning traders that he’s had enough of their “vulgar” and “indiscreet” language. Mr. Fan warns in the video that all e-mails and conversations are open to scrutiny when regulators are investigating a case of suspected wrongdoing and said “communications that run even a small risk of being seen as unprofessional” must stop “right now. Some of you are falling way short of our established standards,” Mr. Fan says in the video. “Let’s be clear: Our reputation is everything. Being boastful, indiscreet and vulgar is not okay. It will have serious consequences for your career, and I have lost patience on this issue.”
Mr. Fan, 41, is co-head of Deutsche Bank’s corporate banking and securities operation. He was born in Canada, and educated at Harvard, where he focused on science and history.
Market Update as of May 23 2014
The TSX closed at 14708, up 193 points or 1.33% over the past week. YTD the TSX is up 7.97%.
The DOW closed at 16606, up 115 points or 0.70% over the past week. YTD the DOW is up 0.17%.
The S&P closed at 1900, up 22 points or 1.17% over the past week. YTD the S&P is up 2.81%.
The Nasdaq closed at 4185, up 94 points or 2.30% over the past week. YTD the Nasdaq is up 0.19%.
Gold closed at 1292, down -1.00 points or -0.08% over the past week. YTD gold is up 7.31%.
Oil closed at 104.38, up 2.33 points or 2.28% over the past week. YTD oil is up 5.85%.
The USD/CAD closed at 1.086377, up 0.0004 points or 0.04% over the past week. YTD the USD/CAD is up 2.18%.
Sources: Bloomberg; Investment Executive; advisor.ca