Morning Review - September 4th 2013

Morning Review - September 4th 2013

Quick Market Recap

DOW 14911.66 +77.70 PEYTO ENERGY 28.20 -0.13 Polaris 1.60 --
TSE 12732.14 -8.36 WESTERN FOREST 1.395 -0.005 CAD 0.9536 +0.0048
S&P 1650.70 +10.93 CATALYST 1.20 -- EURO 1.3204 +0.0034
NASDAQ 3639.56 +26.94 CANFOR 21.05 -.016 COPPER 3.25 -0.06
TSX VENTURE 946.45 +4.87 REDSTAR GOLD 0.135 -- CRUDE OIL 107.59 -0.94
SILVER 23.45 -0.89 LUMBER 338.90 +10.00 NATURAL GAS 3.74 -0.02
GOLD 1391.10 -21.00 TIM HORTON'S 57.72 -0.06 PRIME RATE 3.00% --

 

Bank of Canada holds rates steady as expected

The bank left its key overnight rate unchanged Wednesday at 1 per cent – the same level it’s been at since September 2010. It marked the 24th consecutive time that the bank has left the rate untouched.

Canada’s July trade deficit doubles to $931-million

Canada’s merchandise trade deficit widened to almost $1-billion in July, a significant increase that took markets by surprise and dampened hopes for an export-led recovery. Merchandise imports grew 0.6 per cent in July while exports declined 0.6 per cent, pushing the deficit to $931-million from $460-million in June, according to the latest numbers from Statistics Canada. Markets had expected smaller trade gap.

Big Three automakers report double-digit sales gains in August

The Big Three automakers reported double-digit sales gains on Wednesday, as August shapes up to be another strong month for the industry.

In Canada, Chrysler says it sold 21,932 cars and trucks in August, a seven per cent increase over the same month last year.

In the U.S., Chrysler Group LLC and Ford each reported a 12-per-cent gain year-on-year in August auto sales, while General Motors reported an increase of 15 per cent.

Euro zone business sees best month in two years in August – PMI

Euro zone businesses had their best month in over two years in August as orders increased for the first time since mid-2011, a survey showed on Wednesday, suggesting the region's economy will grow slightly this quarter.

Obama wins backing for Syria strike from key figures in Congress

President Barack Obama won the backing of key figures in the U.S. Congress, including Republicans, in his call for limited U.S. strikes on Syria to punish President Bashar al-Assad for his suspected use of chemical weapons against civilians.

China services PMI at 5-month high, adds to signs of recovery

Growth in China's services sector hit a five-month high in August, underpinned by optimism over government policy measures, a private survey showed, the latest evidence that the world's second-largest economy may have avoided a sharp slowdown. After hitting a three-month high in the previous session, the TSX opened lower as commodities fell despite a possibility of a U.S. military strike against Syria and also despite positive economic data from the euro zone and China. Investors also remained cautious ahead of Thursday's Bank of Japan, Bank of England and the European Central Bank policy meetings. The dollar traded around six-week highs against a basket of currencies. U.S. indexes pointed lower at the open but rose after some strong economic data, especially strong auto sales.

Fiera Capital Corp (FSZ):

The company acquired Bel Air Investment Advisors and Wilkinson O'Grady for $156.3 million. It expects to generate low double digit accretion to its 2014 adjusted net earnings per share from the transaction.

Gabriel Resources Ltd (GBU):

Roughly 1,000 people gathered in Romania's capital late on Tuesday for a third day of protests against plans to start an open-cast gold mine in the small Carpathian town of Rosia Montana. The bill, which needs parliament's approval to take effect, allows Gabriel Resources to mine 314 tonnes of gold and 1,500 tonnes of silver through its local arm, Rosia Montana Gold Corporation in which the Romanian state also holds a minority stake. ANALYSTS’ RECOMMENDATIONS • Alimentation Couche-Tard (ATDb). CIBC raises target price to C$63 from C$60, says the company’s first quarter showed the first signs of stabilization and performance from the Statoil Fuel & Retail acquisition

Bank of Nova Scotia (BNS):

CIBC cuts to sector performer from sector outperformer, says the company's shares have struggled of late on concerns over emerging markets

Dundee International REIT (DI_u):

Canaccord Genuity cuts target price to C$9.75 from C$10.25, says the Deutsche Post retention was strong, but comes at a cost

Long Run Exploration Ltd (LRE):

Canaccord Genuity raises target price to C$6.50 from C$6.25, says that the company’s operational success production growth and upside potential are not currently reflected in its stock price

Paladin Labs Inc (PLB):

Canaccord Genuity raises target price to C$63 from C$61.50 after the company purchased an additional 71.6 million shares of Litha Healthcare from Blackstar Group, increasing its total ownership in Litha from 44.5 percent to 57.7 percent.

The information contained herein is drawn from sources believed to be reliable, but the accuracy or completeness is neither warranted nor guaranteed, nor in providing it does Global Securities Corporation assume any responsibility or liability therefore. This publication is not, nor is it to be construed as, a solicitation or a recommendation to a specific investor to purchase or sell any of the securities referred to herein. This publication is intended for distribution only in those jurisdictions where Global Securities Corporation is registered to trade securities, and may not be reproduced in whole or in part without the prior written consent of Global Securities Corporation.  Copyright 2012 Global Securities Corporation. All rights reserved. Global Securities Corporation is a member of the Canadian Investor Protection Fund.

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