Canada Ignores U.S. Market Manipulation to its Own Detriment
politicians will soon strike a deal to prevent the world’s largest economy from defaulting on its debt. TOP STORIES * The U.S. Senate prepared for a last ditch effort to avoid a historic lapse in the government’s borrowing authority, a breach that President Barack Obama has said could lead to default and deliver a damaging blow to the global economy. * Bank of America Corp reported a third-quarter profit of $2.22 billion, compared with a loss a year earlier, as provisions for credit losses fell. * PepsiCo Inc reported higher quarterly earnings and said it was on track to meet its financial goals for the year, despite global economic pressures. * BNY Mellon Corp reported a higher-than-expected quarterly profit on rising fees from managing money, increased mutual fund balances and strength in foreign currency trading. * SNC-Lavalin Group Ltd : The construction and engineering company slashed its full-year profit forecast after it took a nearly C$75 million charge due to previously signed contracts in North Africa and in the hospital and road sectors that turned unprofitable. MARKET SNAPSHOT * Canada stock futures traded up 0.13 percent * U.S. stock futures , , were up around 0.29 percent to 0.44 percent * European shares, were down COMMODITY PRICE MOVES * Thomson Reuters-Jefferies CRB Index : 286.964; rose 0.03 percent * Gold futures : $1,278.2; rose 0.41 percent * US crude : $101.08; fell 0.13 percent * Brent crude : $109.65; fell 0.28 percent * LME 3-month copper : $7,195.25; fell 0.62 percent CANADIAN STOCKS TO WATCH * Kinross Gold Corp : The company will keep its main expansion in Mauritania on hold to 2015, no matter how far the gold price rises, as it plans to save rather than spend for now, its CEO Paul Rollinson told Reuters. * TransCanada Corp : Continental Resources Inc said it would be open to talks with the Keystone XL pipeline project on it carrying a greater amount of domestic U.S. oil instead of Canadian crude. ANALYSTS’ RECOMMENDATIONS Following is a summary of research actions on Canadian companies reported by Reuters.
equity performance no ifs ands or buts. The only real question here is, Why does our government do absolutely nothing to stop this systematic attack on the Canadian economy? I think the answer to that is self-evident. Most Canadians, when you suggest that the physical market for gold is overwhelmed by the unlimited artificial demand fabricated in the gold futures market will give you a blank stare or else dismiss you as a conspiracist. What is glaringly apparent (or at least, it should be) is that this is not a conspiracy theory. This is business as usual. One need look no further than the defeat of the Position Limits rule part of the post-recession Dodd-Frank legislation package designed to curb abuses and distortions in court in September 2012. A group of lawyers representing the top banks who are the main originators of paper futures contracts in monetary metals and commodities were successful in arguing that such rules should not be allowed to stand. So lets leave the word manipulation out of the discussion for now. Lets categorize the permission of unlimited origination of short paper contracts by speculators and managed money as the U.S. exercising its sovereign right to protect the U.S. dollar. Canada, and more importantly, the Canadian financial establishment, are notoriously smug when it comes to the state of Canadas fiscal policy. There is no better accolade than the world banking communitys acknowledgement that Canada has the safest and strongest financial sector in the world. While it is true that the conservative nature of lending in Canada has prevented us from suffering the same kind of sub-prime debacle as the U.S., other factors insulate the Canadian economy from the lethargy apparent in the U.S.