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Get a complete view of the world as seen through the eyes of our investment professionals each and every business day shortly after the opening bell.

The information contained herein is intended for advisors for general information only and is compiled from sources believed to be reliable, but no representation or warranty, express or implied, is made as to its accuracy. All opinions contained in the commentary and expressed by the portfolio manager are subject to change without notice and are provided in good faith without legal responsibility. All market data is sourced from Bloomberg.​​​​​

  • Canadian GDP for October was flat for the month

    Friday, December 22, 2017 - 09:03 EST
    Canadian GDP for October was flat for the month, which was below expectations of +0.2%.  On a year over year basis, GDP growth is increasing at 3.4%.  The flat reading in October was a result of decreased production by oil sands companies.  Non-conventional oil’s contribution to GDP is down 7% since hitting a high back in May.  The unexpected slowdown this month adds to the argument that second half growth in Canada is slowing.  Full year GDP is currently tracking around 3%, although economists are expecting growth to decelerate in 2018 around +2.2%.  In the U.
  • Canadian retails sales jumped in October

    Thursday, December 21, 2017 - 09:04 EST
    Canadian retail sales jumped in October increasing by 1.5%, which was higher than expectations of 0.3%.  The strong number was largely due to an increase in auto sales, which indicates that consumers are still positive about the economy and willing to purchase new cars.  Excluding gasoline and vehicle sales, receipts increased over the month at 1.1% with sales up across every province in Canada.  Canadian headline inflation for November moved higher to 2.1% from 1.4% in the previous month.  The rise was primarily driven by gasoline prices that were up 7.4% over the month
  • Overnight, the U.S. Senate passed the tax reform bill

    Wednesday, December 20, 2017 - 08:47 EST
    Overnight, the U.S. Senate passed the tax reform bill that will cut the corporate tax rate from 35% to 21% as well as the increasing the budget deficit to $1.5 trillion.  The bill will now move to the House for a final vote today, with the new legislative measures expected to be positive for growth over the next couple of years.  The U.S.
  • The market continues to focus on the U.S. tax bill

    Tuesday, December 19, 2017 - 09:07 EST
    The market continues to focus on the U.S. tax bill, with the House voting this afternoon around 1:30 pm followed by the Senate later on.  Alongside the relatively strong macro tone, U.S. equity market continues to rally.  Equity futures are pointing to a positive open this morning. On the credit side, the market had a quiet start yesterday. We saw healthy two ways trades in corporate bonds. Spreads remain constructive, with deposit notes and NVCC closed 1-2 bps tighter. Equity Markets:
  • The Canadian credit market was very active last week

    Monday, December 18, 2017 - 09:42 EST
    Republicans revealed final details of the tax reform, to cut the corporate tax to 21% starting in 2018. The vote is expected to happen during the week. U.S. equities continued to rally, but dollar and treasuries traded lower. US Treasury yield curve flattened once again last week, with the delta between 5Yr and 30Yr now lower than 55bps. Currently, the 30Yr Treasury yield is 2.69%, which is 7bps lower than the beginning of last week.
  • BoC Governor Poloz spoke yesterday

    Friday, December 15, 2017 - 08:54 EST
    Bank of Canada Governor Poloz spoke yesterday and noted that NAFTA was not one of the top three items on his list that kept him up at night.  Although the Bank of Canada monetary policy statements have referenced uncertainty related to global trade and NAFTA over the last several months, Poloz indicated that he would set aside issues of NAFTA uncertainty until new information is presented.  Also, the U.S.
  • U.S. retail sales for November increased by 0.8%, surpassing expectations

    Thursday, December 14, 2017 - 09:38 EST
    U.S. retail sales for November increased by 0.8%, surpassing expectations of 0.3%.  The surge was a result of the holiday shopping season pulled forward during U.S.
  • U.S. CPI increased by 0.4% in November

    Wednesday, December 13, 2017 - 09:06 EST
    U.S. CPI in November increased at expectations of +0.4% over the month.  Year over year, headline inflation is tracking at 2.2%, which is 0.2% higher than the previous month.  Inflation picked up largely from energy prices as gasoline rose by 7.3%.  Core CPI year over year declined by 0.1% to 1.7%, which may indicate that inflation has not garnered strong enough momentum despite the robust labour market.  However, the FOMC releases its monetary policy statement this afternoon and is largely expected to increase rates by 25bps.
  • The U.S. Producer Price Index increased by 0.4% m/m

    Tuesday, December 12, 2017 - 09:02 EST
    The U.S. Producer Price Index in November increased by 0.4% m/m that was higher than expectations of 0.3%. Prices increased as a result of gasoline and commodity prices.  Almost two-thirds of the increase was due to gasoline prices that increased by 15.8%, the largest increase since 2009. Stripping out more volatile items, core PPI still increased by 0.3% over the month.
  • Expectations are for the Fed to raise rates this week

    Monday, December 11, 2017 - 08:49 EST
    This week’s focus will be the last FOMC meeting of the year on Wednesday, where the expectation are for the Fed to raise the Fed Funds Rate by 25bps.  Last Friday’s jobs number showed that labour markets continue to be strong post the disruptions from the hurricanes with the unemployment rate tracking at this cycle’s low.  The expectation to increase rates coincides with the program to slowly unwind the Fed’s balance sheet that began in October.  In Washington, members will once again gather at an inter-sessional meeting to discuss NAFTA.  These meetings are not being pr
  • The U.S. added 228k jobs in November

    Friday, December 8, 2017 - 09:06 EST
    The U.S. added 228k jobs in November, which was above consensus of +195k.  Two month revisions added a marginal 3k jobs.  Following the volatility in jobs numbers as a result of the hurricanes, the job market has posted strong back to back monthly gains.  Both the participation rate and unemployment rate stayed steady at 62.7% and 4.1%, respectively.  Although not as strong as forecasted, hourly wages still increased by 0.2% over the month and currently stands at 2.5% year over year. 
  • The BoC left the overnight rate unchanged at 1%

    Thursday, December 7, 2017 - 08:44 EST
    As expected, the Bank of Canada released its monetary policy statement yesterday and left the overnight rate unchanged at 1%.  Although the bank sees strong growth from the U.S.
  • The BoC will release its monetary policy statement this morning

    Wednesday, December 6, 2017 - 08:37 EST
    The Bank of Canada will release its monetary policy statement this morning, although the central bank is largely expected to leave rates unchanged.  Previously, the Bank has noted that growth in the second half of 2017 will slow compared to the first half but still at a positive rate.  In addition, the outlook remains uncertain in regards to NAFTA renegotiations along with global geopolitical developments.  Domestically, the Bank still sees risks related to household debt and a potential slowing of the housing market as a result of higher interest rates.  Employment in C
  • BMO is the last of the big six Canadian banks to report this morning

    Tuesday, December 5, 2017 - 08:26 EST
    BMO is the last of the big six Canadian banks to report this morning with 2017 adjusted net income of $5.508bil that was up 10% y/y.  Canadian personal and commercial banking continued to see good performance with loans up 4% and deposits up 6% year over year.  Canadian Net Interest Margin Securities (NIMS) in P&C were up 5bps q/q with positive operating leverage of 1.7%.  U.S. personal and commercial banking also saw strong loan and deposit growth with NIMs up 3bps q/q.  However, adjusted net income was down 3% y/y as a result of a weaker U.S.
  • The U.S. Senate was able to pass the tax reform bill

    Monday, December 4, 2017 - 08:25 EST
    Over the weekend, the U.S. Senate was able to pass the tax reform bill which will be the largest overhaul in three decades.  However, the committee is still required to amalgamate the House and Senate versions of the bill that can be passed.  The similarities from the previously proposed House bill include a reduction in corporate tax rates from 35% to 20% and limit on net interest deductibility for corporations to 30% of income.
  • Canada added a strong 79.5k jobs in November

    Friday, December 1, 2017 - 09:06 EST
    Canada added a strong 79.5k jobs in November, surpassing expectations of +10k.  The details were also positive as the Canadian economy added 29.6k full-time jobs and 49.9k part-time jobs.  With the large number of jobs added, the unemployment rate dipped from 6.3% to 5.9%.  By sector, construction and manufacturing continue to be positive, adding 46.6k jobs while the service producing industry added 42k.  Most of the jobs were created in Ontario, Quebec and BC.  Canadian GDP for September moved higher by 0.2% m/m which led to year over year GDP growth of 3.3%. 
  • The Senate tax bill continues to be debated this week

    Thursday, November 30, 2017 - 08:13 EST
    The Senate tax bill continues to be debated this week, although Republicans are hopeful that a vote will be initiated by the end of the week.  However, discussion continues around whether to include a trigger for tax increases if economic growth does not meet revenue targets.  This measure could ease concerns as the current tax bill would cut tax revenue by approximately $1.4 trillion.  WTI crude prices continue to hold above $57/barrel and should garner additional price support, after OPEEC agreed to extend production cuts until the end of next year.  They are also in t
  • Royal Bank is the second Canadian bank to report Q4 earnings

    Wednesday, November 29, 2017 - 09:46 EST
    Royal Bank is the second Canadian bank to report Q4 earnings, reporting $1.92 EPS, beating estimates of $1.87.
  • Scotiabank is the first of the banks to report Q4 earnings

    Tuesday, November 28, 2017 - 08:21 EST
    Scotiabank is the first of the Canadian banks to report Q4 earnings this morning with EPS of $1.65/share which was slightly below expectations of $1.66/share.  A decline in the capital markets business of 15% y/y contributed to the miss from lower volatility in fixed income trading.  However, provisions for credit losses continue to trend positively in the fourth quarter, which were down 3bps from last quarter to 42bps.  As a result of strong internal capital generation, the CET1 ratio increased by 20bps from Q3 2017 to 11.5%.  Announced along with earnings was news for
  • The U.S. Senate prepares to debate the tax reform bill

    Monday, November 27, 2017 - 09:52 EST
    Following the U.S. Thanksgiving and Black Friday holiday weekend, the U.S. Senate prepares to debate the tax reform bill this week.  The vote could come as early as Thursday, although at this current juncture, there are still several Republicans who have publicly uncommitted to supporting the bill.  Other Senators have argued that even a small uptick in growth would offset the cost of adding approximately $1.5 trillion in debt. 
  • The ECB released its minutes from the October meeting

    Friday, November 24, 2017 - 08:55 EST
    The ECB released its minutes from the October meeting yesterday that provided some insight into the decision making process to taper quantitative easing starting next year.  Some ECB officials were worried that markets may have expected an extension to QE and as a result wanted to provide more transparency.  The central bank also added that setting a firm end date for the end of QE might cause more tightening in monetary conditions than otherwise ideal.  However, concerns that the open ended nature of the program should not be justified in the absence of any new major shocks.
  • Canadian retail sales for September squeezed out a small increase

    Thursday, November 23, 2017 - 09:16 EST
    Canadian retail sales for September squeezed out a small increase of 0.1% after a decline of 0.1% in the previous month.  Last month’s number saw broad based declines across most sectors, outside of motor vehicles and gasoline.  However, the expectation for this month was for a strong rebound of 1.0%, so the 0.1% increase fell well short.  The continued disappointment in retail sales data reinforces the Bank of Canada’s view that growth in the second half of the year will subdued compared with strong growth in the first half.  In terms of volumes, sales also declined by
  • U.S. durable goods in October declined by 1.2%

    Wednesday, November 22, 2017 - 09:17 EST
    U.S. durable goods in October declined by 1.2%, against expectations of a 0.3% increase.  Based on the headline number, the decline indicates a potential cooling of capital goods orders, although the previous month showed a strong increase of 2.2%.  September’s number was revised higher from 2.0%, previously.  Offsetting the October headline decline was an increase of shipment volumes for the month of +0.4%.  Capital goods non-defense ex air, which strips out more volatile items, also declined for the month by 0.5%.
  • This morning RBC was deemed a globally systemic important bank

    Tuesday, November 21, 2017 - 08:43 EST
    This morning, RBC was deemed a globally systemic important bank.  Depending on the G-SIB tier, the rules require that an institution hold an additional 1%-3.5% of CET1 above Basel capital rules.  RBC has been placed in the lowest tier required to hold an additional 1% of common equity tier 1(CET1).  RBC was previously deemed a domestically systemic important bank, which under OSFI already required the bank to hold 1% of additional CET1.  As a result, the announcement should not materially change the amount of regulatory capital held at RBC going forward.
  • The fifth round of NAFTA negotiations is set to wrap up this week

    Monday, November 20, 2017 - 08:33 EST
    The fifth round of NAFTA negotiations is set to wrap up this week following discussions over the weekend.  Although there has been no major news of setbacks during this round, there has also been no progress.  Mexico has indicated that the U.S. proposal to increase the rules related to autos requiring U.S. made parts as unworkable, while the countries are also looking at a review mechanism that will evaluate NAFTA every five years without an automatic termination clause. 
  • Canadian inflation in October increased by 0.1%

    Friday, November 17, 2017 - 09:01 EST
    Canadian inflation in October increased by 0.1% over the month, which matched expectations.  Overall, annual inflation is now tracking at 1.4% which declined 0.2% from the previous month.  Clothing/Footwear increased the most but was offset by declines in recreation/education and energy/gasoline.
  • BOC spoke yesterday about monetary policy in uncertain times

    Thursday, November 16, 2017 - 08:44 EST
    Bank of Canada Senior Deputy Governor Wilkins spoke yesterday about monetary policy in uncertain times.  She reiterated the Bank’s current stance that the Canadian economy is progressing strongly although less monetary stimulus will likely be appropriate going forward.  Overall the link between inflation and slack is still intact with wage growth lagging globally.  As a result, the BOC will be cautious about tightening as Wilkins still sees a lot of uncertainty around NAFTA along with recently announced OSFI mortgage rule changes and high levels of household debt. 
  • Retail sales in the U.S. continue to be positive

    Wednesday, November 15, 2017 - 09:23 EST
    Retail sales in the U.S. continue to be positive in October, increasing by 0.2% versus expectations of a flat reading.  Last month’s number was revised higher to 1.9% from 1.6% which was also encouraging.  Purchases from auto dealers, as a result of the hurricanes, continued to add to sales this month.  Excluding gas and autos, retail sales increased by 0.3%.  Inflation in the U.S.
  • The U.S. Producer Price Index for October increased

    Tuesday, November 14, 2017 - 08:56 EST
    The U.S. Producer Price Index for October increased 0.4% m/m, which beat estimates of +0.1%.  Wholesale prices increased as a result of higher margins at fuel retailers, which represented almost half the gains.  Excluding food, energy and trade, PPI also increased by 0.2% for the month, which indicates that inflation is starting to build.  Year over year, this is the largest gain in headline PPI since February 2012.
  • The U.S. will begin to debate the tax reform bill

    Monday, November 13, 2017 - 09:27 EST
    The bond market in Canada is closed today to observe Remembrance Day over the weekend.  In the US, the House and Senate will begin to debate the tax reform bill.  The hope is that the House will vote on the bill as early as Thursday.  Over the weekend, Treasury Secretary Mnuchin agreed with President Trump that the Republican Party will deliver a plan that will provide some of the largest tax cuts ever.  However, there are still some skeptics in the party that believe the budget will not balance properly as a result of lower revenue from taxes. 
  • Bond traders view the recent oil rally as unsustainable

    Tuesday, November 7, 2017 - 09:45 EST
    The latest oil rally sent the WTI price higher at US$57 a barrel this morning. However, 10 year U.S Treasury yields traded marginally lower. Bond traders view the recent oil rally as unsustainable, or the Fed tightening will be too fast to stimulate economic growth.  OPEC released the World Oil Outlook this morning, raising the demand outlook peaking at 109 million barrels a day in late 2030s. U.S. shale output is expected to rise to 7.5 million barrels a day by 2021 from its current levels of 5.1 million.
  • Oil extended its rally

    Monday, November 6, 2017 - 11:04 EST
    Oil (WTI Crude) extended its rally toward to US$56 a barrel at the market open largely on news from Saudi Arabia. Saudi authorities arrested Prince Alwaleed bin Talal in a crackdown on corruption. Market viewed this action as further power consolidation of the crown prince Mohammed bin Salman, who was recognized as the leader of Saudi oil policy.  FOMC member Bill Dudley is planning to retire in 2018.
  • Canadian employment was strong again in October

    Friday, November 3, 2017 - 08:55 EDT
    Canadian employment was strong again in October increasing by 35.3k, higher than consensus of +15k.  All the net additions were full time employment gains rising 88.7k, offset by declines in part-time employment of 53.4k.  The participation rate ticked up 0.1% to 65.7% which caused the unemployment rate to rise by the same margin to 6.3%.  U.S.
  • The Bank of England raised rates by 25bps

    Thursday, November 2, 2017 - 08:49 EDT
    The Bank of England decided to join other central banks this morning by raising rates by 25bps to 0.50%.  The BOE will continue to hold asset purchases at 435bil pounds although a small reduction to stimulus will be warranted as spare capacity has declined faster than anticipated.  Two members dissented and did not support the rate hike, citing insufficient evidence that wages would pick up.  The BOE forecasts inflation in 2018 to 2.4% and 2.2% in 2019, while GDP will rise at 1.6% in 2018 and 1.7% in 2019.  There continues to be considerable risks to the outlook as a res
  • The FOMC will release its monetary policy statement this afternoon

    Wednesday, November 1, 2017 - 09:17 EDT
    The FOMC will release its monetary policy statement this afternoon, expectations are for rates to remain unchanged.  The Fed has already outlined its plans to reduce its balance sheet, so investors will be looking for additional clues that would point towards a December rate hike.  However, President Trump’s endorsement for the next Fed Chair tomorrow may take centre stage with Powell and Taylor as the potential nominees.  On the tax reform front, reports have been released this morning that the full details of the tax cut package may be delayed until Thursday.  The dela
  • Canadian GDP for August declined

    Tuesday, October 31, 2017 - 08:56 EDT
    Canadian GDP for August declined by 0.1% m/m, which was below expectations of +0.1%.  This was the first decline in GDP since October 2016, although on a year over year basis, the Canadian economy still grew by 3.5%.  The drop in growth over the month was mostly broad based, led by declines in manufacturing and oil & gas.  Shutdowns in Newfoundland impacted conventional oil and gas production while chemical manufacturing was affected by plant maintenance shutdowns and lower demand from export markets.  If September’s growth posts another decline, third quarter GDP in
  • U.S. personal spending increased in September

    Monday, October 30, 2017 - 08:54 EDT
    U.S. personal spending increased at 1.0% for the month of September, beating expectations of +0.9%.  Personal consumption was the strongest since August 2009, similar to the GDP report last week, it was driven by strong motor vehicle purchases following the destruction from the hurricanes.  U.S. personal incomes came in at expectations for September at +0.4%, as steady employment has been supportive of hiring this year.  The Fed’s preferred gauge for inflation, the U.S.
  • The first reading of U.S. third quarter GDP came in at 3% growt

    Friday, October 27, 2017 - 09:03 EDT
    The first reading of U.S.
  • The Bank of Canada left rates unchanged

    Thursday, October 26, 2017 - 08:28 EDT
    The Bank of Canada left rates unchanged at yesterday’s meeting.  The overall tone of the statement leaned towards the dovish side.  The Bank wished to monitor how interest rate hikes will impact the economy, and as a result, will be cautious with further overnight rate increases.  The central bank is also watching developments around geopolitical concerns, which would include NAFTA negotiations, as there are substantial uncertainties surrounding these discussions.  Governor Poloz also added that the weak trend in wages currently suggests that there is continual slack in
  • The Bank of Canada will release its Monetary Policy announcement this morning

    Wednesday, October 25, 2017 - 08:40 EDT
    This morning, the Bank of Canada will release its Monetary Policy announcement followed by Governor Poloz speaking at a press conference.  Following the two rate hikes to bring its policy in line post the oil price shocks in 2016, Poloz has offered a mildly dovish tone indicating that the BOC is not necessarily on a tightening path.  In addition, uncertainty around the ongoing NAFTA negotiations and the introduction of OSFI’s new B-20 rules, that will take effect in 2018, are expected to give the Bank of Canada pause for a rate hike today.  Current implied probabilities for a
  • The government will provide its Fall Economic Statement this afternoon

    Tuesday, October 24, 2017 - 08:41 EDT
    The government will provide its Fall Economic Statement this afternoon as well as a fiscal budget update.  The Canadian economy has been growing at a very strong pace for the first half of the year, which should trim the previous forecasted budget shortfall.  However, annual deficits for the next few years are expected to stay in the general range of the budget released back in March.  In China, President Xi continues to consolidate power after the Communist Party approved a revision to legislature that will allow him to effectively maintain influence over the regime after hi
  • President Trump is expected to make his decision, as early as this week, on who will be the chair of the Federal Reserve

    Monday, October 23, 2017 - 08:55 EDT
    President Trump is expected to make his decision as early as this week on who will be the Chair of the Federal Reserve.  Reports suggest that there are three candidates in the running including current Fed Chair Janet Yellen, who could be renewed for a second term.  During his presidential campaign, Yellen was criticized by Trump for her job in office, however he has changed course recently complimenting her during an interview last week. Fed Reserve Governor Jerome Powell and economist John Taylor are the other two candidates in the running for the job.
  • Canadian headline inflation for September moved higher

    Friday, October 20, 2017 - 08:59 EDT
    Canadian headline inflation for September moved higher to 1.6% y/y from the previous month although a tad below expectations of 1.7%.  Headline CPI accelerated this month due to higher gasoline prices as the hurricanes in the U.S.
  • The Fed released the Biege Book for the September to early October period

    Thursday, October 19, 2017 - 08:49 EDT
    The Fed released the Beige Book for the September to early October period that indicated that the pace of growth was split between modest and moderate, with growth impacted by regions affected by Hurricane Harvey and Irma including sectors such as transportation, energy and agriculture.  On labour markets, they were widely described as tight for employers to hire skilled workers in construction, transportation, manufacturing and health care.  The shortage of labour has been described as one of the factors that is restraining business growth.  However, wage pressures cont
  • OSFI released the finalized version of the B-20 rules yesterday

    Wednesday, October 18, 2017 - 08:30 EDT
    OSFI released the finalized version of the B-20 rules yesterday afternoon that will affect mortgage lending starting on January 1, 2018.  Mortgage applications will need to qualify at the higher of the contractual mortgage rate plus 200bps or the five-year benchmark rate published by the Bank of Canada that currently stands at 4.89%.  Wording was altered slightly from the draft guidelines to add in the ‘greater of the two rates’ that will prevent applicants from applying for a shorter contractual term in order to minimize the rate necessary to be approved.  OSFI also commente
  • The Bank of Canada released its Business Outlook Survey yesterday

    Tuesday, October 17, 2017 - 09:37 EDT
    The Bank of Canada released its Business Outlook Survey yesterday that included data from August to September.  Overall, the expectation for future sales have pulled back, which are now at the lowest levels of the year.  Those who were surveyed did mention that there are uncertainties related to NAFTA negotiations although at this current time, there is no impact on the outlook for their business.  Businesses also suggested a pullback in future investment spending, although still above the long-run average.
  • BOC Governor Poloz spoke on Saturday

    Monday, October 16, 2017 - 08:59 EDT
    Fed Chair Janet Yellen spoke over the weekend about “The Economy and Monetary Policy” at the G30 International Banking Seminar.  In regards to inflation, she indicated that her best guess is the soft inflation readings would not persist and the ongoing economic strength will warrant gradual rate hikes.  The Fed will pay close attention to inflation in the months ahead.  She also touched on this past month’s employment data being affected by weather, which is expected to revert back to more normal levels.  Overall, Yellen was rather upbeat with the expectation that growth
  • U.S. retail sales rebounded in September

    Friday, October 13, 2017 - 09:57 EDT
    U.S. retail sales rebounded in September with an increase of 1.6% m/m after falling -0.1% in the prior month.  The boost in the month was the result of the hurricanes in Texas and Florida that saw motor vehicles replaced following the storms.  An increase in gas prices also lifted retail sales while prices at the pump jumped.  The storms have generated a bit of volatility in September’s economic data, which is expected to moderate back to previous levels.  U.S.
  • The FOMC minutes were released yesterday

    Thursday, October 12, 2017 - 08:37 EDT
    The FOMC minutes were released yesterday, as Fed members discussed why inflation continues to remain soft.  Members either viewed inflation as being transitory, which has been the language continually repeated in their statements, although many are also unsure whether there will be longer term persistency to lower CPI.  The uncertainty within the FOMC in regards to inflation has made the path for future rate hikes somewhat unclear for next year.  However, many participants also believed that another increase to the Fed Funds Rates later this year is likely to be warranted.&nb
  • There is an expectation this week for additional ABS issuance

    Wednesday, October 11, 2017 - 08:37 EDT
    Tensions in Catalonia have calmed somewhat following the Catalan President’s address that he would suspend any current actions towards independence following last week’s independence vote.  He indicated that he would engage in dialogue with the Spanish Prime Minister, following the widespread notion from the European Union that the vote was illegal.  Spain equity markets as a result have reversed from yesterday – up more than 1% this morning.  Chicago Fed president Evans is speaking this morning and noted that the fundamentals of the U.S.

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