How the economy is shifting Statistics Canada's composite leading index measuring the economic outlook rose 0.9 per cent in May, which Credit Suisse likened this morning to the "Energizer Bunny." However, today's reading shows how Canada's economy is shifting: "The upturn in the index a year ago was led by housing and the stock market. These components have stopped contributing to growth, replaced instead by the manufacturing components ... The housing index fell 1.2 per cent, its first decline since April 2009. Existing home sales continued to retreat slowly from their record high reached over the winter, while the year-long rally in housing starts stalled. Despite the slowdown in housing, furniture and appliance sales continued to strengthen. Demand for other durable goods remained soft, notably for autos."
Gold pushes new heights The price of gold continues to push higher this morning, hitting a record in both London and New York in the $1,260 (U.S.) an ounce range. "Risk appetite has continued to improve over the past few days with equity markets, the euro and the pound continuing to trade near their recent highs," said CMC Markets analyst Michael Hewson. "However, despite this investors are continuing to push gold back to record highs against the U.S. dollar, which suggests that despite this return in the appetite for risk, there is a significant element of caution within the market, as capital also gets rotated into safer haven types of asset, over fears about further monetary stimulus programs and economic contagion."
Tembec shares on the rise Shares of Tembec Inc. surged today after the forest products company issued its latest quarterly forecast. Montreal-based Tembec said in a statement that it expects earnings before non-recurring items, interest, income taxes, depreciation, amortization and other non-operating expenses and revenues in the range of $47-million to $53-million in the third quarter, up from $32-million in the most recent quarter.
Priest develops iPad app Call it the iMass. A priest in Italy, already known for an iPhone application, has now developed an app for the iPad that would give priests the ability to celebrate Mass using the popular tablet computer from Apple Inc. , rather than the traditional missal. Rev. Paolo Padrini, who consults for the Vatican's Pontifical Council for Social Communications, said today the app will be available next month in several languages, The Associated Press reports from Rome. The app will hold the entire Roman missal, he said.
From today's Report on Business Controversy over Magna deal nothing new for Stronach