Canadian Marketplace: Could the S&P/TSX Composite Index be set to show significant strength and start to snowball the last few trading days of 2008 and early part of the new year? An optimist would like to believe oil prices are set to come off the current lows and increase in price during the winter months ahead. After all, most bears do hibernate at this time of year. Add in the OPEC factor, regarding cut backs in production previously announced and assuredly more to come in the near future, to this end we could experience a significant increase in demand.
- US Marketplace: Wall Street and the Dow remained undecided in morning trading today, as crude prices rose on very real concerns that Israel’s attack on Gaza might disrupt oil production and shipments from the Middle East. Oil prices neared the $40 (US) a barrel on the New York Mercantile Exchange. The increased price helped some oil companies, including Exxon Mobil Corp. that saw their shares increase by more than one percent.
- US Mutual Fund News: The Securities and Exchange Commission has approved measures to give investors faster, better and less expensive financial information disclosure, concerning the public companies and mutual funds they have in their portfolios.
Investors presently depend on documents filed by companies and funds, that require them to print out or scroll through mountains of financial information and then manually transcribe the information they desire. With interactive data, all of the facts in a financial statement are labeled with unique computer-readable tags, which function like bar codes to make financial information more search-able on the internet and more readable by spreadsheets and other software.
Investors can then instantly find specific facts disclosed by companies and mutual funds, and compare this information with details about similar companies and mutual funds to help them make wiser investment decisions.
Interactive data will help provide investors with the information they need, rather than just a warehouse of forms on which they can try to find it. This new data system will enable new analysis tools to put key information at every investor’s fingertips within seconds.
- International News: The International Monetary Fund issued a statement today that the world economy needs a large helping of fiscal stimulus targeted both at repairing the financial system and boosting demand.
The IMF said the current crises will last for several more quarters and countries need to act aggressively. The solution to the current financial and macroeconomic crisis requires bold initiatives aimed at rescuing the financial sector and increasing demand. Time and action are of the essence.
Spending increases and targeted tax cuts, would privide the biggest bang for the buck, while general tax cuts or subsidies for consumers or companies would have a smaller effect. Governments should stand ready to do more if warranted.
…..Doug T
