Market Watch

North American markets were off to a decent start out of the gate this
morning, but had the wind knocked out of the sails after some sluggish
economic data from south of the border. The ADP private payrolls report
showed a 133,000 gain in employment this month, slightly less than
forecasts. Jobless claims ticked higher, while the Chicago-area
manufacturing index unexpectedly slipped to 52.7. Finally, US first-quarter
GDP growth was revised lower to 1.9%, although the revision was expected.
The Canadian banks are propping up the TSX this morning after both CIBC and
National bank reporting better than forecast profits, with National Bank
raising its quarterly dividend. Still that won't stop the index, along with
most world market averages, from posting its worst monthly performance since
last September. The TSX is down 43 pts. The Dow is down 96 pts.

The Canadian dollar is down another half cent this morning to US$.9661. Bond
yields continue to sink with the 5-year Canada yield now down to 1.22% and
the 10-year to 1.72%. Oil is off $1.19 to US$86.63/barrel. Gold is up $4 to
US$1567/oz.

Courtesy,

Jim FitzGerald
Regional Vice President, Western Ontario Radius Financial