North American markets were higher yesterday with the S&P 500 Index gaining 10.3 points or 0.47% while the tech-heavy NASDAQ Index gained 23.81 points or 0.46%. Canadian markets as represented by the S&P/TSX Composite
Index were up 21.02 points or 0.14%. Linamar (LNR-TSX) led the advancers, rising 10.24% while Valeant Pharmaceuticals (VRX-TSX, VRX-NYSE) led the decliners, falling 11.16%. Famously, the S&P 500, Dow and Nasdaq all closed at record highs yesterday, the first time that has happened since 1999. Financial markets overseas are looking to end the week on a positive note though equity gains stalled in the European session following some mixed economic data overnight. Asian markets were able to shrug off some initial disappointing data out of China and close at or near their highest levels of the week. The Nikkei added 1.1% on the day. The Hang Seng closed 0.9%
higher, while the CSI 300 surged 1.9%. That momentum, however, did not filter through to European markets which are currently trading between modest gains and losses. The U.S. Dollar index is also little changed this morning with
the major currencies fairly evenly split against the greenback. Commodity prices are mixed with energy settling in after prices surged yesterday after the International Energy Agency said that crude production was beginning to fall behind demand and Saudi Arabia indicated that the Organization of the Petroleum Exporting Countries (OPEC) producers could move to stabilize the market next month when they meet in Algiers. China reported a slew of slower-than-expected indicators for July. Industrial production slowed to +6.0% year over year in July, matching its pace in April and May. Auto production remainedstrong in the month. The euro is a little stronger as Euro Area real Gross Domestic Product was left unrevised at +0.3% in Q2 (+1.6% year over year).
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