Bank of Canada cuts overnight lending rate by .50 basispoints OTTAWA – The Bank of Canada today announced that it is lowering its target for the overnight rate by one-half of a percentage point to 1/2 per cent.
Reuters )The losses were in large part driven by negative sentiment surrounding the AIG loss - a stunning US$61.7 billion.
"I think it's the magnitude people are surprised at," said Gareth Watson, Canadian equity adviser at Scotia Capital. "They're not surprised by the fact they lost billions of dollars; everyone knew that was coming - maybe not $61 billion, though. People wonder who is next, what is next, what's to come? And we have months of this weakness ahead of us."
· TSX-435.51(Reuters) to 7,623.70, its worst level since the fall of 2003.
· DOW-299.64 to 6,763.29
· Dollar -1.16c to 77.44USD
· Oil -$4.61 to $44.15US per barrel.
· Gold -$2.50 to $939.00 USD per ounce
· Canadian 5 yr bond yields -.14bps to 1.91
· http://www.financialpost.com/markets/market_data/money-yields-can_us.html
Tuesday, March 3, 2009
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