Financial Update for Nov. 9, 2009

TSX +69.72 (Reuters) ending higher for a 4th straight session as gold miners rallied around record high bullion prices, offsetting the index's fall at the outset on weak jobs data that fueled worry about economic recovery.

• DOW +17.46 crossing the 10,000 threshold again to 10,023

• Dollar -.83c to .93.cUS after Statistics Canada said more than 43,000 jobs were lost in Canada last month, a huge miss compared with the consensus by economists, who had forecast the addition of 10,000 jobs

• Oil -$2.19 to $77.43US per barrel.

• Gold +$6.40 to $1,095.10USD per ounce after going as high as US$1,101.90. Gold is reacting to the bad news that the unemployment rate in the U.S. is above expectations. Everyone is focusing on the fragility of the recovery," said Michael Sprung, president at Sprung & Co. Investment Counsel. Gold hit the record high shortly after markets opened

G20 pledges to maintain emergency support until recovery is assured

ST. ANDREWS, Scotland - Finance officials from rich and developing countries pledged Saturday to maintain emergency support for their economies until recovery is assured, but failed to reach a clear agreement to bear the cost of fighting climate change.

There was also a mixed reaction among the Group of 20 leading rich and emerging countries to a British-led push to consider a fund for bank bailouts, possibly financed by a tax on financial transactions, to ensure that taxpayers don't bear the brunt of any future rescues.

The grouping - representing around 90 per cent of the world's wealth, 80 per cent of world trade and two-thirds of the world's population - said in a statement after talks in St. Andrews, Scotland, that economic recovery is "uneven and remains dependent on policy support."

U.S. Treasury Secretary Timothy Geithner said U.S. jobs figures out Friday showing unemployment at a 26-year high of 10.2 per cent "reinforced that this is still a very tough economic environment."

While the "process of growth is now beginning," that fledging growth still needs to be reinforced to create jobs and get businesses investing to underpin the recovery in the housing market and elsewhere, Geithner said.

"If we put the brakes on too quickly, we will weaken the economy and the financial system, unemployment will rise, more businesses will fail, budget deficits will rise, and the ultimate cost of the crisis will be greater," he told reporters in Scotland. "It is too early to start to lean against recovery."

The statement smoothed over divisions among G20 members about whether it was time to start talking about exit strategies to unwind recent massive stimulus measures. Germany, France and Russia have called for a joint plan on when countries should start repaying debt, and the European Central Bank has indicated it will soon start withdrawing some of its emergency lending to banks.

The officials also emphasized the need for quick implementation of banking industry reform, saying that stronger standards should be developed by the end of 2010, that could be put into force by the end of 2012 as financial conditions improve.

The G20 is comprised of Argentina, Australia, Brazil, Britain, Canada, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United States and the rotating EU presidency.