• TSX +240.20 its 4th straight day of gains and the largest rise since May 10, after healthy demand at several euro zone debt auctions in Spain, Ireland and Belgium, and a subsequent rally in commodity markets whetted investor appetite for riskier assets. Key prices of oil, gold and copper all gained, supporting the index's heavily weighted energy and materials sectors
• DOW +213.88 up after the Federal Reserve Bank of New York economic index showed expansion of manufacturing in and around New York state in June for the 11th straight month
• Dollar +.70c to 97.55cUS shrugging off mediocre North American data and tracking global stocks, commodities and other riskier currencies higher after successful European debt auctions raised confidence in the global economic recovery.
• Oil +$1.82 to $76.94US per barrel. as economists anticipated confirmation on Wednesday that U.S. stockpiles of oil declined for a third straight week.
Gold +$9.90 to $1,234.40 USD per ounce
Wal-Mart Canada issues rewards-based MasterCard
First of several financial services products Barbara Shecter, Financial Post • Tuesday, Jun. 15, 2010
Freshly-minted Walmart Canada Bank kicked off its foray into financial services with a rewards MasterCard credit card on Tuesday, but the low-price retailing giant is not ruling out bringing serious competition to the country’s handful of big banks through products and services such as loans and mortgages.
“Walmart will always look to save customers more so they can live better. That’s our mission,” said Trudy Fahie, chief executive of Walmart Bank Canada. “The bank offering will be no different than our retail offering.”
This month, Walmart won final approval from Canada’s banking regulator to open a full financial services business in Canada, something the successful retailer failed to accomplish in the United States amid fierce industry backlash.
In Canada, consumer groups have pushed for more competition in the banking sector, arguing that services charges and other costs are higher because the landscape is dominated by the country’s six big banks.
Read more: http://www.financialpost.com/news/Walmart+begins+Canadian+banking+push/3156480/story.html#ixzz0r13I2hFo
Wednesday, June 16, 2010
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