Financial Update

High gas prices drive Canadians off the road

Financial Post -Canadians have begun to cut back their gas consumption in the face of record prices at the pump, new figures indicate….. the volume of gas sales actually fell about 5.9% in May

· TSX -46.00pts
· Dow +135.16pts Weak but better-than-expected earnings, a lack of capital raises and only modest signs that credit issues are spreading have helped U.S. bank stocks rally in the past week.
· Dollar -.69c to $99.17US on weaker-than-expected retail sales data for May and a widespread rally in the greenback against major currencies.
· Oil -3.09 to $127.95US per barrel hits a 6 week low as tropical storm Dolly grew increasingly unlikely to threaten supply, knocking out one more reason traders had to prop up prices.
· Gold -15.19to $948.00US per ounce

Fuelled by higher gasoline prices, consumer prices rose 3.1% in the 12-months ending June 2008, reports Statistics Canada. That compares with a 2.2% gain recorded in May. It's also the largest increase since September 2005. Consumer prices excluding gasoline rose 1.8% in the 12 months to June.