Financial Update

Solid Day on Bay St

Former U.S. president Bill Clinton praises Canadian banking system

· TSX +292.52pts bargain-hunting came in force and the benchmark index posted a weekly gain of 5.5 percent, finishing at 9,562.49
· Dow -127.04pts
· Dollar -.38cto $84.25US due to nagging uncertainty about the outlook for the global economy, but a rally in stock markets and commodities help to cushion its fall.
· Oil +2.00to $71.85US per barrel recovered some on speculation that OPEC could slash output in an effort to stop crude's downward spiral
· Gold -$16.40 to $785.10US per ounce

(Reuters) - Brace yourself, but there's more bad news coming for Toronto stocks. When companies release their third-quarter results over the next few weeks, the accompanying earnings forecasts are likely to provide some pretty gloomy reading and may drive prices down further. Market focus will not be on the earnings themselves.

"(Forecasts) are what the market at the bigger level is looking at. Whether XYZ company beats or misses by a nickel is not the biggest focus over the next two or three weeks," said Francis Campeau, broker at MF Global Canada. And any market drops made on those forecasts could mark thebottom of the current fall, and the much-talked-of buying opportunity may finally be here.

Canadian Press VANCOUVER - Former U.S. president Bill Clinton is praising Canada's banking system.

Clinton, who was in Vancouver yesterday to speak to a business group, says Canadians are very lucky to have a government and system that encourages one of the best banking communities in the world.

The two-term Democratic president says if Canada keeps it up, it will avoid the banking mess being experienced in the United States. Clinton says U.S. and foreign bankers now will have to rely less on innovative financial products for profits than on old-fashioned lending to help produce goods and services.

Clinton's viewpoint got a quick endorsement from Public Safety Minister Stockwell Day, who was also at the event.

Day said Canadians should be reassured that one of the greatest U.S. presidents when it comes to economics thinks Canada is on the right track.