Financial Update

Another economic report, another drop in the price of oil

· TSX -41.50pts (Reuters) led by a drop in energy stocks -- as traders took in a fresh batch of corporate earnings and a better-than-expected read on the Canadian economy.
· Dow -5.18pts as automobile manufacturers reported dismal monthly sales figures, a report that U.S. manufacturing activity had dropped in October, with investors cautious as the race for the White House nears the finish line
· Dollar +1.66c to $84.68US. many traders felt the currency's slide last week was overdone and that it was looking attractive at current levels
· Oil -3.90to $63.91US per barrel CIBC World Markets economist Jeff Rubin said that 4 of the past 5 global recessions were preceded by an oil shock, and this time it's no different. -if triple-digit oil prices started the recession, then $60 oil prices may be what ends it
· Gold +8.60to $725.40US per ounce

Canada auto sales ignore U.S. plunge, post October gain

TORONTO (Reuters) - Lower prices led Canadians to buy more vehicles in October, industry figures showed on Monday, with overseas-based manufacturers adding to their market share while Detroit's Big Three were mostly in retreat.

The results, which showed a 1.5% gain in overall sales from the year before, contrasted sharply with U.S. sales, which plunged about 35% in October to near 25-year lows.