Financial Update

· TSX -55.52pts A sharp selloff in bank stocks sent the Toronto stock market lower , but TSX losses were limited by solid gains in energy and mining stocks.
· Dow -130.84pts after former International Monetary Fund chief economist Kenneth Rogoff said that "the financial crisis is at the halfway point, perhaps." He added that he expects "one of the big investment banks or big banks" to go under.
· Dollar .29c to $94.25US
· Oil $1.66to $114.53US per barrel after the U.S. dollar weakened against the euro and a rally in heating oil pulled new buyers into energy markets.
· Gold +11.40 to $811.10US per ounce

Wholesale sales register fifth hike in six months

Eric Shackleton The Canadian Press

The Canadian economy appears to be growing, but at a weak pace, after grinding to a halt earlier this year, with recent economic numbers suggesting things might not be as bleak as first thought. Statistics Canada reported yesterday wholesale sales were up 2% to $45.2 billion in June, the fifth increase in 6 months. They were up 1.5 per cent in May and 1.6 per cent in April.

Craig Alexander, deputy chief economist at TD Bank Financial Group, called the increase "significant,'' noting they were still up a "solid'' 1% even after stripping out price effects
Globe and Mail-Report on Business NEW YORK — Applications for U.S. home mortgages last week fell to their slowest pace since December 2000. Applications for mortgages mirror the slump in U.S. housing that is now in its third year, according to the drop in home prices as measured by the Standard & Poor's/Case Shiller indexes. In addition to rising rates, lenders have sharply tightened requirements for obtaining a loan, squeezing out borrowers without strong credit ratings