America’s job market stirred to life in June as payroll growth accelerated by the most since October after a two-month lull, assuaging fears of broader cutbacks by companies.
Payrolls climbed by 287,000 last month, exceeding the highest estimate in a Bloomberg survey, after a revised 11,000 gain in May, a Labor Department report showed Friday. The median forecast in a Bloomberg survey called for a 180,000 increase. The jobless rate rose to 4.9 percent as more people entered the labor force. Wages advanced less than projected.
…
Wages improved modestly, with average hourly earnings climbing 0.1 percent from a month earlier. The year-over-year increase was 2.6 percent, less than the 2.7 percent median forecast.The average work week for all workers held at 34.4 hours in June.
In Canada, not so much:
Canada’s unemployment rate dipped slightly in June, despite a sharp drop in full-time jobs and other evidence of a weak month for hiring, as the number of people actively participating in the labour force declined.
Statistics Canada’s monthly Labour Force Survey showed that the unemployment rate fell to 6.8 per cent in June from 6.9 per cent in May, even though employment actually slipped a thin 700 jobs in the month – an essentially flat reading in a survey that has a statistical margin of error of plus or minus 29,500 each month. The lower unemployment rate was the result of a dip in the participation rate – the percentage of the working-age population that is either working or actively seeking work – to 65.5 per cent from 65.7 per cent, marking a 16-year low.
Bloomberg has a good piece on the power of Big Taxi in Vancouver:
On the face of it, Uber and Vancouver seem like a match made in ride-sharing heaven. Canada’s third-largest metropolis bills itself as Silicon Valley North—home to local unicorn Hootsuite and a thriving tech scene that employs thousands of young people. Public transportation is spotty, there are half as many taxis per 1,000 people as in Toronto, and the sprawling city of 2.5 million suffers from the nation’s worst traffic. In May, the website Vancity Buzz (now Daily Hive) reported that arriving cruise-ship passengers waited 90 minutes to catch a cab, forming a line 600 feet long. Vancouver seems purpose-built for ride-sharing.
…
Vancouver is something of an outlier in Canada. Uber has operated in Toronto since 2012, despite a regulatory debate raging over its legality. Earlier this year, Canada’s largest city passed new rules for ride-hailing apps, slightly raising the base fare for an Uber ride and letting traditional taxis charge surge pricing for rides booked through apps. Uber, which has more than 400,000 regular users in Toronto, welcomed the rules while taxi representatives grumbled. In Quebec, Uber has 450,000 users, mostly in Montreal. The province’s transportation minister has been critical of the company, but put off passing a bill last month that would have required drivers to obtain taxi licenses in favor of more consultation.Critics say British Columbia’s government is bowing to Vancouver’s powerful taxi industry. Kulwant Sahota, president of Yellow Cab Co. and the Vancouver Taxi Association, says Uber will provide unfair competition for cabbies at a time when the cost of living has soared. It’s a message the industry has hammered hard. “The taxi lobby has been very successful,” says Gillen, who adds that industry representatives often attend fundraisers for the ruling Liberal party.
Oh, well, they can get left behind if they want to. It’s good news for Toronto!
The Canadian Securities Administrators recently issued a notice regarding T+2 settlement:
Staff of the Canadian Securities Administrators (CSA Staff or we) are publishing this notice to increase awareness and summarize our views with respect to a Canadian industry move to shorten the standard settlement cycle for most trades in securities from three days after the date of trade (T+3) to two days after the date of trade (T+2).
In October 2014, most of the markets in Europe moved from a T+3 settlement cycle to T+2.{1} The securities industry in the United States, led by the U.S. Depository Trust & Clearing Corporation (DTCC) and supported by the Securities Industry and Financial Markets Association (SIFMA), has announced plans to shorten the settlement cycle to T+2 from the current T+3.{2} DTCC and SIFMA have established a broadly-based set of working groups with a mandate to report their findings in April, 2015. The plan is to recommend a T+2 implementation date at that time.
During the Fall of 2014, in anticipation of the U.S. move to a shorter settlement cycle, staff from the Ontario Securities Commission (OSC) conducted a sample of industry interviews to gain a sense of the readiness of the Canadian industry to make the move to T+2. All the industry participants interviewed expressed the view that the Canadian industry must make the move to T+2 at the same time as the U.S. markets. Failure to do so would be detrimental to the Canadian capital markets due to the interconnectedness of our markets (i.e., the large volumes and value of cross-border trades and the large number of inter-listed securities). At the same time, there would appear to be little, or no, benefit to be gained by moving prior to the U.S.
And today, SEC Commissioner Michael S. Piwowar issued a statement of his own:
Just over a year ago, Commissioner Stein and I issued a joint statement in support of a proposal to shorten the trade settlement cycle from three business days after a trade is executed (T+3) to two business days (T+2).[1] Our voices added to the chorus of endorsements for such a rulemaking,[2] which have since reached a crescendo.[3] The drumbeat for Commission action on this important topic is premised on the general expectation that shortening the settlement cycle will, among other benefits, enhance the efficiency of the securities markets, decrease risks in the financial system to retail investors and other market participants, and conform trade processing in the United States to other global markets.
Despite the widespread support for a proposal that would shorten the settlement cycle to T+2, the Commission has yet to act. Quite notably, our failure to promulgate such a proposal is in contravention of the agency rule list published in the most recent Regulatory Flexibility Agenda, which specified a June 2016 action date for this project.[4] Also, we have left market participants wondering whether the Commission is truly committed to shortening the settlement cycle.
The delay in issuing a T+2 proposal is wholly unacceptable. That the rulemaking has languished is not only frustrating to me personally, but is detrimental to efforts to improve investor protection. I continue to vigorously advocate for the Commission to act promptly on this rulemaking, and I encourage others to do the same.
And – totally off topic, but I can’t resist – an Ontario cabinet minister is spouting the Chinese government line:
Mr. Kenney’s recent comments arose after Mr. Chan defended China’s record on human rights in a Chinese-language column.
“Human rights should be viewed from the perspective of livelihood issues,” he told an unidentified journalist for a June 6 article that appeared in several Chinese-language publications. “The progress of human rights is complementary and linked together with the progress of people’s welfare.”
The comments were made in response to a diplomatic incident last month involving a news conference held by Foreign Affairs Minister Stéphane Dion and Wang Yi, his Chinese counterpart.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
|||||||
| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.4199 % | 1,641.0 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.4199 % | 2,997.7 |
| Floater | 5.00 % | 4.81 % | 92,323 | 15.88 | 4 | -0.4199 % | 1,727.6 |
| OpRet | 4.86 % | 2.57 % | 36,665 | 0.15 | 1 | -0.1979 % | 2,838.0 |
| SplitShare | 5.14 % | 5.63 % | 93,907 | 4.61 | 5 | 0.0242 % | 3,348.7 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0242 % | 2,612.8 |
| Perpetual-Premium | 5.52 % | 0.31 % | 84,937 | 0.09 | 12 | -0.0294 % | 2,660.6 |
| Perpetual-Discount | 5.31 % | 5.32 % | 100,720 | 14.97 | 26 | 0.2100 % | 2,789.4 |
| FixedReset | 5.17 % | 4.44 % | 150,969 | 7.19 | 88 | 0.2136 % | 1,961.3 |
| Deemed-Retractible | 5.04 % | 5.04 % | 127,944 | 4.87 | 33 | 0.3614 % | 2,748.3 |
| FloatingReset | 2.99 % | 4.88 % | 33,193 | 5.17 | 11 | 0.6237 % | 2,088.1 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| PWF.PR.T | FixedReset | -3.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-07-08 Maturity Price : 19.41 Evaluated at bid price : 19.41 Bid-YTW : 3.94 % |
| BAM.PR.C | Floater | -1.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-07-08 Maturity Price : 9.90 Evaluated at bid price : 9.90 Bid-YTW : 4.81 % |
| BAM.PR.K | Floater | -1.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-07-08 Maturity Price : 9.95 Evaluated at bid price : 9.95 Bid-YTW : 4.78 % |
| NA.PR.W | FixedReset | -1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-07-08 Maturity Price : 16.96 Evaluated at bid price : 16.96 Bid-YTW : 4.39 % |
| BNS.PR.C | FloatingReset | -1.06 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.57 Bid-YTW : 5.11 % |
| CM.PR.Q | FixedReset | 1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-07-08 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 4.27 % |
| FTS.PR.J | Perpetual-Discount | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-07-08 Maturity Price : 23.19 Evaluated at bid price : 23.59 Bid-YTW : 5.07 % |
| TD.PR.T | FloatingReset | 1.08 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.57 Bid-YTW : 4.82 % |
| SLF.PR.B | Deemed-Retractible | 1.10 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.94 Bid-YTW : 5.47 % |
| TD.PF.D | FixedReset | 1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-07-08 Maturity Price : 19.69 Evaluated at bid price : 19.69 Bid-YTW : 4.29 % |
| GWO.PR.R | Deemed-Retractible | 1.21 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.41 Bid-YTW : 5.80 % |
| SLF.PR.E | Deemed-Retractible | 1.23 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.31 Bid-YTW : 6.19 % |
| TRP.PR.F | FloatingReset | 1.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-07-08 Maturity Price : 12.81 Evaluated at bid price : 12.81 Bid-YTW : 4.72 % |
| TD.PR.Z | FloatingReset | 1.36 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.60 Bid-YTW : 4.88 % |
| TRP.PR.A | FixedReset | 1.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-07-08 Maturity Price : 14.00 Evaluated at bid price : 14.00 Bid-YTW : 4.68 % |
| HSE.PR.A | FixedReset | 1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-07-08 Maturity Price : 11.35 Evaluated at bid price : 11.35 Bid-YTW : 5.09 % |
| FTS.PR.F | Perpetual-Discount | 1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-07-08 Maturity Price : 24.07 Evaluated at bid price : 24.33 Bid-YTW : 5.08 % |
| TRP.PR.H | FloatingReset | 1.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-07-08 Maturity Price : 9.79 Evaluated at bid price : 9.79 Bid-YTW : 4.52 % |
| SLF.PR.A | Deemed-Retractible | 1.71 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.76 Bid-YTW : 5.53 % |
| BAM.PR.S | FloatingReset | 1.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-07-08 Maturity Price : 14.75 Evaluated at bid price : 14.75 Bid-YTW : 4.75 % |
| BAM.PR.R | FixedReset | 1.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-07-08 Maturity Price : 15.31 Evaluated at bid price : 15.31 Bid-YTW : 4.72 % |
| TRP.PR.B | FixedReset | 1.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-07-08 Maturity Price : 11.11 Evaluated at bid price : 11.11 Bid-YTW : 4.24 % |
| TRP.PR.G | FixedReset | 2.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-07-08 Maturity Price : 18.20 Evaluated at bid price : 18.20 Bid-YTW : 4.95 % |
| TRP.PR.D | FixedReset | 2.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-07-08 Maturity Price : 17.27 Evaluated at bid price : 17.27 Bid-YTW : 4.44 % |
| TRP.PR.C | FixedReset | 2.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-07-08 Maturity Price : 11.82 Evaluated at bid price : 11.82 Bid-YTW : 4.47 % |
| TRP.PR.E | FixedReset | 2.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-07-08 Maturity Price : 17.45 Evaluated at bid price : 17.45 Bid-YTW : 4.46 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TD.PF.G | FixedReset | 201,127 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-30 Maturity Price : 25.00 Evaluated at bid price : 26.40 Bid-YTW : 4.15 % |
| IAG.PR.G | FixedReset | 132,585 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.60 Bid-YTW : 7.66 % |
| NA.PR.A | FixedReset | 103,921 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-08-15 Maturity Price : 25.00 Evaluated at bid price : 26.10 Bid-YTW : 4.54 % |
| TRP.PR.J | FixedReset | 94,320 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-31 Maturity Price : 25.00 Evaluated at bid price : 26.20 Bid-YTW : 4.56 % |
| RY.PR.J | FixedReset | 77,657 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-07-08 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 4.37 % |
| SLF.PR.H | FixedReset | 40,135 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.50 Bid-YTW : 9.26 % |
| There were 31 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| PWF.PR.H | Perpetual-Premium | Quote: 25.30 – 25.68 Spot Rate : 0.3800 Average : 0.2259 YTW SCENARIO |
| TD.PF.E | FixedReset | Quote: 20.25 – 20.68 Spot Rate : 0.4300 Average : 0.2815 YTW SCENARIO |
| PWF.PR.R | Perpetual-Premium | Quote: 25.05 – 25.49 Spot Rate : 0.4400 Average : 0.3004 YTW SCENARIO |
| RY.PR.P | Perpetual-Premium | Quote: 25.80 – 26.13 Spot Rate : 0.3300 Average : 0.1907 YTW SCENARIO |
| W.PR.H | Perpetual-Discount | Quote: 23.92 – 24.40 Spot Rate : 0.4800 Average : 0.3474 YTW SCENARIO |
| CU.PR.F | Perpetual-Discount | Quote: 21.43 – 21.87 Spot Rate : 0.4400 Average : 0.3080 YTW SCENARIO |
I’m not against Uber coming to Vancouver (where I live) if they abide by the same rules that the cab companies have to follow.
One issue I have with Uber is insurance. From what I have read, most Uber drivers don’t carry commericial insurance. So either their customers are going to have a nasty surprise if they get in an accident or if the insurance company covers the accident, the rest of us are subsidizing the Uber drivers.
Although I’m no fan of taxi drivers I do have a small amount of sympathy for drivers who bought taxi licenses in the after market. From what I have heard, these can cost upwards of $100,000.
Contrast this situation with how we are treating our dairy farmers. Dairy farmers have to pay large sums to be allowed a quota to produce dairy products. If we end up changing the rules through a trade agreement, tax payers are going to be on the hook to compensate the dairy farmers.
I’m not suggesting we should compensate taxi drivers/owners for what they paid in the after market for their licenses. But I also don’t believe we should compensate dairy farmers for anything more than licensing fees collected by government or regulatory agencies.
Quotas are hard to defend intellectually; and are even harder to rollback when already in place…
re dairy farmers
Just back from Croatia. a .5 kilo of local made “swiss” cheese cost me about $3.11 cdn.
I cant understand the difference.