{"id":26226,"date":"2014-09-05T20:13:15","date_gmt":"2014-09-06T01:13:15","guid":{"rendered":"http:\/\/prefblog.com\/?p=26226"},"modified":"2014-09-05T20:13:15","modified_gmt":"2014-09-06T01:13:15","slug":"september-5-2014","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=26226","title":{"rendered":"September 5, 2014"},"content":{"rendered":"

US jobs numbers disappointed<\/a>:<\/p>\n

Payrolls climbed by 142,000 workers, less than the 230,000 median forecast of economists surveyed by Bloomberg and the smallest gain this year, data from the Labor Department showed today. The unemployment rate fell to 6.1 percent from 6.2 percent in July as people left the workforce.<\/p><\/blockquote>\n

… but it’s an ill wind that blows nobody any good<\/a>:<\/p>\n

U.S. stocks rose a fifth week, giving the Standard & Poor\u2019s 500 Index (SPX) its longest rally this year, as investors speculated weaker jobs growth will prevent the Federal Reserve from raising rates sooner than anticipated.<\/p>\n

European shares rallied for a fourth week after the region\u2019s central bank boosted stimulus. Emerging-market equities advanced, led by Russia\u2019s Micex Index, after Ukraine and rebels agreed to a cease-fire. Producers of consumer products led U.S. stocks higher, while energy shares sank as oil tumbled for the sixth time in seven weeks. Apple Inc. (AAPL) dropped the most since February after a competitor introduced new smartphones.<\/p>\n

The S&P 500 rose 0.2 percent to a record 2,007.71, reversing losses on the final day after three straight declines. The Dow Jones Industrial Average (INDU) added 38.91 points, or 0.2 percent, to 17,137.36, ending the week less than one point from an all-time high.<\/p><\/blockquote>\n

Canadian numbers were even worse<\/a>:<\/p>\n

Employment in Canada\u2019s private sector is at a standstill.<\/p>\n

While monthly employment readings have seesawed through the year, one trend is clear: Private companies are in no mood to hire, having shed a record 111,800 jobs in August, according to Statistics Canada.<\/p>\n

Month-to-month measures have been volatile but the longer-term view shows full-time and private positions have barely budged in a year, while eight in 10 new jobs have been part-time.
…<\/b>
Private-sector hiring tumbled as the manufacturing, trade and professional services sectors cut jobs. The share of people working in manufacturing has ebbed to a record low this summer. The public sector added 14,000 jobs and self employment rose by 86,900, a record gain.<\/p>\n

The outsized readings on private-sector losses and self-employment gains raised eyebrows. Bank of Nova Scotia economists Derek Holt and Dov Zigler called the numbers \u201cvery fishy\u201d and advised clients to be \u201cvery careful\u201d in drawing conclusions from the monthly data.<\/p>\n

Skepticism over the data comes after the agency was forced to correct its July jobs numbers. That month saw a gain of 41,700 positions rather than the 200 jobs it had originally reported, a mistake attributed to an incomplete understanding of changes that occurred in the redesign of its survey.<\/p>\n

The broader picture shows employment levels in the private sector \u201chas been relatively flat since the fall of 2013,\u201d Statistics Canada observed.<\/p><\/blockquote>\n

It was a good day for the Canadian preferred share market, with PerpetualDiscounts winning 15bp, FixedResets up 11bp and DeemedRetractibles gaining 3bp. Volatility was good, dominated by winning FixedResets. Volume was low.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3603 %<\/td>\n2,644.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.15 %<\/td>\n3.40 %<\/td>\n24,948<\/td>\n18.57<\/td>\n1<\/td>\n-0.0437 %<\/td>\n4,178.5<\/td>\n<\/tr>\n
Floater<\/td>\n2.90 %<\/td>\n3.06 %<\/td>\n49,230<\/td>\n19.50<\/td>\n4<\/td>\n0.3603 %<\/td>\n2,734.9<\/td>\n<\/tr>\n
OpRet<\/td>\n4.05 %<\/td>\n-0.73 %<\/td>\n96,539<\/td>\n0.08<\/td>\n1<\/td>\n-0.0790 %<\/td>\n2,727.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.28 %<\/td>\n3.89 %<\/td>\n120,421<\/td>\n3.95<\/td>\n5<\/td>\n0.0311 %<\/td>\n3,152.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0790 %<\/td>\n2,493.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.47 %<\/td>\n0.38 %<\/td>\n76,722<\/td>\n0.09<\/td>\n20<\/td>\n-0.0609 %<\/td>\n2,437.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.21 %<\/td>\n5.15 %<\/td>\n105,951<\/td>\n15.19<\/td>\n16<\/td>\n0.1527 %<\/td>\n2,608.1<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.24 %<\/td>\n3.69 %<\/td>\n180,462<\/td>\n6.63<\/td>\n74<\/td>\n0.1059 %<\/td>\n2,569.1<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.99 %<\/td>\n0.92 %<\/td>\n103,588<\/td>\n0.15<\/td>\n42<\/td>\n0.0332 %<\/td>\n2,567.1<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.62 %<\/td>\n1.92 %<\/td>\n75,688<\/td>\n0.08<\/td>\n6<\/td>\n0.1703 %<\/td>\n2,532.8<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-09-05
\nMaturity Price : 20.75
\nEvaluated at bid price : 20.75
\nBid-YTW : 2.54 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-09-05
\nMaturity Price : 23.31
\nEvaluated at bid price : 25.50
\nBid-YTW : 3.82 %<\/td>\n<\/tr>\n
CIU.PR.C<\/td>\nFixedReset<\/td>\n1.56 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-09-05
\nMaturity Price : 20.83
\nEvaluated at bid price : 20.83
\nBid-YTW : 3.63 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset<\/td>\n1.91 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.94
\nBid-YTW : 4.20 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n1.93 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-09-05
\nMaturity Price : 22.27
\nEvaluated at bid price : 22.70
\nBid-YTW : 3.95 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset<\/td>\n4.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-09-05
\nMaturity Price : 23.20
\nEvaluated at bid price : 25.10
\nBid-YTW : 3.72 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
BMO.PR.Q<\/td>\nFixedReset<\/td>\n106,214<\/td>\nNesbitt crossed 100,000 at 24.75.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.73
\nBid-YTW : 3.25 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset<\/td>\n43,004<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-09-05
\nMaturity Price : 23.20
\nEvaluated at bid price : 25.10
\nBid-YTW : 3.72 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset<\/td>\n29,850<\/td>\nNesbitt crossed 11,100 at 24.25.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.20
\nBid-YTW : 4.13 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset<\/td>\n25,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-09-05
\nMaturity Price : 23.17
\nEvaluated at bid price : 25.06
\nBid-YTW : 3.69 %<\/td>\n<\/tr>\n
BAM.PR.P<\/td>\nFixedReset<\/td>\n25,189<\/td>\nCalled for redemption September 30<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-10-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.41
\nBid-YTW : 2.93 %<\/td>\n<\/tr>\n
ENB.PF.E<\/td>\nFixedReset<\/td>\n24,833<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-09-05
\nMaturity Price : 23.16
\nEvaluated at bid price : 25.12
\nBid-YTW : 4.19 %<\/td>\n<\/tr>\n
There were 15 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
PVS.PR.C<\/td>\nSplitShare<\/td>\nQuote: 25.74 – 26.74
\nSpot Rate : 1.0000
\nAverage : 0.7037<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2017-12-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.74
\nBid-YTW : 3.89 %<\/td>\n<\/tr>\n

VNR.PR.A<\/td>\nFixedReset<\/td>\nQuote: 25.62 – 25.89
\nSpot Rate : 0.2700
\nAverage : 0.1862<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-10-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.62
\nBid-YTW : 3.73 %<\/td>\n<\/tr>\n

ENB.PF.A<\/td>\nFixedReset<\/td>\nQuote: 24.85 – 25.06
\nSpot Rate : 0.2100
\nAverage : 0.1322<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-09-05
\nMaturity Price : 23.10
\nEvaluated at bid price : 24.85
\nBid-YTW : 4.21 %<\/td>\n<\/tr>\n

SLF.PR.G<\/td>\nFixedReset<\/td>\nQuote: 22.46 – 22.67
\nSpot Rate : 0.2100
\nAverage : 0.1401<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.46
\nBid-YTW : 4.29 %<\/td>\n<\/tr>\n

MFC.PR.B<\/td>\nDeemed-Retractible<\/td>\nQuote: 23.20 – 23.44
\nSpot Rate : 0.2400
\nAverage : 0.1711<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.20
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n

GWO.PR.S<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.26 – 25.58
\nSpot Rate : 0.3200
\nAverage : 0.2541<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.26
\nBid-YTW : 5.11 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

US jobs numbers disappointed: Payrolls climbed by 142,000 workers, less than the 230,000 median forecast of economists surveyed by Bloomberg and the smallest gain this year, data from the Labor Department showed today. The unemployment …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-26226","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/26226","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26226"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/26226\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26226"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26226"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26226"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}