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(CEP News) - Toronto's S&P/TSX index is down despite a better-than-expected result in the Ivey business school's purchasing managers index for June, the only major economic data point releases on Friday as U.S. markets were closed to observe the July 4 holiday.
Canadian markets were unmoved by an upside surprise to the Ivey PMI index for June, which surged to a reading of 69.6 despite calls for a decline to 62.3 from the previous month's reading of 62.5. Yields on two-year Canadian government bonds are down 2.6 bps to 3.19%, with five-year yields down 3.3 bps to 3.42%, 10-year yields down 2.7 bps to 3.72% and 30-year yields down 1.6 bps to 4.05%. Toronto's S&P/TSX composite index is down 83 points to 14060. Across the Atlantic, European stocks came under pressure and bonds rallied following a surprise decline in German manufacturing production and commentary from central bankers affirming the new "wait and see" policy announced by ECB President Jean-Claude Trichet on Thursday after the bank hiked interest rates. In Germany, returns on two-year German bonds were down 4.8 bps to 4.40%, with five-year yields down 7.2 bps to 4.46%, 10-year yields down 6.2 bps to 4.49% and 30-year yields down 0.8 bps to 4.79%. Yields on UK two-year bonds are down 7.7 bps to 4.98%, with five-year yields down 7.2 bps to 4.95%, 10-year yields down 7.0 bps to 4.97% and 30-year yields down 5.0 bps to 4.60%. European stock markets closed with the Eurostoxx down 36 points to 2838, the UK FTSE 100 down 64 points to 5413 and the German DAX down 82 points to 6272. U.S. markets are closed but electronic trading in equity futures is still open, with contracts on the Dow Jones Industrial Average down 52 points to 11236, the S&P 500 down 9 points to 1256 and the Nasdaq down 7 points to 1816. In currencies, the Canadian dollar is up 0.0025 to 0.9849 against the U.S. dollar (1.0154 USD/CAD) and up 0.2380 to 105.0880 against the yen. The U.S. dollar is down 0.0230 to 106.7120 against the yen and the Dollar Index is down 0.051 to 72.691. The euro is up 0.0004 to 1.5707 against the U.S. dollar, down 0.0035 to 1.5951 against the Canadian dollar, up 0.0005 to 0.7922 against the pound sterling and is higher by 0.01 to 167.62 against the yen. The pound sterling is down 0.0007 to 1.9827 against the U.S. dollar and down 0.0056 to 2.0133 against the Canadian dollar. WTI crude oil is down $0.95 to $144.34. All data taken at 11:58 a.m. EDT. By Erik Kevin Franco,
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, edited by Stephen Huebl,
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