The U.S. Senate Banking Committee announced yesterday that it had come up with a plan to dismantle mortgage financing giants Fannie Mae and Freddie Mac. The project calls for a single regulated organization and would avoid government assistance in the case of a future crisis similar to the one experienced in 2008.
Copper prices continued to fall yesterday, losing close to 3%. The bearish trend stems from the fact that financial markets believe growth in China is slowing and that demand for commodities will likely follow suit, particularly copper for which China is the world’s largest consumer. The metal has lost 13% in value this year, the largest correction of all traded commodities. Any worsening in the decline could spread to other assets.
U.S. equity futures are pointing to an opening in the red this morning and energy prices, including WTI Crude, are down more than 1%.
Today, the Teranet - National Bank National Composite House Price Index TM will bear watching. South of the border, MBA Mortgage Applications will be announced. Have a great day! Philippe Shebib
Range of the day : 1.1100-1.1190
