Stocks lower as record US trade deficit counters strong Intel earnings

[achtung_circus]

Malcolm Morrison
Canadian Press


January 12, 2005


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A model displays Sony Corp.'s Creation Box. The Creation Box makes images from any TV clearer, flicker-free and more vivid, and users can zoom in on high-definition video without distortion. But at 500,000 yen (US$4,800; 3,700), it's not for everyone. It goes on sale only by order Jan. 29 in Japan as part of the Japanese entertainment and electronics giant's high-price Qualia line. (AP Photo/Katsumi Kasahara)






TORONTO (CP) - "North American stock markets were lower Wednesday with a worse than expected U.S. trade report casting a shadow and a solid quarterly report from chip giant Intel failing to encourage buyers.

However, the Canadian dollar soared 1.55 cents to 83.65 cents as the trade data sparked a selloff in the American currency. The U.S. Commerce Department reported the U.S. trade deficit soared to a record high of $60.3 billion US in November as imports hit all-time highs. That figure is up 7.7 per cent from an imbalance of $56 billion US in October, which had been the previous monthly record.

"Overall, this is a picture that is unambiguously negative for the U.S. dollar and unambiguously positive for just about every currency, including the Canadian dollar," said Marc Levesque, chief strategist at TD Securities."

<http://www.canada.com/edmonton/edmontonjournal/news/business/story.html?id=f5367f70-3412-4585-acc8-da36d96dfa0d>

[central scrutinizer]

1. brilliant strategy by Bushco!

I get it now - this is how they will go about mending Murka's tattered image around the world. Drive the US dollar into the ground so every other country can enjoy "unambiguously positive" results.