The Olympic torch was lit earlier today amid the ruins of the 2,600-year-old temple of Hera at Olympia. An actress, portraying a high priestess of the
temple, used a concave mirror to focus the sun's rays and light the torch, which will be carried throughout Greece before winding its way through Europe en
route to London. A gust of wind blew the torch out, unfortunately, so the priestess turned to a clutch of European officials for help. After a lengthy
debate over how to ignite the torch and who should do it, the priestess was finally able to bum a light off the German official, but not until she promised
to walk much slower and take better care in future. She marched away, head down and cheeks hotter than the flame, to the sound of tut-tutting in several
Northern European accents.
- Commodities have slowly but surely worked their way up to the top of our priorities list. Oil is now down for a seventh straight day, the longest
losing streak since December 2009, as imports to China tumbled and Europe's sovereign debt crisis simmered. Crude has broken down through several key
technical barriers in the past few days but today's modest decline may indicate some reluctance on the part of traders to push it lower until they get more
evidence that the U.S. economic recovery is cooling. Gold is also modestly lower and testing technical resistance as some speculators turn to the
U.S. dollar as a safe haven (I know, right?).
Reluctant to stand idly by as a trade goes against it, Goldman Sachs has thrown its support behind gold this morning, reiterating a six-month
price forecast for $1,840. Goldman argues that the case for gold as the currency of last resort remains in place. "Weaker US growth -- our US economists
are forecasting additional monetary easing at the June 19-20 FOMC meeting -- renewed European sovereign risks and resilient physical demand are also
pointing to higher gold prices," Goldman's commodity team said in a note to clients. "However, it is also increasingly apparent that already low market
expectations will likely require continued deterioration in Europe or in the U.S. to trigger a sharp inflow into gold, in our view." The trading group at
Goldman lost money on just one day last quarter. They do not want to go through that hell again.
There's something for everyone who likes to travel and enjoy the great outdoors today. We have earnings from Bombardier, which can wing you to
your rustic destination where you jump onto a mud-splattered ATV and roar off into the woods. When you arrive at the clearing, you can set up your Canadian Tire-bought tent and camp-stove, then drop your line into the lake. Then, when the grizzly comes snuffling into camp in the wee hours, you
can be thankful -- in those brief moments of clarity between prayer and terror -- that you made that call to Sun Life a few months back. And once
the bear leaves, you will be exceedingly grateful to Cascades, which continues to produce fine bathroom tissue. Maybe your mobile phone will pick up
a signal from Manitoba Tel, maybe not, but one thing is for certain: next summer you'll save a few bucks, stay home and maybe catch a few summer
blockbusters at a Cineplex theatre. We hear from each of these Canadian companies today.
Bombardier may be of particular interest today after the company reported a 16 percent drop in profit, missing revenue projections by a wide
margin. The first quarter is typically the company's weakest quarter, but typically not this weak.
We have a terrific line-up of company leaders today, including Pierre Blouin of Manitoba Tel at 2:40 p.m. ET and Rob McFarlane, CFO of Telus, at 4:15
p.m. Rene Marion, CEO of AuRico Gold, Joins us at 4:50 p.m. Linda Hasenfratz of Linamar will tell us how the European debt crisis is affecting the
auto-parts business at 10:00 am.
And that's just for starters.
Every morning Managing Editor Marty Cej writes a "chase note" to BNN's
editorial staff listing the stories and events that will be in the spotlight
that day. Click here to have it delivered to
your inbox before the trading day begins.