Markets Right Now: US stocks open lower; bonds rise + MORE Jul 5th

NEW YORK, N.Y. – The latest on developments in global financial markets (all times local):
9:35 a.m.
Stocks are opening lower and bond prices are rising on new concerns about Britain’s decision to leave the European Union.
European markets were mostly lower and the pound weakened further.
Trading was unsettled after a British financial company stopped trading in a commercial real estate fund as investors rushed to pull money out of it.
Banks and energy companies fell more than the rest of the market.
U.S. stocks are coming off is biggest weekly gain since November.
The Dow Jones industrial average lost 82 points, or 0.5 per cent, to 17,867.
The Standard & Poor’s 500 index slipped 11 points, or 0.6 per cent, to 2,091. The Nasdaq composite fell 34 points, or 0.7 per cent, to 4,828.
Bond prices rose. The yield on the 10-year Treasury note dropped to 1.40 per cent.
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WASHINGTON – Orders at U.S. factories dipped in May, dragged down by less demand for steel, aluminum, furniture, electrical appliances and military aircraft.
The Commerce Department said Tuesday that factory orders fell 1 per cent in May, after gains in the two prior months. So far this year, orders for manufactured goods have dropped 1.9 per cent to $2.2 trillion compared to the same period in 2015.
The decline suggests that U.S. manufacturers have yet to fully recover from the sting of weaker economic growth worldwide. Measures of factory activity increasingly look mixed, with some still showing the pain caused earlier this year by a stronger dollar hurting exports and lower oil prices leading to cutbacks in orders for equipment and pipelines.
Demand in a category that serves as a proxy for business investment —non-military goods that exclude the volatile aircraft category_slipped 0.4 per cent in May.
Orders for military aircraft, a volatile category, plummeted 35.3 per cent in May…

(Ugurhan Betin/Getty Images)
Q: My notarized will was drawn up and registered in Quebec and all of the assets (cash, RSPs, stocks, TSFA) are held in Quebec accounts. I now live in Ontario. If I die, does my will have to go to probate or does Quebec law, which exempts probate notarized wills from being registered, apply?
—Len
A:
This is a great question, Len. The probate process may be required when someone dies so that a will is verified by the provincial government and the executor can be approved to take on their role and begin to distribute assets.
It is generally not important where a will is drawn up. A valid will may very well make no reference to the province in which it was drafted. Furthermore, contrary to what some people think, wills aren’t generally registered with the government. For the most part, they are private documents until they are probated, although some provinces do have an optional wills registry to try to help executors locate the most recent will prepared by the deceased…

 
Canada Post said it has issued a 72-hour lockout notice to the Canadian Union of Postal Workers (CUPW), raising the spectre of a work stoppage by Friday.
The announcement came hours after Canada Post said its latest offer presented on June 25 was fair and reasonable and that it still hoped to negotiate a deal with the union.
But in a statement early Tuesday, Canada Post said it plans to suspend the collective agreement as of Friday. It blamed prolonged negotiations, the union’s strike mandate and the financial cost of a rapid decline in mail volume.
Canada Post said the 72-hour notice does not necessarily mean it will shut down on Friday.
Rather, it said, the measure would allow it “take measures that are necessary to respond to the changing business reality.”
In its response, CUPW said the corporation is using the lockout notice to drive 50,000 workers “out onto the streets without pay in an effort to impose steep concessions on them.”
“They refused to negotiate fairly with us and now they’re locking the doors and will try to starve us into submission,” said CUPW president Mike Palecek…

Bank of Canada governor Stephen Poloz (Sean Kilpatrick/CP)
This article originally appeared at Maclean’s.
When the Bank of Canada released its latest survey of business managers on Monday, it confirmed what we’ve known for some time now—companies in Canada are a panicked bunch. The Business Outlook Survey, conducted each quarter, found that business leaders view the next year with apprehension, particularly those with ties to the energy sector.
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“Modest domestic demand, uncertainty and insufficient foreign demand are key factors holding back investment intentions,” the Bank observed, while noting the cautious outlook wasn’t limited to the oil patch. “While firms judge that the boost to their sales from U.S. growth is lending support to their investment plans, investment intentions are modest for exporters, even those unaffected by commodity prices…