The S&P/TSX reached an 18-month high, as energy producers roared back with crude after OPEC agreed to oil production cuts, the Trudeau Government approved two pipeline projects and the country’s economy grew at the fastest pace in two years in the third quarter. The 'Big Banks' are reporting Q4 financials and results are mixed. Royal Bank (RY) fell the most in five months after posting earnings that missed analysts’ estimates and cutting its medium-term profitability target. Toronto-Dominion (TD) said fiscal Q4 profit rose 25% as gains in capital markets and U.S. consumer lending helped counter stalled earnings in its domestic retail businesses. CIBC (CM) also reported a better-than-expected quarterly profit. The Dow and the S&P 500 touched record highs on Wednesday, fuelled by gains in energy and bank stocks. The US government reported on Friday that employers added 178,000 workers in November, a solid gain that clears the way for the Federal Reserve to raise the benchmark interest rate when it meets later this month. The official unemployment rate dropped to 4.6%, its lowest level in more than nine years. Here are a few links we found interesting this week:

1. For HY bonds, its all about business results and fundamentals. 
2. OPEC Deal Is about reducing global inventory, not higher prices.
3. Take advantage of higher volatility in small-cap stocks.
4. An interesting (but longer) history of LIBOR and its shortcomings. 
5. Why the short bet is not in your favour.