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Weekly market wrap April 13, 2018: U.S. indices shrug off geopolitics, rise on earning expectations
8/21/2018 2:21:09 PM
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By Fund Library News Wire  | Friday, April 13, 2018


 

By Mike Keerma

The major North American stock market indices closed higher on the week, as expectations of strong first-quarter earnings shifted investors’ focus from growing geopolitical tensions, at least temporarily. President Trump, meanwhile, scaled back his rhetoric about initiating military action in Syria, calming investor anxiety over rising Mideast tensions with Russia. Moreover, he floated the possibility of rejoining the Trans-Pacific Partnership, even as he imposed fresh tariffs on Chinese technology investments in the U.S. The U.S. blue-chip S&P 500 Composite Index advanced 2% on the week, while the Nasdaq Composite Index rallied 2.8% after it became apparent that social media giant Facebook Inc. (NASDAQ: FB) wouldn’t crash and burn after CEO Mark Zuckerberg’s testimony before Congress this past week. Toronto’s benchmark S&P/TSX Composite Index rose 0.4% on the week, powered by gains in the energy and materials groups, as crude oil advanced 8.7% on the week.

FUND NEWS

* Invesco files prelim for new S&P 500 ETF. Invesco Canada announced it had filed a preliminary prospectus for its new Invesco S&P 500 Equal Weight Index ETF under the proposed trading symbol EQL. The ETF will track the S&P 500 Equal Weight Index of U.S. stocks, with both hedged and unhedged units.

In addition, Invesco also announced that it had finalized the acquisition of Guggenheim Investments’ ETF business, bringing Invesco’s global ETF assets under management to more than US$215.3 billion, and overall assets to US$984.2 billion (as at Feb. 28).

* Horizons terminates two ETFs. Horizons ETFs Management (Canada) Inc. announced it is terminating the BetaPro S&P 500 VIX Short-Term Futures 2X Daily Bull ETF (TSX: HVU) and the BetaPro S&P 500 VIX Short-Term Futures Daily Inverse ETF (TSX: HVI) effective at the close of business on June 11.

In a release, Horizons said that the pricing in S&P 500 VIX futures has been very irrational and erratic since February and has “significantly changed the risk profile of these two ETFs to be far too high for Canadian investors.” It added that “ETFs that provide exposure that are expected to generate returns that are greater than, or inverse to, one-times the daily price return of volatility futures specifically no longer offer an acceptable risk/reward trade-off for Canadian investors.”

Check Fund Library’s Market Activity page regularly for active updates on key market indexes and commodities.

@FundLibrary – Follow Fund Library on Twitter for daily information and updates.

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© 2018 by Fund Library. All rights reserved. Reproduction in whole or in part by any means without prior written permission is prohibited.

The foregoing is for general information purposes only and is the opinion of the writer. No guarantee of investment performance is made or implied. It is not intended to provide specific personalized advice including, without limitation, investment, financial, legal, accounting or tax advice.

 
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