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Weekly market wrap May 11, 2018: Cool inflation, stable U.S. yields spur market gains
11/21/2018 5:15:51 AM
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By Fund Library News Wire  | Friday, May 11, 2018


 

By Mike Keerma

Canadian and U.S. stock markets closed Friday with gains on the week after U.S. consumer prices remained docile in April, with the headline consumer price index edging up only 0.2% in the month, for an annual rate of 2.5%. The core rate, which excludes food and energy prices, expanded a minuscule 0.1% in April, for an annual rate of 2.1%, well within the Federal Reserve Board’s target range. In addition, the benchmark U.S. government 10-year Treasury note closed the week below the psychologically important 3% yield threshold at 2.97%, easing immediate concerns of another Fed rate hike. The blue-chip S&P 500 Composite Index gained 2.4% on the week, while the Nasdaq Composite Index advanced 2.7%. Canada’s April job creation numbers showed a loss of 1,000 jobs (as part-time job losses offset stronger full-time gains), helping the S&P/TSX Composite Index rally 1.6% on the week as pressure for another rate increase by the Bank of Canada eased. Crude oil gained another 1.0% on the week, giving additional impetus to Canada’s energy sector.

FUND NEWS

* BMO launches tech innovation ETF. BMO Asset Management’s BMO Global Communications Index ETF (TSX: COMM) commenced trading on May 8. In a release BMO said the ETF is designed to capitalize on technology innovation and new media trends in the communications services sector. The fund invests in companies in the communications equipment, gaming software, media and publishing services, telecommunications and web-based data sectors, including Apple Inc., Netflix Inc., Facebook Inc., Alphabet Inc. (Google), The Walt Disney Company, and Time Warner Inc.

“This ETF provides investors with a unique balance of global companies that are reshaping and driving the market through communications, technology and new media,” said Kevin Gopaul, Head of BMO Global Asset Management Canada.

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

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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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