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Weekly market wrap Sept. 7, 2018: Markets sink as trade tension eclipses U.S. jobs report
9/21/2018 5:55:10 PM
HOME : FEATURES : COLUMNS : Weekly market wrap Sept. 7, 2018: Markets sink as trade tension eclipses U.S. jobs report
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By Fund Library News Wire  | Friday, September 07, 2018


 

By Mike Keerma

As trade tensions cast a pall over a robust U.S. jobs report for August, with 201,000 jobs created and a continuing low 3.8% unemployment rate, the big North American stock indices posted losses on the week. U.S. President Donald Trump announced an additional US$267 billion in tariffs on Chinese goods in addition to the US$200 billion previously announced. And the fractious negotiations between Canada and the U.S. on the North American Free Trade Agreement continued without resolution through the week. Declines in the technology sector weighed on the big U.S. gauges, with the S&P 500 Composite Index retreating 1% on the week, and the Nasdaq Composite Index dropping 2.6%. Canada’s August jobs report showed a decline of 51,600 jobs, while the unemployment rate edged up to 6%. The gloomy jobs picture combined with an equally gloomy trade outlook and a 2.8% decline in the price of crude oil to push Canada’s S&P/TSX Composite Index to a 1.1% week-over-week loss. Investors remained disinterested in gold, however, as a safe haven or for any other reason, as the yellow metal edged down 0.4% on the week, for an 8.2% year-to-date loss.

FUND NEWS

* Vanguard lists new dividend ETF. Vanguard Investments Canada Inc. debuted its Vanguard FTSE Developed ex North America High Dividend Yield Index ETF (TSX: VIDY), which tracks FTSE Developed ex North America High Dividend Yield Index, a broad international equity index that measures the investment return of common stocks of companies characterized by high dividend yield, with a focus on those located in developed markets, excluding North America.

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

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