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6/18/2018 7:18:33 AM
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By Fund Library News Wire | Tuesday, June 12, 2018



By Kurt Reiman, Director, Chief Investment Strategist for Canada

Diversifying globally provides a range of benefits for Canadian investors (read more here). However, venturing abroad introduces currency risk. Intuition leads us to believe that because currencies are volatile, exposure to foreign exchange swings in a portfolio can only be detrimental. This isn’t always the case, as we find that the impact of foreign currency exposure on risk hinges on the investor’s home currency. In our view, Canadian investors should embrace currency exposure in equities, as global equity returns have tended to be less volatile when measured in Canadian dollars.


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By Fund Library News Wire | Friday, June 08, 2018

By Mike Keerma

Markets shrugged off trade tensions swirling around this week’s G7 meeting in Quebec, as the main North American market indices advanced on the week. Except for a net 7,500 job loss for the Canadian economy in May, the week was light on significant economic data. Despite the decline, Toronto’s benchmark equity index, the S&P/TSX Composite, managed a gain of 1% on the week overall. Similarly, U.S. investors gave little weight to trade hostilities between the U.S. and its main allies Canada and Mexico, arising from President Trump’s imposition of tariffs on steel and aluminum, as well as fractious NAFTA negotiations. Instead, investors marked time ahead of next week’s rate announcement as the U.S. Federal Reserve is widely expected to raise its federal funds rate a notch. The blue-chip S&P 500 Composite Index advanced 1.6% on the week, while the tech-weighted Nasdaq Composite Index gained 1.2%. Crude oil edged back 0.2% on the week, while gold ticked up 0.4%.


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By Fund Library News Wire | Friday, June 01, 2018

By Mike Keerma

A better-than-expected May U.S. jobs report helped spur the big U.S. indices to weekly gains. The 223,000 jobs created in May combined with a monthly 3.8% unemployment rate and accelerating wage growth (up 0.3% on the month) to raise expectations of a rate hike by the Federal Reserve Board when its rate-setting Open Market Committee meets on June 11-12. Fears of a eurozone crisis also receded on news that a coalition government had been formed in Italy, while traders shrugged off the threat of a growing global trade war as President Trump imposed stiff tariffs on steel and aluminum from Canada and Mexico, which had been temporarily exempt. The S&P 500 Composite Index gained 0.5% on the week, while closing the month with a 2.2% overall advance. The Nasdaq Composite Index grew 1.6% on the week, with a 5.3% monthly gain. And with crude oil dropping 2.8% on the week (down 2.2% in May), Toronto’s S&P/TSX Composite Index posted a weekly 0.2% loss, but managed to gain 2.9% in the month.


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By Fund Library News Wire | Thursday, May 31, 2018



By James Norton, Senior Investment Planner, Vanguard U.K.

If you’re a regular visitor to our site, you’ll have come across the name of my colleague Joe Davis, who serves as Vanguard’s global chief economist. He’s got a mind for figures and economic theory like few others I’ve encountered. Joe is fond of saying we should “treat the future with the deference it deserves.” I happen to think that’s excellent advice. Let me explain.


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By Fund Library News Wire | Monday, May 28, 2018



By Aubrey Basdeo, Managing Director, Head of Canadian Fixed Income, BlackRock

The April Monetary Policy Report (MPR) from the Bank of Canada is a stark reminder of just how much the environment has changed in 2018. While on the one hand the MPR presents an economy evolving pretty much as expected, it also underscores the key risks to the macro outlook and the uncertainty about their evolution.


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By Fund Library News Wire | Friday, May 25, 2018

By Mike Keerma

A 5.3% slide in the price of crude oil this past week hit energy stocks, and contributed to lackluster performance by the major North American stock indices. With no major economic data points making an appearance last week and the geopolitical situation at somewhere near a status quo, markets marked time trading in a narrow range through the week. Toronto’s main benchmark, the S&P/TSX Composite Index, lost 0.5% on a shortened week of trading, mostly a result of crude oil’s price slide reverberating through the market’s heavily weighted energy sector. The big U.S. blue-chip S&P 500 Composite Index scarcely did any better, gaining only 0.3% on the week, as the price of crude oil reacted to reports that the Organization of Petroleum Exporting Countries (Opec) and Russia were planning to increase crude production after a period of cutbacks. In addition, trading volumes declined ahead of the U.S. Memorial Day long weekend. The outlier was the Nasdaq Composite Index, which gained 1.1% on the week, propelled by strength in the Internet and technology sector.


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By Fund Library News Wire | Friday, May 18, 2018

By Mike Keerma

Toronto’s benchmark S&P/TSX Composite Index gained 1.1% on the week, as crude oil advanced 1.2%, buoying the energy sector, while April’s inflation rate grew at an annual 2.2%, down slightly from March, easing concerns that the Bank of Canada might raise rates later this month. The main U.S. stock gauges edged back slightly on the week, as trade negotiations between U.S. and China remain murky, and bond yields rose, with the benchmark 10-year U.S. Treasury note crossing the 3% barrier to end the week at 3.067% on continuing concerns that accelerating economic growth and rising inflation will lead to more rate hikes from the Federal Reserve Board. The S&P 500 Composite Index posted a 0.5% weekly loss, while the Nasdaq Composite Index was off 0.7%.


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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.


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By Fund Library News Wire | Friday, May 04, 2018

By Mike Keerma

A rally in technology stocks on Friday, led by a surge in shares of Apple Inc. (NASDAQ: AAPL), boosted the tech-weighted Nasdaq Composite Index to a 1.3% gain on the week. And while the blue-chip S&P 500 Composite Index advanced 1.3% on Friday, the index failed to gain on the week, closing just a hair below breakeven, as traders reacted to disappointing job creation numbers in April, with 164,000 new non-farm jobs created, while the U.S. unemployment rate dropped to 3.9% from 4.1%, the lowest in about 18 years. The yield on the U.S. 10-year Treasury note, meanwhile, retreated 1.3 basis points, ending the week at 2.946%. Toronto’s benchmark S&P/TSX Composite Index closed slightly above breakeven on the week, against a backdrop of economic growth as February’s GDP posted a 0.4% monthly increase (3.0% annual rate), while the price of crude oil gained 2.6% on the week, lending support to Canada’s energy sector.


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By Fund Library News Wire | Monday, April 30, 2018



By Felix Narhi, CIO & Portfolio Manager, Penderfund Capital Management

Recently asked questions from the field: Does the recent drop of Facebook Inc. (NASDAQ: FB) offer us an opportunity to add a megacap name (generally, stocks with a market capitalization of more than $300 billion) to our portfolios? If Washington decides to increase regulations on technology companies, would that impact megatech stocks enough to provide entry points? Here are some thoughts on Pender’s investment strategy as it relates to our analysis of megacaps.


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By Fund Library News Wire | Friday, April 27, 2018

By Mike Keerma

Citing unspecified technical problems, exchanges operated by the Toronto-based TMX Group Ltd. (TSX: X) closed at 3:00 pm on Friday. Still, Toronto’s benchmark S&P/TSX Composite Index registered a 1.2% advance for the week, in the absence of any generally negative news to pressure Canadian stocks to the downside. In the U.S., solid quarterly earnings from tech bellwethers Amazon.com Inc. (NASDAQ: AMZN), Facebook Inc. (NASDAQ: FB), and Microsoft Corp. (NASDAQ: MSFT), as well as above-consensus 2.3% annualized first-quarter U.S. GDP growth, helped keep the S&P 500 Composite Index afloat, breaking even on the week, while the Nasdaq Composite Index edged down 0.4%. Helping support stocks was a retreat in the yield on 10-year U.S. Treasury notes from the 3.0% level, to close the week at 2.96%. Gold, meanwhile, lost 1.0% on the week, while West Texas Intermediate crude oil retreated 0.3%.


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By Fund Library News Wire | Tuesday, April 24, 2018



By Joe Davis, Global Head, Investment Strategy Group, Vanguard Group, Inc.

“What do you think about Bitcoin?” Over the past few months, I’ve gotten this question more than any other. In 2017 the value of Bitcoin, the world’s first cryptocurrency, rose by almost 1,200%, prompting excitement and bafflement.


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By Fund Library News Wire | Friday, April 20, 2018

By Mike Keerma

The major North American stock indices held their own on the week, with Canada’s S&P/TSX Composite Index advancing 1.4%, as crude oil gained 1.3%, despite some softness on Friday. With first-quarter earnings expectations still high, the U.S. blue chip S&P 500 Composite Index edged up 0.5% week over week, despite headwinds from interest rates as the yield on the benchmark U.S. 10-year Treasury note rose to near 3.0%, its highest level since 2014. Yields were fueled by inflationary pressures as the March all-items consumer price index rose to an annual 2.4%, with the core rate at 2.1%. A retreat on Friday in both the energy and technology sectors weighed on stock indices at week’s end, but the Nasdaq Composite Index still managed 0.6% uptick on the week, even as Apple Corp. (NASDAQ: AAPL) slipped, mainly on growing concerns over its flagging iPhone X sales.


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By Fund Library News Wire | Friday, April 20, 2018



By Kurt Reiman and Aubrey Basdeo, BlackRock Canada

We expect the Canadian economy to cool throughout 2018 at a time when trade risks could further complicate the global outlook. Canada’s economy can take some reassurance from the relatively firm growth in the U.S., but indebted households, weak domestic oil prices, still sluggish business investment and subdued exports all pose challenges.


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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.


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By Fund Library News Wire | Friday, April 06, 2018

By Mike Keerma

Stock market indices closed a volatile week of trading on Friday with weekly losses, as trade tensions increased, and a weaker-than-expected U.S. job creation report soured investor sentiment. Toronto’s benchmark S&P/TSX Composite Index fell 1.0% on the week as investors sold off energy and financial issues in reaction to renewed trade tensions. Against a backdrop of rising stock market volatility, with the CBOE Volatility Index (VIX) closing the week at 21.49, the U.S. blue-chip S&P 500 Composite Index dropped 1.4% week over week. With headwinds from the tech sector, including continuing concerns over data security at Facebook Inc. (NASDAQ: FB), the Nasdaq Composite Index fell 2.1% on unrelenting selling pressure. Short seller Citron Research issued a bearish view of Nvidia Corp. (NASDAQ: NVDA) and Apple Inc. (NASDAQ: AAPL) extended its retreat with a loss for the week, marking an 8% drop from its 52-week high of early March. Gold edged up 0.6% on the week bolstered by its safe haven status, while crude oil dropped 4.6%.


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By Fund Library News Wire | Thursday, March 29, 2018

By Mike Keerma

The major North American stock market indices rallied on Friday, the last day of the month and the quarter, boosting weekly returns into positive territory. The S&P 500 Composite Index posted a strong 2.0% weekly return with the help of investment managers’ “window dressing” portfolios to goose quarterly return numbers. Even the tech-weighted Nasdaq Composite Index, which had seen a steady slide through March arising from security and privacy concerns at social media giant Facebook Inc. (NASDAQ: FB), gained 1.0% on the week. The S&P 500 Composite Index doubled that gain, advancing 2.0% on the week. And Toronto’s benchmark S&P/TSX Composite Index benefitted from a rally in energy and materials stocks, rallying 1.0% on the week. Both crude oil and gold posted weekly losses, but remained ahead for both the month and the year to date.


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By Fund Library News Wire | Friday, March 23, 2018

By Mike Keerma

Shrugging off some positive U.S. economic data and President Trump’s signing of a US$1.3 trillion spending bill that headed off a government shutdown, investors focused instead on the imposition of tariffs on US$50 billion of Chinese goods, and the threat of retaliatory trade measures by China. In addition, the U.S. Federal Reserve raised its federal funds rate by 25 basis points on Wednesday, to a target range between 1.5% and 1.75%. As a result, the main North American benchmarks all lost ground over the week, with the Nasdaq Composite Index posting the steepest weekly loss at 6.5%. The S&P 500 Composite Index dropped 6%, while Toronto’s S&P/TSX Composite Index slid 3%, cushioned somewhat by a 5.6% weekly gain in the price of crude oil and a 3% advance for gold.


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By Fund Library News Wire | Friday, March 23, 2018

By Mike Keerma

Fundata Canada Inc., a provider of Canadian investment fund data, announced on March 21 that it has partnered with Barchart, a global leader in market data and technology services, to provide premium Canadian data on mutual funds and exchange-traded funds (ETFs) to The Globe and Mail’s Globe Investor website.


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By Fund Library News Wire | Thursday, March 22, 2018



By Felix Narhi, CIO & Portfolio Manager, Penderfund Capital Management

“Since 1871, the market has spent 40% of all years either rising or falling more than 20%. Roaring booms and crushing busts are perfectly normal.” – Morgan Housel

Last year was a banner year in the US markets. Following the election of Trump, the S&P500 bolted out of the gates on initial optimism for deregulation across many sectors and ended the year with investors cheering huge U.S. corporate tax cuts. In what has become a familiar refrain, a handful of mega-cap Internet and technology stocks continued their momentum.


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