Last updated: Dec-10-2018

    
 
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12/11/2018 4:31:00 AM
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Current news, updates, and market information.


By Fund Library News Wire | Monday, December 10, 2018



By Geoff Castle, Portfolio Manager, Penderfund Capital Management

In the last week of November, Federal Reserve Chairman Jerome Powell made statements that hinted at a slowing of the pace of rate hikes, an event which was cheered by equity markets. With this temporary “ceasefire” in effect, we emerge from our foxhole to survey key elements of the credit market.


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By Fund Library News Wire | Friday, December 07, 2018

By Mike Keerma

* Trade tensions sink markets.
* Bridgehouse changes managers and renames funds.
* Harvest Portfolios plans two new ETFs.

* Trade tensions sink markets. Continuing, unresolved trade tensions between the U.S. and China weighed on investor sentiment. Investors ignored still-strong job creation data and low unemployment for November, as strong selling pressure pushed the major North American stock indices deep into the red for the week. The U.S. blue-chip S&P 500 Composite Index plunged 4.6% on the week, while the tech-weighted Nasdaq Composite Index lost nearly 5%. In Canada, the S&P/TSX Composite Index retreated 2.7% on the week, as traders focused on the potential for fresh tariffs between the U.S. and China, choosing to ignore Canada’s strong job creation numbers, falling unemployment rate, and rising crude oil prices.


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By Fund Library News Wire | Friday, November 30, 2018

By Mike Keerma

* Stock indices rally on the week.
* Horizons closes two ETFs.

* Stock indices rally on the week. The main North American stock indices staged a rally last week, taking some of the steam out of the broad selloff during the past two volatile months. Even as the sinking price of crude oil (down 22.5% in November, for a 16.2% year-to-date loss) weighed on Canada’s energy sector, Toronto’s benchmark S&P/TSX Composite Index gained 1.3% on the week, as weaker third-quarter GDP growth (2.0%) raised hopes that the Bank of Canada would hold off on any further rate increases for now. The index gained 1.1% on the month, but remained down 6.2% for the year to date. In the U.S. hints that the U.S. and China may reach a trade deal at the G-20 summit in Buenos Aires helped goose the big stock indices to solid weekly gains. The S&P 500 Composite Index advanced 4.9% on the week, for a 1.8% gain on the month, putting it ahead 3.2% year to date. Likewise, the Nasdaq Composite Index surged 5.6% on the week, putting it just barely into the black for the month, but maintaining its 6.2% year-to-date advance.


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By Fund Library News Wire | Tuesday, November 27, 2018



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

In a well-diversified portfolio, as one asset class declines, another should rise, mitigating risk and minimizing losses. Yet that is proving to be easier said than done. As fixed-income and equity markets seem to have shifted to risk-off, investors are struggling to find assets that move in the opposite direction from other assets, leaving portfolios exposed to synchronized losses even if they are diversified. Specifically, the recent performance of stocks and bonds has been moving in the same direction: down.


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

By Mike Keerma

Spurred by concerns over oversupply, commodity traders sold crude oil in a big way this past week, as the price of WTI crude fell 11.2% on the week. That in turn contributed to selling pressure on North American stock markets, as market volatility was heightened by thinner trading volumes while traders took advantage of the market shutdown on the U.S. Thanksgiving holiday and half day on Friday. The S&P 500 Composite Index lost 3.8% on the week, and is now in correction, defined as at least a 10% drop from its recent high of 2,940. Similarly, the Nasdaq Composite Index continues in correction, losing 4.3% on the week, as the large-cap technology issues continued to slide. Toronto’s S&P/TSX Composite Index posted a 1.0% loss on the week, also bowing to selling pressure in the energy sector.


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



By Kristina Hooper, Global Market Strategist, Invesco Ltd.

This past weekend, I had the opportunity to see a production of Macbeth. Though I’ve heard the words many times before, I was particularly fixated by a verse from one of the witches: “By the pricking of my thumbs, something wicked this way comes.” The “pricking of thumbs” was originally intended to represent the historic belief that people could sense when evil was approaching. However, I couldn’t help but think this was a timely analogy for the sensations some market participants are feeling that an economic slowdown is approaching.


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By Fund Library News Wire | Friday, November 16, 2018

By Mike Keerma

* Stocks lose ground.
* Desjardins closes two funds.
* Evolve launches active global bond ETF.
* TD launches three active ETFs.


* Stocks lose ground. North American stock indices posted losses on the week, as market sentiment soured on turmoil in the British government over Brexit negotiations and continuing uncertainty about U.S. trade tension with China, despite U.S. President Trump’s comments on Friday that it may not be necessary to add additional tariffs to China or raise existing ones. The slight uptick in Friday’s session wasn’t enough to overcome a 2.2% loss on the week for the Nasdaq Composite Index, as semiconductor maker NVIDIA Corp. (NASDAQ: NVDA) reported disappointing quarterly earnings and forecast declining fourth-quarter revenue, while Facebook Inc. (NASDAQ: FB) contended with more turmoil over its response to Russian propaganda on its site. The blue-chip S&P 500 Composite Index dropped 1.6% on the week, while Toronto’s S&P/TSX Composite Index fell 0.8%, feeling the drag of the 5.1% weekly drop in the price of crude oil.


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By Fund Library News Wire | Monday, November 12, 2018

A SPECIAL REPORT FROM



By Nash Swamy, Junior Analyst, Analytics & Data, Fundata Canada Inc.

When analyzing the Canadian investment space, it is crucial to ask what are fund managers doing with the $1.85 trillion allocated to mutual funds, ETFs and other investment vehicles. Investment funds are often packaged and sold to investors on some criteria, such as targeting U.S. large caps, emerging markets, or specific sectors. But before a Canadian investment manager can invest millions in exchanges around the world, a simple exchange rate transaction must occur as a prerequisite to participate in global capital markets. By analyzing the deployable cash in investment funds, we can assess the street’s market sentiment and get a fix on the liquidity of investment funds on a cash and cash-equivalents basis.


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By Fund Library News Wire | Friday, November 09, 2018

By Mike Keerma

* Market week: Stocks slip on growth concerns.
* CI launches advisor-sold Alternative funds.
* Horizons debuts “Industry 4.0” ETF.


* Market week: Stocks slip on growth concerns. The major stock indices slipped on the week against a background of growing concern over a global economic slowdown, especially in China, as the price of crude oil slid into bear market territory (down 20% from its recent peak). The U.S. Federal Reserve Board held its trend-setting federal funds rate unchanged on Thursday, at between 2% and 2.25%, with a hike still widely expected next month. The S&P 500 Composite Index lost 1.0% on the week, led by heavy selling in General Electric Co. following disappointing quarterly earnings results. The Nasdaq Composite Index retreated 1.6% on the week. And Toronto’s S&P/TSX Composite Index edged back 0.5%.


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By Fund Library News Wire | Thursday, November 08, 2018



By Tim Huver, Head of Product, Vanguard Investments Canada

It can be tempting to try to beat the market. Some skilled investors, who can dedicate the time and effort and keep costs low, have had some success. But for most, it’s a difficult task.


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By Fund Library News Wire | Friday, November 02, 2018

Trade tension between China and the U.S. dominated the month in stock index performance, as all the major North American indices dropped more than 6% on the month overall in October. However, a surge in U.S. job creation in October, lifted the indices for the week.


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By Fund Library News Wire | Friday, October 26, 2018

By Mike Keerma

* Stocks sink to the red zone.
* BEST acquires Dynamic Venture Opportunities Fund.
* Canoe acquires nine Fiera mutual funds.

* Stocks sink to the red zone. It was red across the board for the big market gauges this past week, as stocks continued to slide. Traders ignored strong third-quarter U.S. GDP growth of 3.5% and fretted instead about rising interest rates, slowing economic growth in China, trade frictions, and the sustainability of the torrid pace of earnings growth over the past few quarters. Market sentiment was not helped by Amazon.com Inc.’s (NASDAQ: AMZN) lower sales forecast for the coming holidays, while Alphabet Inc. (NASDAQ: GOOGL) (parent of Google) exceeded earnings estimates but didn’t meet revenue targets. Those cracks in the wall helped push the Nasdaq Composite Index to a 3.8% loss for the week, but even more worryingly, to an 11% loss for October to date, which puts it in correction territory for the month. The S&P 500 Composite Index lost nearly 4% on the week. And Toronto’s S&P/TSX Composite Index dropped 3.8%, joining in the global selling party, as a 2.5% weekly loss in crude oil kept pressure on the energy sector.


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By Fund Library News Wire | Wednesday, October 24, 2018



By Kristina Hooper, Global Market Strategist, Invesco Ltd.

There was no rest for the weary last week, as geopolitical developments came fast and furious, and capital markets reacted. Below, I cover five important issues that have continued to contribute to stock market volatility – some of which flew under the radar during the week’s flood of news – and highlight five issues to watch this week.


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By Fund Library News Wire | Friday, October 19, 2018

By Mike Keerma

With the exception of the Nasdaq Composite Index, which lost 0.6% on the week, the main North American stock gauges gained fractionally with no troubling datapoints or geopolitical inflammations to overly upset traders. U.S. quarterly earnings continue to come in mostly better than expected, which is usually a signal of underlying economic strength. However, as stock markets are forward-looking, last quarter’s earnings are already old news, as investors fret about weak housing data, rising Treasury bond yields, more rate hikes from the Federal Reserve, and bubbling trade tensions, that could be the ingredients for an economic slowdown next year. The S&P 500 Composite Index remained flat on the week, while Toronto’ s S&P/TSX Composite Index gained a marginal 0.4%. Crude oil prices fell on the week as U.S. inventories increased. In the meantime, the 31st anniversary of the October 1987 market crash came and went without incident, except among the usual coterie of October doomsayers who assert markets are way overdue for another stomach-churning drop.


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By Fund Library News Wire | Monday, October 15, 2018



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

In a previous commentary, we noted how the fundamental nature of capitalism is changing and why it is important to see the world as it really is. We further explored the phenomenon of technological disruption in our recent article “The four most dangerous words in investing.” We noted how technology-driven competitive advantage is becoming increasingly important in almost every sector. Today, investing in “technology” is far different from my father’s siloed technology investing in the 1970s and ’80s. MSCI, the world’s leading index and analytics provider, which manages the Global Industry Classification Standard (GICS®) that categorizes all companies into specific sectors, is belatedly making some changes to recognize this reality.


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By Fund Library News Wire | Friday, October 12, 2018

By Mike Keerma

Despite some upside strength on Friday, the major stock indices slumped badly on week as a whole, as swings between risk-off and risk-on sentiment had investors switching between stocks and bonds through the week. Concerns over whether another rate hike by the U.S. Federal Reserve Board would push the U.S. into a recession combined with uncertainties about a U.S./China trade war to unsettle markets, even as strong results from three big U.S. banks kicked off what is expected by many analysts to be a positive third-quarter earnings season. The S&P 500 Composite Index closed with a weekly loss for the third consecutive week, falling 4%, while the Nasdaq Composite Index lost 3.7% on week, despite posting its best single-day advance since late March. Toronto’s S&P/TSX Composite Index fell 3.3% on the week, as financials sold off in response to rising U.S. bond yields and energy stocks plunged as WTI crude oil dropped 3.8% on the week and the spread between Western Canada Select and WTI crude prices widened.


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By Fund Library News Wire | Friday, October 05, 2018

By Mike Keerma

The yield on the 10-year U.S. Treasury note rose to 3.22% on Friday, continuing a bond selloff, as investors reacted to an ultra-low 3.7% unemployment rate and an annual 2.8% hourly wage gain, both indicators signaling continuing strength in the underlying U.S. economy, solidifying expectations of another rate hike by the U.S. Federal Reserve Board before year-end. Lower-than-expected job creation of 134,000 new payrolls in September was attributed to temporary labour market distortions in the wake of Hurricane Florence. North of the border, Statistics Canada’s monthly Labour Force Survey showed a gain of 63,000 jobs in September, continuing a recent volatile trend in monthly jobs data. Average hourly wage growth edged down to 2.2% in the month from 2.6% in August, while the unemployment rate ticked down to 5.9% from 6.0%. With investors selling equities in lockstep with U.S. markets, Toronto’s S&P/TSX Composite Index consequently posted a 0.8% decline on the week, despite a 1.2% gain in the price of WTI crude oil and a 1.0% uptick in the price of gold. The big blue-chip S&P 500 Composite Index retreated 1.0%. The Nasdaq Composite Index lost the most ground on the week, dropping 3.2%, driven mainly by losses in high-growth technology and Internet issues.


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By Fund Library News Wire | Friday, October 05, 2018

By Mike Keerma

The yield on the 10-year U.S. Treasury note rose to 3.22% on Friday, continuing a bond selloff, as investors reacted to an ultra-low 3.7% unemployment rate and an annual 2.8% hourly wage gain, both indicators signaling continuing strength in the underlying U.S. economy, solidifying expectations of another rate hike by the U.S. Federal Reserve Board before year-end. Lower-than-expected job creation of 134,000 new payrolls in September was attributed to temporary labour market distortions in the wake of Hurricane Florence. North of the border, Statistics Canada’s monthly Labour Force Survey showed a gain of 63,000 jobs in September, continuing a recent volatile trend in monthly jobs data. Average hourly wage growth edged down to 2.2% in the month from 2.6% in August, while the unemployment rate ticked down to 5.9% from 6.0%. With investors selling equities in lockstep with U.S. markets, Toronto’s S&P/TSX Composite Index consequently posted a 0.8% decline on the week, despite a 1.2% gain in the price of WTI crude oil and a 1.0% uptick in the price of gold. The big blue-chip S&P 500 Composite Index retreated 1.0%. The Nasdaq Composite Index lost the most ground on the week, dropping 3.2%, driven mainly by losses in high-growth technology and Internet issues.


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By Fund Library News Wire | Thursday, October 04, 2018



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

Legendary investor Sir John Templeton warned, “The four most dangerous words in investing are, 'It’s different this time,' ” and we wholeheartedly agree. We believe it is important to keep in mind that just about everything is cyclical. To wit, last year we wrote about cyclicality of the loonie and potential challenges to Canadian housing in the late innings of the cycle. Regrettably, some of these concerns are starting to bear fruit as interest rates have risen to multi-year highs over the past year.


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By Fund Library News Wire | Tuesday, October 02, 2018



By Aubrey Basdeo and Rachel Siu, BlackRock Canada

A little over a year ago, the Bank of Canada (the Bank) surprised markets with a rate hike in July 2017, kicking off its rate normalization path. Yields, particularly on the front-end of the curve, have moved higher: The 2-year Government of Canada yield has risen by nearly 100 basis points, to 2.06% (as at Aug. 31, 2018), leaving investors wondering what to do with their bond portfolios.


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