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The major North American stock indexes all lost ground on the week, as U.S. inflation remained elevated in August. The personal consumption expenditure index rose 0.4% in August, for an annual 4.3% increase, the highest in 30 years. The U.S. Federal Reserve believes the inflation spike is temporary, driven by supply chain shortages, and expects the shortages to remain until the middle of next year. Canada’s inflation rate followed suit, climbing to 4.1% in August.
The S&P 500 Composite Index lost 2.2% on the week, 4.8% in September overall, for a marginal 0.2% quarterly loss. The Nasdaq Composite Index booked even steeper losses as technology stocks sold off, retreating 3.2% on the week, 5.3% in September, and 0.4% for the third quarter. Toronto’s S&P/TSX Composite Index slid 1.2% on the week, with losses cushioned by a 2.4% gain in crude oil. The benchmark fell 2.5% in September and booked a 0.5% loss for the quarter overall. Gold bugs don't seem overly concerned about the threat of inflation, as the yellow metal gained only 0.6% on the week, while posting a 3.4% loss in September, for a 0.8% drop in the third quarter.
* Evolve launches multi-cryptocurrency ETF. Evolve Funds Group on Sept. 29 debuted its multi-cryptocurrency Evolve Cryptocurrencies ETF (TSX: ETC). ETC seeks to provide investors with exposure to the daily price movements of cryptocurrencies by investing initially in Evolve Bitcoin ETF (TSX: EBIT) and Evolve Ether ETF (TSX: ETHR). ETC will not use leverage and does not intend to pay regular cash distributions.
* Fidelity launches disruption funds. Fidelity Investments Canada on Sept. 28 launched its Fidelity Disruption Funds, offering investors new ways to take advantage of innovative and investible trends by investing in disruptive companies.
Fidelity Disruptors Class aims to achieve long-term capital appreciation. It invests primarily in companies located anywhere with innovative business models that could transform industries, challenge incumbents, and create new opportunities in the fields of automation, communications, finance, medicine, and technology.
Fidelity Disruptive Automation Class aims to achieve long-term capital appreciation by investing in companies located anywhere in the world that have the potential to be disruptive in automation, from industrial robotics to artificial intelligence, autonomous driving, and more.
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