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Toronto’s benchmark S&P/TSX Composite Index closed at a fresh record high on Friday, climbing 1.3% on the week as both gold and crude oil gained ground, buoying energy and materials stocks. The major U.S. stock gauges, however, inched down on the week, against a backdrop of U.S.-China trade talks and a rate cut by the U.S. Federal Reserve Board. The S&P 500 Composite Index slipped 0.5% on the week, while the Nasdaq Composite Index edged down 0.7%.
In Washington, D.C., the China trade delegation cut short its visit, cancelling a planned trip to Montana, after U.S. President Donald Trump said he wanted a complete trade deal with China, not just one focused on agriculture. Meanwhile, on Wednesday, the U.S. Fed cut its benchmark federal funds rate by 25 basis points, to 1.75%-2.00%, ahead of a report from the Organization for Economic Co-operation and Development on Thursday that the global economy is slowing, revising its 2019 global GDP forecast to 2.9%, down from an earlier 3.2%.
| Index | Sept. 13, 2019 close | Day | Week | Year to date | |
|---|---|---|---|---|---|
| S&P/TSX Composite | 16,899.69 | 0.3% | 1.30% | 17.99% | |
| S&P 500 Composite | 2,992.07 | -0.5% | -0.51% | 19.36% | |
| Nasdaq Composite | 8,117.67 | -0.8% | -0.72% | 22.34% | |
| Gold (US$) | $1,503.00 | 0.3% | 1.08% | 17.45% | |
| Oil (WTI) (US$) | $58.09 | -0.1% | 5.93% | 27.92% |
FUND NEWS
* CI launches ESG funds. CI Investments on Tuesday debuted two funds focused on environmental, social, and governance (ESG) themes: CI First Asset MSCI World ESG Impact ETF (NEO: CESG) and the mutual fund version, CI MSCI World ESG Impact Fund. The ETF tracks the MSCI World ESG Select Impact ex Fossil Fuels Index of large and mid-cap companies in 23 developed countries with a positive impact on ESG factors. The mutual fund will invest its assets in unhedged common units of the ETF.
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