Market View

Canada’s inflation cooled down faster than expected in June to 2.7 percent compared to the consensus estimate of 2.8 percent, increasing the odds of another rate cut. On the other hand, the European Central Bank left interest rates unchanged at 3.75 percent after June’s cut, indicating that borrowing costs will remain restrictive for some time to ensure inflation returns to 2 percent. The Canadian dollar was 73.01 cents USD. The U.S. S&P500 ended the week down 0.5%, while the TSX was up 1.0%.

All but one sector rose this week. Real estate and financials added 3.2% and 1.8%, respectively, while consumer discretionary and industrials added 1.2%, each. Consumer staples rose 1.1%. Energy and technology ended the week slightly up 0.2% while materials gave up 0.2%. The most heavily traded shares by volume were Royal Bank of Canada, Bitfarms, and Air Canada.

5 from 5i

Here are five reads we found interesting last week:

• How Much Money You Need For Retirement?, published by Ben Carlson of Ritholtz Wealth Management LLC
• When Rebalancing Creates Higher Returns – and When It Doesn’t, by John Rekenthaler of Morningstar
• All The Luck We Cannot See, published by Mark Newfield of The Uncertainty of It All
• How Many Millionaires Are There?, written by Ben Carlson of Ritholtz Wealth Management LLC
• Build Confidence Declined in July, published by Calculated Risk

Happy Reading & Stay Safe!

Disclosure: The analyst(s) responsible for this report do not have a financial or other interest in securities mentioned.