Market View
The Canadian economy added 150,000 net jobs in the month of January, beating expectations by a wide margin. US CPI figure shrunk down to 6.4% year-over-year in January, making it the seventh consecutive month of easing inflation. On month-to-month basis, however, CPI rose 0.5% month-over-month, compared with a previous 0.1% increase in December. The hawkish comments weighed on US indices. The retail sales data that came out on Wednesday revealed that consumers spent more money in every category of goods and services. Additionally, the numbers for manufacturing and mining indicated added momentum in economic activity. Initial jobless claims in the US came in at 194,000 versus 200,000 expected reflecting a tight labor market. The Canadian dollar was 74.09 cents USD. The U.S. S&P500 and the TSX ended the week down 0.5%, each.
Another week of greens and reds mixed. Healthcare added 10.3%, while consumer discretionary and consumer staples added in the 2.0% range, each. Utilities gained 1.7%, and financials ended the week relatively flat. Energy and technology gave up 5.1% and 2.1%, respectively. The most heavily traded shares by volume were Air Canada, Cenovus Energy, and Summit Industrial Income REIT.
5 from 5i
Here are five reads we found interesting last week:
- All markets are uncertain, by Mark Newfield of the Uncertainty of it all
- The ‘Berkshire System’: Life advice from a shareholder letter, put together by Frederik Gieschen of Neckar Substack
- Five clues this isn’t just a bear market rally, authored by Ryan Detrick of Carson Group
- How Spotify’s podcast bet went wrong, by Max Tani of Semafor
- The forgotten lessons of 2008: Seth Klarman, written by Conor MacNeil of Investment Talk
Happy Reading & Stay Safe!
Disclosure: The analyst(s) responsible for this report do not have a financial or other interest in securities mentioned.
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