Market View

Futures pointed to a decline at Friday’s open after US President Donald Trump threatened new tariffs on China. Trump said that he has confidence that the coronavirus outbreak came from the Wuhan Institute of Virology. Major indices ended April with their best monthly gain since 1987. Tiff Macklem named next Bank of Canada Governor. The Canadian dollar was 71.35 cents. U.S. S&P500 slipped 0.7% this week while TSX ended the week up 0.5%.

Energy jumped the highest by 7.3%, followed by consumer discretionary and industrials inching up 2.9% and 1.1%, respectively. Healthcare and materials ended the week flat, while consumer staples slipped 3.6%. Restaurant Brands International Inc posted a 26% gain in first-quarter comparable sales at Popeyes, while its breakfast and coffee chain Tim Hortons struggled, as its comparable sales were down 10.3%. Maple Leaf Foods Inc expects higher pork demand from Asia in the second quarter while reporting a 12.8% jump in first-quarter sales. Canadian National Railway beat first-quarter profit estimates helped by crude-by-raid shipments. CNR withdrew its full-year 2020 forecast. The most heavily traded shares by volume were StageZero Life Sciences, Bombardier Inc, and Cenovus Energy.

5 from 5i

Here are five reads we found interesting last week:

• China continues to lead World’s major equity regions in 2020, by James Picerno of The Capital Spectator
• Post Corona: The Four, written by Scott Galloway on the Profgalloway website
• All that glitters: Why I’m not investing in gold, by J.D. Roth of Get Rich Slowly
• What would you do differently? Posted on the Financial Body Guard website by Carolyn Gowen
• Forecasts, Regime Changes, and Rational Expectations, published by Mark Rzepczynski

Happy Reading & Stay Safe!

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Disclosure: Please note that the author does not hold a financial or other interest stocks or funds mentioned.