Market View
Bank of Canada announced a 1.0% interest rate hike. The US inflation unexpectedly hits 9.1%, hitting a new high since the 1980s. Oil prices dropped, while the US dollar gained. The Canadian dollar was 76.81 cents USD. U.S. S&P500 ended the week down 0.6%, while the TSX also ended the week down 2.6%.
It was a sea of negatives this week. Energy declined by 4.3%, followed by financials and materials, which gave up 4.1%, each. Technology slid by 3.9%, while consumer discretionary fell 0.9%. The most heavily traded shares by volume were Athabasca Oil Corp, Suncor Energy, and Cenovus Energy.
5 from 5i
Here are five reads we found interesting last week:
- The bond market selloff in historical perspective, by Tobias Adrian and Michael Fleming of Liberty Street Economics
- How will we know if we’re in a recession? By Madeleine Ngo of Vox
- Bond market is flashing a recession warning – again, authored by Sandy Ward of Morningstar
- JPMorgan halts share buybacks as earnings miss estimates, written by Hannah Levitt of Bloomberg
- 5 critical questions corporate America will answer in the coming weeks, posted on TKer by Sam Ro
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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