Market View

Canada added 60,000 jobs in June vs the 20,000 jobs expected, the biggest pace of job growth since January. Wage growth came in at 3.9%, much lower than expected. The US economy added 209,000 jobs vs 220,000 jobs expected, first time in 15 months that job growth came in below expectations. Gold prices are on track for a fourth consecutive weekly loss. The Canadian dollar was 75.20 cents USD. The U.S. S&P500 ended the week down 0.1%, while the TSX was down 0.5%.

It was a week of mixed bag. Energy gained 2.0%, while healthcare added 1.8%. Consumer discretionary and materials edged up by 0.4%. Technology gave up 1.7%, while consumer staples slipped by 1.5%. Industrials ended the week down 1.4%. The most heavily traded shares by volume were Baytex Energy, Hut 8 Mining, and Hudbay Minerals.

5 from 5i

Here are five reads we found interesting last week:

• The longest bitcoin bear market ever, by David Canellis of Blockworks
• The most important index on earth, posted on All Star Charts by JC
• Chartflation: Five charts showing inflation isn’t as ‘sticky’ as feared, published by Fisher Investments
• AI and the automation of work, authored by Benedict Evans
• Factor Olympics 2023 1H, written by Nicolas Rabener of Finominal

Happy Reading & Stay Safe!

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