Market View

Bank of Canada increased policy interest rate by 50 basis points this week to 3.75%, its sixth hike this year. South of border, mega cap tech companies reported mixed results with gloomy forecasts weighing on indices. Oil and gold prices fell while the US dollar edged higher. The Canadian dollar was 73.38 cents USD. The U.S. S&P500 ended the week up 3.3%, while the TSX ended the week up 2.7%.

Most sectors rose this week, with the largest gain by the technology sector at 7.4%. Consumer discretionary, consumer staples, industrials and healthcare added 3.5%, each, while energy gained 2.6%. Financials ended the week up 2.3%. The most heavily traded shares by volume were ECN Capital Corp, Crescent Point Energy, and Air Canada.

5 from 5i

Here are five reads we found interesting last week:

• Why I fear the Fed may be overdoing it, posted on Greg Mankiw’s blog
• How Ticketmaster gets away with it, authored by Judd Legum of Popular Information
• How institutions game benchmarks, by Julie Segal of Institutional Investor
• Economic outlook: rubbers banks on a watermelon, posted on Kyla’s newsletter
• Mark Zuckerberg is going to kill his company, published on Ed Zitron’s Where’s Your Ed At

Happy Reading & Stay Safe!

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