Market View

Canada’s headline inflation came in at 2.8% for June, the lowest since March 2021. The S&P500 and Nasdaq hit fresh 15-month highs this week. The Chinese economy grew 6.3% in Q2 year-over-year, against a forecast of 7.3%. The Canadian dollar was 75.65 cents USD. The U.S. S&P500 ended the week up 0.8%, while the TSX was up 1.6%.

All but one sector ended the week in green. Healthcare rose by 4.4%, followed by energy at a 3.1% gain. Financials added 2.6%, while industrials and consumer discretionary edged up 1.6%, each. REITs gained 1.0%, while materials added 0.8%. Technology gave up 1.1% this week. The most heavily traded shares by volume were Canopy Growth Corporation, Cenovus Energy, and Crescent Point Energy Corp.

5 from 5i

Here are five reads we found interesting last week:

• Bond market outlook: Valuations suggest potential for equity-like returns with less risk, by Richard Clarida, Daniel Ivascyn, and Kimberley Stafford
• Empty office buildings are being turned into vertical farms, authored by Clara O’Brien of Smithsonian Magazine
• Grading the economic schools of thoughts, by Noah Smith of Noahpinion
• Is Rolex a non-profit? Posted by Mark Bernardo of Teddy
• Inflation undershoot? Narrative shifts again, by Mike Dolan of Reuters

Happy Reading & Stay Safe!

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