5 from 5i: Lessons from the World Cup

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Market View

U.S./China trade war seems to be on a roller-coaster ride with the latest developments including President Donald Trump threatening to slap tariffs on all $500 billion of goods imported from China. On the other side, Trump commented on not being happy with the Fed increasing rates, but also said that he would “let them do what they feel is best”. Retail sales rose 2.0% in May following a 0.9% decline in April as eight of eleven sub-sectors saw their sales rising. The Canadian dollar was 76.11 cents U.S. The week ended with the TSX down 0.6% and S&P 500 flat.

A poor week overall for the TSX subgroups. Six of the subgroups performed negatively, with healthcare falling the most by 10%, followed by energy, 2.6%, materials, 1.9%, and consumer staples 1.1%. Industrials and technology rose 0.4% and 0.6% respectively, while the others ended flat. On Tuesday, Aphira was down 4.2%, after it announced plans to buy Latin American and Caribbean assets from U.S.-based Scythian. The most heavily traded shares by volume were Aurora Cannabis, Bombardier Inc., and Canopy Growth.

5 from 5i

-What does the flattening yield curve mean?

-Valuation: Earnings growth expectations

-Lessons from the World Cup? (Portfolio returns)

-Is Goldman Sachs recreating 2008?

-The macro data actually lines up nicely in the current environment.

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