Market View

Bank of Canada raised key interest rate by 0.25% to 5%, the highest since 2001. US CPI inflation declined sharply to 3.0% in June vs 3.1% expected. With inflation cooling, US stock indices saw sharp rallies. The Canadian dollar was 75.80 cents USD. The U.S. S&P500 ended the week up 2.5%, while the TSX was up 2.3%.

Almost all sectors ended the week in green. Materials rose by 5.5%, followed by technology at 4.9%. Healthcare added 2.8%, while financial gained 2.3%. Industrials and consumer staples ended the week up 1.5% and 1.3%, respectively. The most heavily traded shares by volume were Canopy Growth Corporation, Hut 8 Mining, and TELUS Corporation.

5 from 5i

Here are five reads we found interesting last week:

• Taking the temperature, memos from Howard Marks of Oaktree Capital
• Five revealing pictures, by Tom Morgan of Sapient Capital
• Meta’s new threads app is terrible, authored by Alex Kirshner of Slate
• Q and A with Robert McCauley on a history of financial crises, by Martin Walker of the London School of Economics
• Three maintenance philosophies fought for control of the Auto industry, written by Stewart Brand of Books in Progress

Happy Reading & Stay Safe!

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