Market View

OPEC faces an existential crisis due to the departure of the United Arab Emirates (UAE) from the oil cartel effective May 1, stripping the cartel of its third-largest producer and further weakening its leverage over global oil supplies and prices. On the other hand, the Bank of Canada holds its key interest rate unchanged at 2.25 percent while warning that future policy remains unclear. Lastly, the U.S. Federal Reserve leaves interest rates unchanged, but reveals deepening divisions over the outlook for policy, with the Iran war increasing uncertainty. The Canadian dollar was 73.65 cents USD. The U.S. S&P 500 ended the week up 1.3%, while the TSX was up 0.3%.

It was a mixed week for the market. Energy led the way, rising 6.6%, while consumer staples and financials gained 1.8% and 1.5%, respectively. Information technology and industrials also moved higher, up 1.0% and 0.7%, while consumer discretionary edged up 0.3%. On the downside, materials fell sharply, down 6.7%, while real estate declined 1.5%. The most heavily traded shares by volume were Fairfax Financial Holdings (FFH), Canadian Natural Resources (CNQ), and Bank of Montreal (BMO).

5 from 5i

Here are five reads we found interesting last week:

• The Financial Crisis That Didn’t Happen, by Ben Carlson of A Wealth of Common Sense.
• Will Emerging-Market Pioneer Mark Mobius Be Vindicated?, by Morningstar.
• Rural America Is Resisting the Surge in Data Center Construction, by Ars Technica.
• Amazon’s Relentless Push to Become Your Doctor and Your Pharmacy, by Sherwood News.
• How Do You Retire at 55?, by Ben Carlson of A Wealth of Common Sense.
  
  

Happy Reading & Stay Safe!

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