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Market wrap April 21, 2017: Stock markets mark time ahead of U.S. tax cut plans
11/24/2017 9:50:10 AM
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By Fund Library News Wire  | Friday, April 21, 2017


 

By Mike Keerma

U.S. stock markets closed Friday with slim losses on the day, but advanced on the week as President Trump announced he would be releasing a “massive tax cut” package next week. Markets have been generally leery of the Trump Administration’s policy announcements, particularly after the recent failure of the bill to replace Obamacare to make it to a vote in the House of Representatives. In addition, economists are expecting a softening of economic growth in the first quarter with next Friday’s release of quarterly GDP numbers. The S&P 500 Composite Index advanced 0.9% on the week, while the Nasdaq Composite Index gained 1.8%. Toronto’s benchmark S&P/TSX Composite Index meanwhile gained a modest 0.5% on the week, as crude oil prices softened in the wake of growing U.S. production and the lack of any evidence that purported Opec production cuts are having any impact on prices at all. The price of gold also softened on the week, as geopolitical concerns faded from the headlines

In Canada, the all items consumer price index slipped to an annual 1.6% rate in March, down from 2.0% in February, while the core rate, which excludes the more volatile food and energy prices, slipped to an annual 1.7% rate from 2.0% in February. The softening inflation rate gives the Bank of Canada no ammunition to tighten monetary policy, as the softening inflation rate remains well below the Bank’s target 2% rate, and points to continuing slack in the economy.

FUND NEWS

* RBC revises five ETF ticker symbols. RBC Global Asset Management Inc. announced that four of its Canadian-dollar hedged ETFs will begin trading with new ticker symbols effective May 9, 2017:

RBC Quant U.S. Dividend Leaders (CAD Hedged) ETF (TSX: RHU). New symbol (TSX: RUDH)

RBC Quant U.S. Equity Leaders (CAD Hedged) ETF (TSX: RHS). New symbol (TSX: RUEH).

RBC Quant European Dividend Leaders (CAD Hedged) ETF (TSX: RHP). New symbol (TSX: RPDH).

RBC Quant EAFE Dividend Leaders (CAD Hedged) ETF (TSX: RHI). New symbol (TSX: RIDH).

RBC Quant EAFE Equity Leaders (CAD Hedged) ETF (TSX: RHF). New symbol (TSX: RIEH)

RBC says the changes are meant to simplify the ticker symbols it uses across its lineup of currency-hedged ETFs, and will not affect the funds’ CUSIPs, names, investment objectives, or investment strategies.

Check Fund Library’s Market Activity page regularly for active updates on key market indexes and commodities.

@FundLibrary – Follow Fund Library on Twitter for daily information and updates.

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© 2017 by Fund Library. All rights reserved. Reproduction in whole or in part by any means without prior written permission is prohibited.

The foregoing is for general information purposes only and is the opinion of the writer. No guarantee of investment performance is made or implied. It is not intended to provide specific personalized advice including, without limitation, investment, financial, legal, accounting or tax advice.

 
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