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Weekly market wrap June 1, 2018: Strong jobs picture powers U.S. stock gains, while TSX lags on the week
5/26/2019 2:14:27 AM
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By Fund Library News Wire  | Friday, June 01, 2018


By Mike Keerma

A better-than-expected May U.S. jobs report helped spur the big U.S. indices to weekly gains. The 223,000 jobs created in May combined with a monthly 3.8% unemployment rate and accelerating wage growth (up 0.3% on the month) to raise expectations of a rate hike by the Federal Reserve Board when its rate-setting Open Market Committee meets on June 11-12. Fears of a eurozone crisis also receded on news that a coalition government had been formed in Italy, while traders shrugged off the threat of a growing global trade war as President Trump imposed stiff tariffs on steel and aluminum from Canada and Mexico, which had been temporarily exempt. The S&P 500 Composite Index gained 0.5% on the week, while closing the month with a 2.2% overall advance. The Nasdaq Composite Index grew 1.6% on the week, with a 5.3% monthly gain. And with crude oil dropping 2.8% on the week (down 2.2% in May), Toronto’s S&P/TSX Composite Index posted a weekly 0.2% loss, but managed to gain 2.9% in the month.


* Scotia launches ETF portfolios. Scotia global asset management last week debuted its single asset class Scotia Strategic ETF Portfolios on the TSX, each with multi-discipline, multi-manager diversification.

Scotia Strategic Fixed Income ETF Portfolio (TSX: SFIX)
Scotia Strategic Canadian Equity ETF Portfolio (TSX: SCAD)
Scotia Strategic U.S. Equity ETF Portfolio (TSX: SUSA)
Scotia Strategic International ETF Portfolio (TSX: SINT)

The portfolios are structured as ETF-on-ETF portfolios. The underlying ETFs are screened and selected from a broad universe of index-tracking, factor-based and actively managed ETFs from Canadian and U.S. providers. Management fees range from 0.45% to 0.60%.

* Invesco changes ETF names. Invesco Canada announced that effective July 27, it will change the names of its exchange-traded funds (ETFs) to Invesco from PowerShares. The investment objectives, strategies and ticker symbols remain the same, as shown in the table below.

† A ticker symbol ending with “.U” represents U.S.-dollar-denominated units. Distributions are paid in U.S. dollars. U.S.-dollar-denominated units do not provide a currency hedge between the Canadian dollar and the U.S. dollar.

* Invesco launches equal-weight S&P 500 ETF. Invesco last week launched its Invesco S&P 500 Equal Weight Index ETF (TSX: EQL), providing equal-weight exposure to the companies that make up the S&P 500 Index. EQL aims to track the performance of the S&P 500 Equal Weight Index, which weights each company at 0.2% at each quarterly rebalancing, and invests primarily in equity securities of companies listed in the United States.

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.


© 2018 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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