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Weekly market wrap Aug. 10, 2018: Stock markets retreat as Turkey’s economic woes deepen
3/20/2019 5:47:07 PM
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By Fund Library News Wire  | Friday, August 10, 2018


By Mike Keerma

Global markets edged down on Friday after the European Central Bank voiced concerns about the independence of Turkey’s central bank following President Recep Erdogan’s contentious reelection in June. The Turkish lira fell 20% on the week against the U.S. dollar, and Turkish stocks plummeted in heavy trading. Stock markets in Europe, as well as in emerging markets, sold off as investors feared a contagion effect of Turkey’s economic and currency woes spreading into other vulnerable markets, against a backdrop of continuing trade and tariff disputes. Toronto’s benchmark S&P/TSX Composite Index fell 0.6% on the week, as crude oil retreated 1.3%. The S&P 500 Composite Index ended Friday down 0.3% on the week, while the Nasdaq Composite Index gained 0.4% on the week fueled by momentum in the tech majors. In a classic risk-off trade as investors moved from equities to safe haven assets, gold gained 1.4% on Friday, but still closed down 1.3% on the week.

In Canada, employment statistics for July showed an increase of 54,000 new jobs in the month, with the unemployment rate dropping to 5.8% from 6.0% in June. Most of that gain (49,000) came in public sector employment, apparently in the education sector, which is subject to wide swings in the summer months. The gain is still an overall positive and could point the way to another rate hike by the Bank of Canada in September.

In the U.S. the all-items consumer price index remained steady at an annual 2.9% in July, while the core index, which excludes more volatile food and energy prices, grew to 2.4% year over year, suggesting continuing underlying price pressures that are likely to keep the Federal Reserve Board’s regular interest rate hikes on track in coming months.

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

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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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