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Market week: Trade tensions sink markets
3/25/2019 6:16:51 AM
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By Fund Library News Wire  | Friday, December 07, 2018


 

By Mike Keerma

* Trade tensions sink markets.
* Bridgehouse changes managers and renames funds.
* Harvest Portfolios plans two new ETFs.

* Trade tensions sink markets. Continuing, unresolved trade tensions between the U.S. and China weighed on investor sentiment. Investors ignored still-strong job creation data and low unemployment for November, as strong selling pressure pushed the major North American stock indices deep into the red for the week. The U.S. blue-chip S&P 500 Composite Index plunged 4.6% on the week, while the tech-weighted Nasdaq Composite Index lost nearly 5%. In Canada, the S&P/TSX Composite Index retreated 2.7% on the week, as traders focused on the potential for fresh tariffs between the U.S. and China, choosing to ignore Canada’s strong job creation numbers, falling unemployment rate, and rising crude oil prices.

Index

Dec. 7, 2018, close

Day

Week

Year to Date

S&P/TSX Composite

14,795.13

-1.0%

-2.65%

-8.72%

S&P 500 Composite

2,633.08

-2.3%

-4.60%

-1.52%

Nasdaq Composite

6,969.25

-3.1%

-4.93%

0.95%

Gold (US$)

$1,254.00

0.8%

2.16%

-4.22%

Oil (WTI) (US$)

$52.13

1.2%

2.94%

-13.72%

In the U.S. the Dept. of Labor reported 155,000 new jobs created in November, with unemployment the unemployment rate unchanged at 3.7%, while hourly earnings rose 3.7% annual basis. The data suggest that the U.S. Federal Reserve Board may step back from its hawkish monetary policy and delay another rate hike until early next year.

In Canada, Statistics Canada reported an unexpectedly high 91,000 new jobs created in November, while the unemployment rate fell to 5.6%. Traders shrugged off the data, along with a hike in the price of crude oil, as the Organization of the Petroleum Exporting Countries and Russia agreed to cut output by 800,000 barrels per day in an effort to support the sliding price of crude oil

FUND NEWS

* Bridgehouse changes managers and renames funds. Bridgehouse Asset Managers (known for its Sionna and Brandes funds) announced it will replace the sub-advisor of Greystone Global Equity Fund with Lazard Asset Management (Canada), which currently also sub-advises other Bridgehouse mutual funds. It will also change the name of the fund to Lazard Global Compounders Fund and will review its investment strategies.

Bridgehouse announced it will also rename the Greystone Canadian Bond Fund to Bridgehouse Canadian Bond Fund.

Both changes will be effective on or about Dec. 14.

* Harvest Portfolios plans two new ETFs. Harvest Portfolios Group Inc. plans two new ETFs, and has has filed a preliminary prospectuses with Canadian securities regulators.

Harvest Equal Weight Global Utilities Income ETF (HUTL) aims for monthly cash distributions, potential capital appreciation, and lower overall volatility than owning equity securities of the global utility issuers directly. To achieve lower overall volatility the ETF will write covered call options on up to 33% of the portfolio securities.

Harvest Global Gold Giants Index ETF (HGGG) tracks the Solactive Global Gold Giants Index TR, investing primarily in large gold mining companies listed on stock exchanges in North America, Australia, or in certain European countries.

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.

Disclaimer

© 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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