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The menace of Russian military buildup along Ukraine’s borders, with no sign of any pullback, rattled markets this past week, as the main North American stock indexes lost ground on the week. Inflation continues to surge, with Canada’s all-items inflation index climbing to an annual 5.1% in January. U.S. inflation heated up to 7.5% in January, while the producer price index jumped 9.7% from the year before.
Toronto’s S&P/TSX Composite Index logged the worst performance of the week, with an overall 2.5% loss, led by steep declines in information technology and health care. The dominant energy sector fell 3.1% on the week, as crude oil retreated 2.4%. Gold gained 2.2% on the week, as the risk-off trade gave safe haven assets another boost. The S&P 500 Composite Index slid 1.6% on the week with broad-based losses across all sectors, led down by energy and banks. The Nasdaq Composite Index booked a loss of 1.8% on the week as it sank to the so-called “death cross,” when the index’s 50-day moving average crosses below its longer-term 200-day moving average. The technical formation is said to signal further weakness ahead.
* Harvest launches income ETF. Harvest Portfolios Group Inc. on Feb. 16 debuted its Harvest Diversified Monthly Income ETF (TSX: HDIF). The fund aims for high monthly cash distributions and the opportunity for capital appreciation by investing, on a levered basis, in a portfolio of exchange traded mutual funds managed by the manager that are listed on a recognized Canadian stock exchange and that engage in covered call strategies. The ETF will use leverage in order to seek to achieve its investment objective. Leverage will be created through the use of cash borrowings or as otherwise permitted under applicable securities legislation. The maximum aggregate exposure of the ETF to cash borrowing will not generally exceed approximately 33% of the ETF’s net asset value.
* Fundata FundGrade A+ Awards for 2021 announced. Financial data provider Fundata Canada announced the winners of the 2021 FundGrade A+ Awards on Jan. 26. The Award is given annually to investment funds and managers who have shown consistent, outstanding, risk-adjusted performance incorporating up to 10 years of history. Winners will be posted on the Fundata A+ Awards website.
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