http://advisor.investorsgroup.com/en/terry_leier

Terry J. Leier - Investors Group Financial Services Inc., 201-14 Court Street, Truro, NS (2026)

04/20/2019

Effective February I have retired from IG WEALTH MANAGEMENT. THANK ALL MY CLIENTS FOR YOUR SUPPORT FOR OVER 22 YEARS!

09/18/2017

Markets breathe sigh of relief

Gold, yen, U.S. treasuries, and other safe havens all declined this week, while the U.S. dollar and most global equity markets advanced after damage from Hurricane Irma, although devastating, was less catastrophic than feared and North Korea, for a time, held off from testing another missile (it was eventually launched, Friday). There were also signs of better tax and fiscal policy progress in Washington. All three major U.S. equity indexes set new record highs, as did the MSCI All-Country World Index. Gold fell 1.9%, taking a break from its recent surge.

West Texas Intermediate crude prices (WTI) briefly climbed back above $50 USD for the first time since early August as refineries disrupted by Hurricane Harvey continued to resume operations and the International Energy Agency (IEA) raised its forecast of global demand growth. Surging energy stocks led the advance of the S&P TSX Composite. Also contributing significantly to the index’s gains were financials, which benefited from a move higher in global interest rates and bond yields, driven by the sell-off in U.S. treasuries and stronger than expected inflation readings in Britain and the U.S. (finally). The yield on Government of Canada 10-year bonds increased 10 basis points, but even greater gains in the yield of its U.S. counterpart and the stronger greenback pushed the Loonie down a fraction of a cent from its two-year high reached last week. Declining sectors included materials, where U.S. dollar strength led to falling industrial and precious metals prices, and utilities, telecom services, and real estate, all considered “bond proxies” that are pressured by rising interest rates.

U.S. equity markets were led by energy and financials, responding to rising yields and the recovery in crude prices, as they did in Canada. Financials got a further boost from insurers reacting to the better-than-expected Irma news. The S&P 500 Composite Index closed at new all-time highs on four of the five trading days. Utilities (a bond proxy) was the only sector registering a loss.

Share prices in Europe were even stronger than those in North America. The Stoxx Europe 600 climbed to a four week high as the higher U.S. dollar and the unwinding of safe haven currency trades let the Euro give back some of its recent strength that has been acting as a headwind for European stocks. The exception to this trend was in Britain. The FTSE 100 posted the only loss among major equity indexes after U.K. inflation accelerated more than forecasted, prompting a jump in the pound and indications from the Bank of England that its first rate hike in a decade might come soon.

Local currency weakness versus the U.S. dollar was the big story in Japanese equities as well. The Nikkei and Topix indexes saw their steepest increases in more than three months as the yen weakened. Most other Asian markets fared well with the ratcheting down of geopolitical risk early in the week and better than expected CPI data in China that reinforced views of improving global growth. The MSCI Asia Pacific and Emerging Markets indexes both reached multi-year highs.

What's ahead next week:

Canada
•Manufacturing and wholesale trade sales (July)
•Consumer price index (August)
•Retail sales (July)

U.S.
•Federal Reserve meeting and rate decision
•Housing starts and building permits (August)
•Import and export price indexes (August)
•Existing home sales (August)
•Conference Board leading index (August)
•Markit purchasing managers indexes (September)

08/28/2017

August 25, 2017

Stormy weather

With a fairly quiet economic calendar, markets were expected to focus on speeches from Federal Reserve Chair Yellen and European Central Bank President Draghi for clues about plans for removing monetary policy stimulus. Instead, President Trump’s remarks at an Arizona rally rattled investors by thrusting trade and the looming government debt ceiling debate to center stage, and helped push the DXY U.S. dollar index to two-and-a-half-year lows. Meanwhile, storms of the physical rather than political type, also surprised markets. In Hong Kong, Typhoon Hato, one of the most powerful storms on record, forced a mid-week shutdown of securities markets, and in the Gulf of Mexico Hurricane Harvey took aim at the Texas coast and threatened to damage refineries there, which would weaken demand for crude oil.

Despite the pressure on crude prices – West Texas Intermediate (WTI) fell 1.4% due to Harvey and other concerns – and the renewed rhetoric about terminating NAFTA, stocks in Canada were broadly higher and the loonie moved back above 80 cents U.S. The financials sector, which comprises a third of the S&P/TSX by weight, advanced on strong bank earnings, helping the index to a gain of 0.7%. The materials sector, industrial metals in particular, had another strong week as global economic activity continued to improve. The Organization for Economic Cooperation and Development (OECD) reported that for the first time in a decade, all 45 countries it tracked were expected to grow this year.

The S&P 500 made broad gains early in the week following better purchasing managers index data (PMI) and reports the Trump administration was making progress in its tax reform efforts. But equities settled back somewhat after the President signaled a willingness to allow a government shutdown over border wall funding. Weaker than expected home sales and heightened unease about global trade added to investors’ worries. The growing economic and political concerns pressed 10-year Treasury yields to eight-week lows. The S&P held onto a gain of 0.7%, with leading sector strength coming from ‘bond proxies’ real estate and telecom services, which tend to gain as interest rates decline. Weighing most on both U.S. and Canadian markets were grocers and other consumer staples retailers, whose shares tumbled after Amazon announced plans to slash prices at recently acquired Whole Foods.

Major European stock markets were mostly higher as manufacturing PMI data topped expectations for the Eurozone as a whole, and for Germany and France in particular. Among more worrying notes, the services PMI unexpectedly declined, the ZEW German economic sentiment indicator dropped sharply, business confidence in the U.K. continued to fall ahead of Brexit, and Draghi’s comments at Jackson Hole failed to halt the Euro’s gains versus the U.S. dollar, which act as a headwind for European stocks.

Asian markets were mixed with earnings optimism and commodity strength countered by nervousness related to war drills on the Korean peninsula and growing trade tensions (late last Friday the U.S. fired the first shot in a trade war with China, launching an official investigation into China’s theft of intellectual property). Japan’s Nikkei slipped 0.1% and Hong Kong’s Hang Seng climbed 3%.

What's ahead next week:

Canada
• Industrial and raw materials prices (July)
• Gross domestic product (June)
• Markit manufacturing purchasing managers index (August)

U.S.
• Retail and wholesale inventories (July)
• Consumer confidence and sentiment surveys (August)
• Second quarter GDP – revised (second estimate)
• Personal income and spending (July)
• Employment reports (August)
• Markit and ISM manufacturing purchasing managers indexes (August)
• Construction spending (July) Vehicle sales (August)

This week's market closing values

08/14/2017

“Dear Leader” shakes markets out of summer doldrums

With second quarter earnings season winding down and little in the way of major new economic data, attention this week focused squarely on increasing tensions between North Korea and the United States. After the United Nations imposed its toughest sanctions yet against the North Korean regime, an exchange of bellicose threats between the “Hermit Kingdom” and the Trump administration jolted the CBOE Volatility index (VIX), a popular measure of equity market volatility often referred to as the fear index, to its highest level since Trump’s election. Virtually all major equity markets suffered losses. Most safe-haven assets such as gold, the Japanese Yen, and U.S. Treasuries moved higher, but the U.S. dollar, perhaps the most traditional safe haven, was pressured by soft inflation data.

Canadian equity markets were closed Monday for a civic holiday; but once open, they succumbed to the global risk-off environment. The benchmark S&P/TSX Composite slid 1.5%, led by information technology and health care where corporate news added to the market pressures. Energy names also experienced broad weakness. Crude oil prices fell as the International Energy Agency (IEA) cut its demand forecast, despite declines in U.S. stockpiles, a growing crisis in Venezuela, and OPEC moves to bring production in line with previously agreed targets. West Texas Intermediate (WTI) dropped 1.6%. As is often the case, the Canadian dollar fell alongside oil. The Loonie dropped a fifth of a cent to 78.8 cents U.S. after briefly peaking above 80 cents in late July. Precious metals names stood out on the upside as beneficiaries of safe haven flows. Spot silver and gold prices jumped 5.2% and 2.5% respectively. The yellow metal has now climbed 12.5% ($US) year-to-date.

Both the S&P 500 Composite and Dow Jones Industrial indexes set new all-time highs on Monday before rolling over. For the week, the S&P 500 gave up 1.4% led by resources and financials. The financial sector, while still outperforming the broad market year-to-date, is facing headwinds from lower inflation and bond yields. This week saw lower-than-expected readings for producer (PPI) and consumer prices (CPI) and unit labour costs. Aided by safe haven flows into sovereign bonds, the inflation data pushed U.S. 10-year Treasury yields down 7 basis points to 2.19%. Earnings reports continued to be responsible for top individual equity movers, both to the upside (e.g. Michael Kors Holdings, Perrigo) and the downside (Macy’s, Dentsply Sirona).

European stock markets were even weaker than North American ones, with Germany’s DAX down 2.3% and London’s FTSE 100 off 2.7%. European bank stocks, which had been rallying this year on talk of European Central Bank “tapering,” were hit hard by the drop in bond yields as North Korean tensions mounted. Major Asian markets rolled over with their western counterparts, but not before touching a new 10-year high (MSCI AC Asia Ex-Japan) early in the week. Hong Kong’s Hang Seng slipped 2.5% while Japan’s Nikkei 225, under additional pressure from the stronger Yen but closed on Friday for a holiday, dropped 1.1%.

08/08/2017

Earnings reports continue to dominate market headlines

The second quarter earnings reporting season continued to drive advances in most major equity markets, including a push to new record highs by the Dow Jones Industrial Average and the MSCI All-Country World Index. Chinese economic data boosted industrial commodity prices, though global inflation readings were disappointingly lower than expected, moving central bankers to ease up on their recently hawkish rhetoric and pushing sovereign bond yields lower. Crude oil also gave up some ground, as OPEC production data and U.S. inventories both increased.

Canadian stocks had a mostly positive week with the benchmark S&P/TSX climbing 0.85%. Leading sectors included industrials, lifted by strong earnings from Air Canada and West Jet, and technology, boosted by Shopify and OpenText. Financials and telecom service stocks were also generally positive. Top individual gainers also included metals suppliers (Labrador Iron Ore Royalty Co. and Russel Metals Inc) as strength in China led to a surge in iron and steel prices. Only one index sector was significantly in the red: health care, weighed by Valeant Pharmaceutical’s continued struggles with various issues. Individual losers included Cineplex Inc., which posted a poor quarterly result, and many of the precious metal names. Canadian equities also benefited from the retreat of the Loonie back below 80 cents U.S. The recent surge to its highest level in two years acts as a headwind to Canada’s export-oriented companies.

In the U.S., the best performing sector was financials, presumed to be benefiting from rising inflation expectations. Surprisingly, lower actual inflation readings and declining bond yields helped boost the utilities sector to the second best performing spot. Although the S&P 500 Composite Index managed a gain of just 0.19%, the week saw a new record high for the Dow, sparked mainly by a jump in Apple after its earnings release. The energy sector saw the biggest decline as crude prices dropped. Economic data was generally disappointing, with downside surprises in construction spending data, vehicle sales, personal income, and the manufacturing purchasing managers index. Meanwhile, employment reports continued to suggest a healthy but ever-tighter labour market.

Major European and Asian markets were mostly higher. Strong earnings headlines in Japan and continental Europe overpowered the drag of further gains by the Euro and Yen against the U.S dollar. European spirits were also lifted by stronger economic data which continued alongside low inflation. The Euro-area’s second quarter gross domestic product (GDP) came in at a +2.1% year-over-year growth rate, the figure’s first “two-handle” since 2011, and a drop in German unemployment (nearly double expectations) that kept its jobless rate at a post-reunification low. Stocks also gained in Britain, but here the economic outlook was decidedly less upbeat. Consumer confidence was reported at its lowest since the aftermath of the June 2016 Brexit vote, and the Bank of England, while keeping its benchmark rate steady at its Thursday meeting, cut its economic forecast.

07/24/2017

U.S. equities push to new highs amid positive earnings

Major U.S. equity indexes, including the S&P 500 and NASDAQ composites, touched new all-time highs as second quarter corporate earnings came in above expectations. Meanwhile, the U.S. dollar sank to its lowest level since June 2016 after the apparent death of the Republicans’ health care bill and further turmoil in Trump’s White House dimmed hopes for tax reform. Stronger Canadian economic data and higher oil prices added to the Loonie’s strength versus the greenback, and lifted the S&P/TSX Composite to a modest gain.

In Canada, signs of a stronger economy continued to mount with better-than-expected readings for May manufacturing and retail sales; but investors are cautiously watching the housing market as Canadian existing home sales fell 6.7% in June from the prior month (the third monthly drop in a row) and are now down 11.4% from year-ago levels. The S&P/TSX Composite advanced just 0.1% for the week, led by the energy and materials sectors. The energy names received a boost from a surprise drawdown in U.S. fuel stockpiles and reports that Saudi Arabia was considering further export cuts. Metals and materials rallied on better-than-expected Chinese GDP growth. Copper and iron ore were particularly strong, touching three-month highs. Gold also advanced, helped by the U.S. dollar weakness.

Earnings season in the U.S. is off to a good start, with roughly 77% of the S&P 500 companies that have reported coming in above expectations. Revenues are similarly surprisingly strong. The 0.5% advance in the S&P 500 was driven by technology and healthcare stocks in particular, with many large-cap technology names surging to new highs after faltering in recent weeks. Economic releases, which had also been skewed to the downside recently, turned brighter as housing starts broke out to the upside and jobless claims suggested continued solid employment growth. But after weeks of disappointing economic data, retreating inflation readings, and fading prospects for fiscal stimulus and tax cuts, the tone of statements coming from the Federal Reserve turned slightly more dovish with regard to the path of future interest rate hikes, pressuring 10-year Treasury yields down 10 basis points to 2.23% and pushing the U.S. dollar below year-ago levels.

Most European stock markets lost ground as currency strength created headwinds. The Euro touched its best levels in two and a half years, despite efforts by European Central Bank (ECB) President Draghi to push back by stressing that the expected eventual tapering of stimulative policy, which has underpinned the currency’s strength, will be very gradual when it starts. As the ECB kept policy on hold, so too did the Bank of Japan, but it once again pushed back its projected timeline to reach its inflation target, suggesting stimulative policy will be in place there for the foreseeable future. In a holiday shortened week, Japanese stocks closed virtually unchanged.

Chinese stocks rose after the 10th straight GDP report that was either in line or above expectations. The broad strength in global equity markets (aside from Europe) pushed the MSCI All-Country World Index to a new all-time high.

07/17/2017

Poloz walks the talk

Canada’s central bank raised its benchmark interest rate by 25 bps, the first rate hike in seven years, showing Governor Poloz’s and the Bank’s conviction that Canada’s economy is “on a solid trajectory” and abnormally low rates are no longer needed. While the central bank did not signal when the next rate hike might come, foreign exchange traders continued to bid up the CAD pushing it to 1.273 USD, a level not seen in the last 14 months. The USD continued to broadly retrace some of the gains vs. global currencies as sovereign bond yields rose somewhat. Europe expects to get further clarity on the European Central Bank’s monetary policy tightening path as its President Draghi speaks next week at the U.S. Fed’s annual Jackson Hole Symposium.

Global equity markets continued their upward swing buoyed by continued strong economic signals with Hong Kong leading the way at +4.1% as a string of corporate deals, early in the week, spurred bidding activity.

Commodities were on the rise, led by crude oil, as the North American benchmark, West Texas Intermediate (WTI), rose 5.4%, continuing a gradual recovery from the $42 level seen in mid-June to close at $46.59 as U.S. inventories declined on better demand. Industrial metals were generally up, with copper and aluminum up about 1.5% while food stuff commodities (soybean, corn and wheat) retrenched YTD gains on a USDA report that indicated supplies will be higher than anticipated. Precious metals showed little movement.

The S&P/TSX advanced 1% for the week with almost all sub-indexes recording mild gains led by materials and energy. Interest-rate sensitive utilities were notable laggards on the week.

In U.S. equities, the Dow Jones Industrial rose 1% and the S&P 500 was up 1.4% to close at new record highs, led by technology, energy and materials. Technology momentum appears back in vogue as the tech heavy NASDAQ had a sizable gain of 2.6%. Cues for an improved policy environment remain elusive from Washington D.C. as Congress delayed their summer hiatus by two weeks to continue attempts to get a healthcare reform bill passed. This would help tax reform be the focus on their return, which the market continues to anticipate. Fed Chairwoman Yellen’s testimony before Congress sent mixed signals as she indicated it is not clear to her what is holding back inflation, unchanged at 1.6%, and that President Trump’s 3% growth target would be difficult to achieve. This bothered markets, but they have since resumed their upward momentum.

07/04/2017

"Lower interest rates have done their job"

The above words, a quote from Canada's central bank Governor Poloz, were this week's theme in financial markets, a message that was echoed by central bankers in the Eurozone as well as in the U.K. Markets took this to mean that global economic growth and some beneficial inflation continue to be the expectation, buoying sentiment broadly while pushing Sovereign bonds yields higher.

Most global currencies, with the exception of the Japanese yen, rallied versus the U.S dollar as a consequence with the CAD and Pound up 2.4% and the Euro up 2% versus the Greenback. This led to the Euro and CAD hitting year to date (YTD) and 12-month highs.

Equity markets responded more favourably in emerging and more commodity exposed regions, while U.S. indexes were flat to -2% and European markets were down 1% to 3%. This reflects a pause in technology sector valuation-driven momentum in favour of financials, which got a boost from favourable stress test results released by the U.S. Federal Reserve signalling that they in fact can proceed with returning excess capital to shareholders. Crude oil recouped some of the losses seen last week as declines in U.S. crude production and gasoline supplies allayed concerns over a global glut. Base metals also had a good week with nickel, zinc and copper up 2.5% to 3.5%.

The S&P/TSX recorded a loss of 0.9% for the week as declines in technology stocks Blackberry, Shopify, and Open Text more than offset positive contributions from Healthcare and the Energy names broadly. The Canadian dollar rallied throughout the week to end near the USD77c mark. It was a relatively quiet holiday-anticipating week on the macro front with GDP up 3.4% year on year.

In U.S. equities, the Dow Jones Industrial and the S&P 500 Composite Indexes cooled their torrid YTD performance finishing the week flat and -0.6% respectively and the tech-heavy NASDAQ off a more meaningful -2%. Leadership was limited to financial and energy names while interest rate sensitive sectors including utilities and telecom providers joined technology as lagging sectors. Washington D.C. continues to keep observers guessing as to how far the Trump administration's policy agenda will get given further delays on healthcare reform legislation and an early indication from Republicans that any sort of tax reform will have to be revenue neutral.

In the U.K., the FTSE 100 fell 1.5% despite the pound regaining some lost ground against the USD. Global banking and commodity names dominated the leaders while staples and pharma names lagged. Asia continues to be led by Chinese markets with Australia also gaining on reflation hopes. Japan edged out a small gain in directionless trading.

06/30/2017

HAPPY CANADA DAY! GIVE SOMEONE A HUG!

06/27/2017

Crude crush

In a mostly uneventful week on the economic data front, crude oil prices dropped over 5% before stabilizing and recovering slightly by week’s end. Oil (WTI) slipped as low as $42.20 a barrel, its lowest level since November, as relentless supply gains in the U.S. and renewed output from Libya continued to thwart OPEC-led efforts to boost prices. Having tumbled by 20% so far in 2017, the price of oil is tracking to its worst first-half performance since 1997.

In equity markets, oil’s damage has been mostly contained to energy stocks, with some minor spillover to industrials and materials. The energy sector in both Canada’s S&P/TSX Composite and the U.S.’ S&P 500 indexes is down almost 15% year-to-date, easily the worst-performing sector.

The S&P/TSX managed a gain of +0.84% for the week, despite the energy sector decline, as high-profile investors showed interest in select Canadian issuers. First, activist investor Land & Buildings Investment Management took aim at Hudson’s Bay Co., boosting the retailer’s stock 27%. Billionaire John Paulson joined the board of Valeant Pharmaceuticals, sparking a 24% gain for its shares and pushing the TSX health care sector to the top of the week’s sector leaderboard with a gain of 12.9%. And news of Warren Buffet’s Berkshire Hathaway buying into Home Capital Group helped Home Capital’s shares to a 30% gain. The Canadian dollar struggled through mid-week with falling oil prices. After mostly recovering on a stronger-than-expected April retail sales report and the Buffet-Home Capital move, which helped quell concerns about the Canadian housing market, it dipped again when Friday’s softer-than expected Consumer Price Index stifled talk of an early Bank of Canada interest rate hike. The Loonie closed the week down 0.40%.

In U.S. equities, both the Dow Jones Industrial and the S&P 500 Composite Indexes once again edged to new all-time highs, finishing the week up 0.05% and 0.21% respectively, although of 11 S&P sectors only two – health care and technology – finished the week in the green. Biotechnology enjoyed a particularly strong rally as political threats around drug pricing faded. Mega-cap technology stocks, which suffered weakness earlier this month, reasserted their strength and led the information technology sector to a chart-topping year-to-date gain of 19% (but after this week’s 3.7% jump, health care leads the year’s advance on an equal-weighted basis). Both sectors are benefiting from the rotation out of energy.

In the U.K., the FTSE 100 fell and the pound came under pressure as Brexit negotiations began, concerns continued to swirl around the durability of Prime Minister May’s leadership of Parliament, and Bank of England Governor Carney threw cold water on last week’s speculation about interest rate hikes later this year. Asian shares broadly advanced, led by Hong Kong and Shanghai, as MSCI announced its decision to add China-A shares to its emerging markets index.

06/20/2017

Alexa, I need snacks for the Fed announcement…

Until online retailer Amazon (maker of the Alexa/Echo intelligent home speaker) stunned investors Friday with the hugely disruptive acquisition of Whole Foods, central bankers had held the spotlight this week. Front and centre was the U.S. Federal Reserve, which lifted its benchmark interest rate by 0.25% at Wednesday’s meeting. Although the hike was expected, the accompanying statement and press conference were more hawkish-sounding than expected in light of a string of weaker inflation data. And in both Canada and the U.K., central bank officials hinted at biases shifting toward tightening, perhaps before year end.

Crude oil prices began the week with support as Qatar said it remained committed to limiting output under an agreement with other big producers, despite the severing of diplomatic relations with its OPEC allies. But mid-week crude prices plunged as data in the U.S. showed inventories building and production rising, and OPEC member Libya announced restored production. Crude’s decline of about 2% extended its longest run of weekly losses since August 2015.

The hawkish bank rhetoric reversed the retreat of government bond yields in the U.S. and Canada that had moved lower with the inflation data and weakness in crude oil prices (at one point U.S. 10-year treasury yields reached 2.10%, the lowest since November.) The central bank action only briefly helped the price of gold, which quickly refocused on weak inflation readings and furthered its recent decline.

Major U.S. stock indexes touched new all-time highs before losing steam after the Fed rate decision. Only the technology heavy NASDAQ Composite failed to keep pace. Large-cap tech stocks, which sold off sharply the previous Friday, seemed to stabilize early this week but then resumed their struggles and led the “post-Fed” decline. Friday’s surprise move by Amazon crushed competing grocery retailers and dragged the consumer staples group to a big loss for the week. The broader markets fared better as tech money rotated to other areas, notably financials, which did well despite the net decline in interest rates. The S&P 500 closed the week up just 0.06%.

As U.S. markets set new highs, Canada’s S&P/TSX Composite continued the downward drift it has suffered since peaking in February, falling -1.81% for the week. Although the rotation from technology stocks was felt in Canada too (Blackberry was among the top laggards), energy and materials led the decline with both groups plunging as oil prices dropped. Consumer staples dropped almost as much as the energy sector as Canadian grocers also face the new threat from Amazon.

Markets in Europe, Japan and Asia were lower as the U.S. sell-off spilled overseas. Technology-related shares were among the prominent losers on most major indices.

06/13/2017

Canadian stocks gain despite energy sector turbulence

Canada’s S&P/TSX Composite index shrugged off volatility in the energy sector to post a modest gain this week. Meanwhile, Wall Street stocks touched a fresh record.

The Canadian energy sector fell to an 11-month low before recovering. Oil prices slumped on concerns about a global supply glut, exacerbated by higher-than-expected U.S. inventories. Oil later stabilized. Energy sector turbulence was offset by gains in the financials sector. The materials sector was supported by gains in gold stocks as bullion reached a seven-month high on safe-haven buying and uncertainty about the path of U.S. interest rates. Rising copper prices helped base metals stocks.

Wall Street’s S&P 500 Composite rose to a fresh high on Friday before easing. Share prices recovered from earlier nervousness as investors awaited testimony by the former head of the FBI and its potential impact on the U.S. presidential administration. As in Canada, strength in the financials sector offset weakness in energy stocks. The technology-heavy NASDAQ Composite set records but later fell as tech stocks suddenly tumbled on Friday.

European markets were mixed. They moved upward at week’s end as investors appeared unfazed by the unexpected results of Thursday’s election in Britain, which could lead to an alliance of parties governing the country. Shares of British exporters benefited from a post-election drop in the pound. The European Central Bank kept interest rates at current low levels and maintained its asset-purchase program. However, it signalled future rate cuts are unlikely in the wake of continuing improvement in the eurozone economy.

Asian equity markets were mixed. China’s key blue-chip index, the CSI300, reached a six-month high as financial system liquidity concerns diminished, trade data improved and hopes grew that Chinese shares will soon play a greater role in key MSCI global stock market indexes. Japanese stocks lost ground as shares of domestically oriented companies struggled and exporters were weighed down by a rising yen.

Government bond prices benefited from a flight to safety for much of the week amid U.S. and global political uncertainty. The yield on the benchmark 10-year U.S. treasury bond fell to its lowest since November. (Bond prices rise when yields fall.)

Terry J. Leier - Investors Group Financial Services Inc.

04/20/2019

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