WHAT HAPPENED:
- The TSX lost 0.2%, outperforming EU benchmarks but underperforming the S&P500’s +0.5% gain.
- Volumes were good w/ mid caps outperforming, win/ loss ratio was balanced.
- Losses in Financials and Gold stocks weighed most heavily. Energy was amongst the leaders helped by Health, Tech and Industrials.
- C$ - C$ flat against the US$ despite speculative longs increasing last week.
- Commodities – Oil lost 3% as momentum faded, long positioning continues to decrease; Gold lost 0.3%, ~-1% YTD.
- CA ETF Flows – outflows from most sectors, heaviest outflows from CA Energy and Financial ETFs, Tech one of the lone names to see inflows; outflows also seen in benchmark ETFs.
U.S. ETF Flows – U.S. Financials saw their third consec. week of outflows, w/ investors showing a preference for Utilities and Consumer ETFs; benchmark ETFs saw across the board outflows to the benefit of bonds.
WHAT’S TO COME:
- Technicals – TSX momentum has turned negative in-line w/ Energy, 16,200 resistance remains intact on the upside.
- Earnings – not many releases, the largest being DOL and SAP.
- CAeconomic calendar/strong> – employment data will headline later this week; the U.S. will see manufacturing and trade data released.
- Index – Russell annual rebalance results will be announced on Friday.
Nasdaq Advisory Services Canadian Team is part of Nasdaq's Corporate Solutions Advisory Services -- the most experienced team in the industry. The team delivers unmatched shareholder analysis, a comprehensive view of trading and investor activity, and insights into how best to manage investor relations outreach efforts. For questions about the Canadian market, please contact Prab Sagoo.
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