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Last Week Market Update
Aug 11, 2020

Better-than-expected labour data buoyed North American equities while a rebound in global manufacturing activity boosted sentiment across international equity markets. Global government bond yields edged higher and oil prices climbed to a 5-month high amid signs of a firmer global economic recovery. Gold surpassed $2,000 for the first time.  
The S&P/TSX Composite Index strengthened as all sectors advanced, except for health care and utilities. Gains were led by energy, financials, and industrials. Canadian employment rose by a solid 418,500 in July pushing the jobless rate down to 10.9% signaling a recovery of 55% of the initial jobs lost during the pandemic.
The S&P 500 Index (C$) strengthened as all sectors advanced. Gains were led by industrials, financials, and energy. FAANG stocks benefited from robust earnings results.The U.S. added 1,763,000 jobs in July lowering the jobless rate to 10.2% signaling a recovery of roughly 40% of the initial jobs lost during the pandemic.
The MSCI EAFE Index (C$) strengthened as all sectors advanced, except for consumer staples. Gains were led by industrials, consumer discretionary, and energy. Japan outperformed following an upward revision of manufacturing PMI to a 6-month high. European equities advanced as manufacturing PMI expanded for the first time since early 2019.

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