Weekly Market Update
Mar 3, 2021

Weekly Market Update

Global equities fell sharply as government bond yields surged amid stronger economic growth and inflation expectations. Rising oil prices helped the Canadian dollar briefly top the $0.80/USD mark before the USD benefited from safe-haven flows.
The S&P/TSX Composite Index declined amid weakness in health-care (cannabis stocks) and technology (Shopify Inc.). REITs, financials, and discretionary were the only advancers. The CFIB Business Barometer Index reached 62.5 its highest level since May 2018 showing a notable improvement in business confidence amid optimism around vaccine distribution.
The S&P 500 Index (C$) declined amid weakness in utilities, discretionary, and technology. Energy, benefiting from higher oil prices, was the only sector to advance. Stronger-than-expected economic reports in the U.S. included lower unemployment claims, higher consumer confidence, and robust new home sales.
The MSCI EAFE Index (C$) declined amid weakness in technology, health-care, and staples. Energy and REITs were the only sectors to advance. Regionally, the more tech-heavy Asian equity markets underperformed amid rising inflation worries. European equities benefited from stronger confidence indicators in the region

Previous article Next article