“People Won’t Have Time For You If You Are Always Angry or Complaining” -Stephen Hawking

 

TSX Snaps Fine Day Rally

Canadian stocks fell Friday, halting the biggest rally since February, as raw-materials producers sank with commodities prices amid a slump in the nation’s currency to a six-year low. The Standard & Poor’s/TSX Composite Index fell 88 points, or 0.6%, to 14,642. The benchmark equity gauge had gained 3.2% in the past five days. Gold prices tumbled 1% in New York, the lowest close since April 2010, as a commodity meltdown deepened amid an expanding glut in supplies of assets from gold to oil and wheat. The Canadian dollar weakened to a six-year low amid speculation the nation’s central bank will cut interest rates again to buttress a weakening economy. The price of crude oil, the nation’s top export, is down 51% in the past year. Energy stocks have slumped 11% this year, the worst- performing industry in the S&P/TSX. The Nasdaq Composite added 46 points, or 0.91% to end at 5,210, its second straight record high close. The S&P 500 gained 2.35 points, or 0.11%, to end at 2,126, just shy of its record high of 2,130.82. The Dow Jones industrial average fell 33.8 points or 0.19%, to 18,086.

 

Toronto, Vancouver Real Estate Markets Still Hot

Toronto had the hottest real estate market in the country during the second quarter, with double-digit increases in all types of housing, finds Royal LePage. The Vancouver market was also strong with double-digit price increases for two-storey homes and detached bungalows, although condo prices were up a more moderate 6%. But prices were down for some types of residential property in Montreal, Calgary and Winnipeg. Royal LePage says other major markets across the country saw moderate increases or flat prices for most types of housing during the quarter, including in Halifax, Fredericton, Ottawa and Edmonton. The national average price of a bungalow was up 7.5% from last year at $438,938. The average price for two-storey detached houses rose 6.8% to $471,002 and the average condo price was $268.583, up 3.9%.

Royal LePage notes the standard condominium price in Calgary was up 1.6% from a year ago at $291,022, while prices for standard two-storey homes declined 3.1% to $474,239 and detached bungalows slipped 0.9% to $496,689.  The Calgary market has been remarkably stable with only marginal price differences compared to the same period last year, Zaharko notes. The volume of transactions in Calgary was down compared with the same time last year, when oil prices were near recent highs, but about flat compared with the second quarter of 2013.

 

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Market Update as of July 17 2015

North America

The TSX closed at 14643, up 232 points or 1.61% over the past week. YTD the TSX is down -0.75%.
The DOW closed at 18087, up 327 points or 1.84% over the past week. YTD the DOW is up 1.42%.
The S&P closed at 2127, up 50 points or 2.41% over the past week. YTD the S&P is up 3.35%.
The Nasdaq closed at 5210, up 212 points or 4.24% over the past week. YTD the Nasdaq is up 10.22%.
Gold closed at 1133, down -26.00 points or -2.24% over the past week. YTD gold is down -3.33%.
Oil closed at 50.79, down -1.95 points or -3.70% over the past week. YTD oil is down -3.61%.
The USD/CAD closed at 1.297285, up 0.0260 points or 2.05% over the past week. YTD the USD/CAD is up 10.54%.

Europe/Asia
The MSCI World closed at 1782, up 35.00 Points or 3.75% over the past week.  YTD the MSCI World is up 4.23%.
The Euro Stoxx 50 closed at 3670, up 141.00 points or 4.01% over the past week.  YTD the Euro Stoxx 50 is up 16.65%.
The FTSE closed at 6775, up 102.00 points or 1.52% over the past week.  YTD the FTSE is up 3.18%.
The CAC closed at 5124, up 221.00 points or 4.51% over the past week.  YTD the CAC is up 19.93%.
The DAX closed at 11673, down 357.00 points or 3.16% over the past week.  YTD the DAX is up 19.05%.
The Shanghai closed at 3957, up 79.00 points or 2.05% over the past week.  YTD the Shanghai is up 22.34%.
The Nikkei closed at 20651, up 871.00 points or 4.40% over the past week.  YTD the Nikkei is up 18.34%.

 

Sources: Bloomberg; Investment Executive; advisor.ca