“The Hammer of the Gods Will Drive Our Ships To New Lands” – Plant/Page

 

TSX Falls Amid U.S. Rate Uncertainty
Canada’s main stock index fell on Friday, weighed down by financial and energy stocks and jobs data. The Toronto Stock Exchange’s S&P/TSX composite index closed down 118.10 points, or 0.87 per cent, at 13,478.31. It lost 2.7 per cent on the week. U.S. stock indexes ended down more than 1 per cent on Friday after a mixed August jobs report did little to quell investor uncertainty about whether the Federal Reserve will increase interest rates this month.
The Standard & Poor’s 500 Index lost 1.5 per cent to 1,921.22. York. The Dow Jones Industrial Average fell 272.38 points, or 1.7 per cent, to 16,102.38.  It’s “a glass-half-empty kind of day,” said Patrick Blais, a fund manager at Manulife Asset Management Ltd. in Toronto. He helps manage about $280-billion at the firm. “Right now there’s a lot of nervousness so it’s natural for the market to react aggressively.”
There were 12,000 more Canadians in the workforce in August, a 0.1 per cent increase from July. However the unemployment rate was 0.2 percentage points higher than it has been for six consecutive months, reaching 7.0 per cent. Data Friday showed U.S. employers added 173,000 workers in August and the jobless rate dropped to 5.1 per cent.

 

Kids Are Draining Parent’s’ Nest Eggs
Adult children are relying on their parents for money, and this is putting a drain on the nest eggs of two-thirds of parents, finds CIBC.  In fact, 25% of parents are spending more than $500 a month to help their adult children cover expenses, such as rent, groceries and cell phone bills. Further, 47% say helping their kids financially has hampered their ability to save for themselves, and 20% have delayed retirement.  Where the money goes The most common form of financial support that parents provide their adult kids is free room and board at home (71%), but many contribute towards other bills as well, including: groceries/other household expenses (47%); cell phone bills (35%); car payments or vehicle related expenses (23%); rent for their adult kids to live elsewhere (17%); debt repayments (12%).  “Living at home temporarily can be a smart way for young adults to save for the future or pay down student loans,” says Christina Kramer, executive vice-president of Retail and Business Banking at CIBC. ”[But] these extra costs can be a burden that delay or prevent parents from meeting financial goals, and that’s why both parents and kids need to be mindful of their budgets.”

 

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Market Update as of September 4 2015

North America

The TSX closed at 13478, down -387 points or -2.79% over the past week. YTD the TSX is down -8.65%.
The DOW closed at 16102, down -541 points or -3.25% over the past week. YTD the DOW is down -9.71%.
The S&P closed at 1921, down -68 points or -3.42% over the past week. YTD the S&P is down -6.66%.
The Nasdaq closed at 4684, down -144 points or -2.98% over the past week. YTD the Nasdaq is down -0.91%.
Gold closed at 1123, down -12.00 points or -1.06% over the past week. YTD gold is down -4.18%.
Oil closed at 46.04, up 0.68 points or 1.50% over the past week. YTD oil is down -12.62%.
The USD/CAD closed at 1.326744, up 0.0063 points or 0.48% over the past week. YTD the USD/CAD is up 13.05%.

Europe/Asia
The MSCI World closed at 1623, down 28.00 Points or -1.67% over the past week.  YTD the MSCI World is up -5.07%.
The Euro Stoxx 50 closed at 3180, down 107.00 points or -3.24% over the past week.  YTD the Euro Stoxx 50 is up 1.07%.
The FTSE closed at 6043, down 205.00 points or -3.28% over the past week.  YTD the FTSE is down -7.97%.
The CAC closed at 4523, down 130.00 points or -3.25% over the past week.  YTD the CAC is up 5.86%.
The DAX closed at 10038, down 222.00 points or -2.53% over the past week.  YTD the DAX is up 2.37%.
The Nikkei closed at 17792, down 1009.00 points or -7.02% over the past week.  YTD the Nikkei is up 1.96%.

Sources: Bloomberg; Investment Executive;  advisor.ca