“It’s Hard To Be Humble When You’re As Great As I Am” -Muhammad Ali

 

TSX Falls On Friday

The Toronto Stock Exchange saw a triple-digit loss on its last trading day of the week in a decline led by energy companies as the benchmark price for crude slipped. The S&P/TSX composite index was down 202.48 points Friday at 14,037.54, led by the energy sector, which was down 3.8%. The metals and mining sector of the TSX slipped 3.29% and base metals stocks declined 3.02%. The Canadian dollar lost 0.27 of a U.S. cent to 78.39 cents US. That’s despite the fact that Statistics Canada reported that the economy gained 13,800 jobs in May, pushing the jobless rate down to 6.9%, its lowest level since last July.

In New York, markets were also down as uncertainty around global economic risks weighed on investors’ minds.  The Dow Jones industrial average was down 119.85 points at 17,865.34, the broader S&P 500 composite index slid 19.41 points to 2,096.07 and the Nasdaq composite fell 64.07 points to 4,894.55.  Some of the key risks that have traders worried include the upcoming referendum on June 23 that will determine whether the United Kingdom will exit the European Union, as well as uncertainty relating to June meetings of the U.S. Federal Reserve and the Bank of Japan..

 

Canadian Baby Boomers To Inherit $750 Billion In Next Decade 

Canadian baby boomers will inherit an estimated $750 billion in the next decade, according to a new CIBC Capital Markets report. It will mark the country’s largest-ever wealth transfer and is expected to alter the retirement landscape. There are currently more than 2.5 million people over the age of 75 in Canada, about 45% of whom are widowed, according to the report. That’s a 25% spike from the level seen 10 years ago.

According to the report, just over half of Canadians between 50 and 75 have received an inheritance. Of those, half received it within the past decade. The average inheritance was $180,000, with British Columbia leading the way in the amount of the average bequest. More money is going to people already in higher income brackets, the report found; Canadians who earn more than $100,000 inherited almost three times more on average than lower-income Canadians. Those with higher education levels also received more. About 40% of higher-income Canadians saved or invested their inheritance, while lower-income people tended to use the money for daily expenses, the report found.

 

Weekly Market Wrap Up as of June 10 2016

North America
The TSX closed at 14038, down -189 points or -1.33% over the past week. YTD the TSX is up 8.08%.
The DOW closed at 17865, up 58 points or 0.33% over the past week. YTD the DOW is up 2.53%.
The S&P closed at 2096, down -3 points or -0.14% over the past week. YTD the S&P is up 2.54%.
The Nasdaq closed at 4895, down -48 points or -0.97% over the past week. YTD the Nasdaq is down -2.24%.
Gold closed at 1277, up 28.00 points or 2.90% over the past week. YTD gold is up 20.59%.
Oil closed at 48.95, up 0.33 points or 0.68% over the past week. YTD oil is up 32.12%.
The USD/CAD closed at 1.277878, down -0.0168 points or -1.30% over the past week. YTD the USD/CAD is down -7.64%.

Europe/Asia
The MSCI closed at 1689, up 10 points or 0.60% over the past week. YTD the MSCI is up 1.56%.
The Euro Stoxx 50 closed at 2911, down -87 points or -2.90% over the past week. YTD the Euro Stoxx 50 is down -10.92%.
The FTSE closed at 6116, down -94 points or -1.51% over the past week. YTD the FTSE is down -2.02%.
The CAC closed at 4307, down -115 points or -2.60% over the past week. YTD the CAC is down -7.12%.
DAX closed at 9835, down -268.00 points or -2.65% over the past week. YTD DAX is down -8.45%.
Nikkei closed at 16601, down -41.00 points or -0.25% over the past week. YTD Nikkei is down -12.78%.
The Shanghai closed at 2927, down -12.0000 points or -0.41% over the past week. YTD the Shanghai is down -17.29%.

 

Sources: Bloomberg; Investment Executive;  CIBC; advisor.ca,