Look on every exit as being an entrance somewhere else.” – Tom Stoppard
The Next Chapter of You First Financial & Benefits Consultants
Today marks the end of my first week as owner of You First. Odette & Terry’s presence will be missed, but their values and principles will continue to guide the company’s future. We will continue to provide timely service and professional, sensible advice. We are here to help you meet your financial planning objectives. Most importantly, know that we ALWAYS have your best interests in mind when we consider any question or situation you may have.
I look forward to meeting with you in the weeks and months to come. In the meantime, enjoy your long-awaited summer!
Anticipation of Rate Hike, Oil Price Declines pull Toronto Stock Exchange to 7 ½ Month Low
The Toronto Stock Exchange’s S&P/TSX composite index dropped 50.84 points to finish the week at 15,027.16. However, during the Friday trading session, the TSX dropped for a time as low as 14,916.94, its lowest point since November.
Expectations of Bank of Canada rate hike, as well as encouraging June jobs numbers, pushed the Loonie up to 77.6 cents (U.S.). Rate hike anticipation has also led a few of the larger banks – Royal Bank of Canada among them – to increase their mortgage rate offering.
Oil prices dropped by 2.5% drop in oil prices today alone, on news of OPEC exports reaching their highest levels in 2017. The constant “will they or won’t they” questions surrounding potential OPEC production cuts again veered to the “they won’t” camp, as analysts raised doubts about OPEC’s efforts on the matter. Brent futures dropped by $1.36 (U.S.) to close the week at $46.28 per barrel, while West Texas Intermediate dropped by $1.28 (U.S.) per barrel to finish at $43.78.
In the United States, Wall Street reacted positively to strong U.S. jobs data, as the S&P 500, the Dow Jones Industrial Average (DJIA) and the NASDAQ all posted strong increases. Analysts project a 51.5% chance of a December rate hike by the U.S. Federal Reserve; however, policymakers have differing opinions on inflation, which dropped further below the Fed’s 2% target. This differing opinion has cast doubts on future rate hikes.
Sources: Globe Advisor