Market Commentary
Global markets improved in the second quarter after a very volatile first quarter.
Key Themes
- Oil prices increased during the quarter
- Western Canada Select increased by +24{a4bc595f5bf22b450fc57725bbb5a349cea6d8af0e21f99fc8d20f6b7000a772} to $53 (US$) per barrel
- West Texas Intermediate increased by +14{a4bc595f5bf22b450fc57725bbb5a349cea6d8af0e21f99fc8d20f6b7000a772} to $74 (US$) per barrel
- Canadian energy sector led the TSX
- Canadian stocks were the strongest performing asset class in Q2 2018
- The Canadian 10-year bond yield rose sharply during the quarter
- Utilities and telecom sectors (interest rate sensitive) underperformed
- The CDN dollar depreciated in response to global trade tensions & US economic strength
- CDN investors in US stocks gained an extra +2.1{a4bc595f5bf22b450fc57725bbb5a349cea6d8af0e21f99fc8d20f6b7000a772} in foreign currency changes (Q2 2018)
- A small number of companies were responsible for most of the S&P 500 returns in 2018
- Microsoft, Apple, Amazon & Netflix
In this type of market, patience is key to investor success. Volatility bring opportunities to those with knowledge, insight and experience.
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