After a rough ride in the markets this past week, my face was sporting a smile and a bright green glow from the reflection of my Thomson (screen shot of my market close below with all sectors in the green).
While it was an intense week that saw panic selling in global markets as oil prices tumbled 6.7% to fresh 13-year lows below $27 a barrel and global equities nearing bear market territory (taking a peek at any index chart YTD strikingly resembling a black diamond ski run), global markets rebounded strongly today (the S&P 500 up 1.4% at 1,895 and the S&P/TSX index up by 353.7 points, or 2.94% at 12,389) capping a massive two-day about face that erased sharp declines early in the week as oil prices recovered (up 7.6%, or $2.24, at $31.48 per barrel – but recall that it started the year at $37.85) and as leaders meeting at the Davos 2016 Forum raised hopes of further stimulus measures.
Davos? What’s that?
For over four decades, the World Economic Forum’s mission – improving the state of the world – has driven the design and development of the Annual Meeting programme.
“We live in a fast-paced and interconnected world, where breakthrough technologies, demographic shifts and political transformations have far-reaching societal and economic consequences. More than ever, leaders need to share insights and innovations on how best to navigate the future”.
The Annual Meeting in Davos-Klosters, Switzerland remains the foremost creative force for engaging the world’s top leaders in collaborative activities focused on shaping the global, regional and industry agendas. Click here for a liveblog summary of the hot topics at Davos this year – but here are some notables from today:
- ECB chief Mario Draghi has said the refugee crisis can be good for the European economy, as long as there is determination and confidence.
- Secretary of State John Kerry has called for a 30% boost in aid spending, and insisted that countries can resettle refugees without endangering national security.
- David Miliband of International Rescue has said it’s vital to distinguish between refugees and economic migrants, to stop the whole system collapsing
On gender equality:
- Canadian PM Justin Trudeau has urged delegates not to be afraid to call themselves feminists.
- While Facebook’s Sheryl Sandberg has warned that gender bias starts in the home, when children get their first pocket money for helping out.
On the global economy:
- Harvard professor Ken Rogoff said 2016 will be a rough year for emerging markets
- The head of the WTO has told us he’s optimistic about making progress on trade liberalization.
- Christine Lagarde has thrown her hat into the ring to remain as IMF chief for a second term.
Just like these world leaders come together to solve the world’s problems, my Wealth Management team is a collection of brilliant minds that have come together to work in a coordinated effort to preserve and grow your wealth in the most strategic and efficient manner – and because each team members focuses on different areas of expertise, so you get the proactive, expert advice when you need it. Click here to learn more about your team.