KA LĀ HIKI OLA - “The dawning of a new day.”
Good morning,
School is out for the summer!
As many parents let out a sigh of relief as the school year has come to an end, the Henderson’s packed up and went straight to the beach for the weekend. I’m hopeful everyone is finding opportunities to get out and enjoy the summer now that it’s arrived.
Our family found it refreshing to get away and spend some time away from home, unplugged from technology for a few days…..a great time for us to digest the year behind us and start to look forward to a new day full of new opportunity. What better place than the beach to step away and recharge……our Sauble Beach might not be Hawaii, but for us it’s a little slice of paradise that is close enough to home that keeps little 1 year old Bowie on his sleep schedule.
In our process with clients and their families, we take time to discover and uncover their values. Understanding your values as an individual and as a family can create wealth with both purpose and meaning.
With the beach and surf in mind, I thought it would be interesting to share with you some traditional Hawaiian words of culture and values, concepts that you might find useful as you and your family make your own adjustments and look to the dawning of a new day.
HO‘OHANA: The value of work: To work with intent and with purpose.
‘IMI OLA: The value of mission and vision.
HO‘OMAU: The value of perseverance. To persist, to continue, to perpetuate. Never give up.
KŪLIA I KA NU‘U: The value of achievement and excellence. “Strive to reach the summit.”
‘OHANA: Those who are family, and those you choose to call your family.
LŌKAHI: The value of teamwork: Collaboration and cooperation. Harmony and unity.
KĀKOU: The value of communication, for “All of us.” We are in this together.
KULEANA: One’s personal sense of Responsibility and Sacred Duty.
‘IKE LOA: The value of learning. To know well. To seek knowledge and wisdom.
HA‘AHA‘A: The value of humility. Be humble, be modest, and open your thoughts.
HO‘OHANOHANO: To honor the dignity of others.
ALAKA‘I: The value of leadership. Lead with initiative, and with your good example.
MĀLAMA: The value of stewardship. To take care of. MAHALO: “Thank you”, as a way of living.
NĀNĀ I KE KUMU: Look to your Sense of Place and sources of spirit, and you find your truth.
PONO: The value of integrity, of rightness and balance. The feeling of contentment when all is good and all is right.
ALOHA: Aloha literally means “the presence of breath,” and it’s a word that signifies the community spirit between the people. It also embodies the responsibilities that exist between us as we share the same land and resources with our neighbors.
As you approach the new day with optimism, everyone can learn a thing or two from Hawaiian culture. The profound and prolific spirit of community, caring and love are tenets we should all strive to live by.
E hele me ka pu’olo - “Make every person, place or condition better than you left it always”
And now, to the Markets…..
United States
S&P futures oscillating around the unchanged mark in premarket trading today, coming after major US indices posted strong gains last week as value outperformed growth. European markets down, off best levels. Follows a mixed Asia session. Treasuries firmer with the curve flattening, though the 10Y yield remains above the 1.50% mark. Dollar is slightly weaker on the yen and euro crosses. Gold up 0.1%. Oil not doing much, with WTI down 0.1%.
U.S. stock indexes hit new highs during the week last week as the dust settled in the aftermath of the previous week’s Fed meeting. Equity investors had initially been spooked by hawkish commentary regarding the prospect of the first rate hike, but comments by Fed officials over the weekend soothed these concerns, and stocks bounced back sharply at the start of the week.
Quiet session may be on tap with a limited number of catalysts for investors to process. Weekend's big US headline was President Biden walking back his threat from last week that he would not sign the $1.2T bipartisan infrastructure deal if it was not paired with a big party-line bill focusing on Democratic priorities. A lot of press coverage this weekend about how the road to that reconciliation approach is still very bumpy as the Democrats will need unity among all their 50 senators to sidestep a GOP filibuster, and it may be difficult to craft a bill of the size and scope that will appeal to progressives without turning off more moderate members.
Canada
TSX closed higher in Friday afternoon trading, Canadian equities recorded a 1.2% weekly gain. Financial the leader with health care the laggard. US equities closed mostly higher in Friday trading, with major indices posting big weekly gains (and the S&P setting a fresh all-time high). Gold finished up 0.1%. Oil was stronger, with WTI settling up 1.0%. Canadian dollar higher against the USD.
PM Trudeau reacted to unmarked graves at Saskatchewan residential school, said it is Canada's responsibility to bear. In politics, as Canada Recovery Benefit winds down questions remain on Liberals' long-term plan. Canadians lifecos paid out $154M due to COVID-19 deaths in 2020. Sunwing to refund customers after reaching deal with government. Somewhat busier next week on the Canadian macro calendar with April GDP on Wednesday, followed by building permits, trade data and manufacturing PMI on Friday. Markets closed Thursday for Canada Day.
Canadian retail sales experienced their sharpest decline in 12 months, falling 5.7% y/y in April, as reported by Statistics Canada. The decline coincides with the rise of the pandemic’s third wave, which resulted in renewed public health restrictions across most of the country. Seven provinces reported declining retail sales, with Ontario (-13.4%) and Manitoba (-8.1%) experiencing the most severe drops. As most provinces limited “non-essential” retail, it is unsurprising to see losses concentrated in clothing and clothing accessory retailers (-28.6%) and sporting goods, hobby, book, and music stores (-26.2%). However, the declines were broad-based with nine of the 11 subsectors reporting a decrease in sales from March to April. Only food and beverage (+0.6%) and miscellaneous retail (+0.9%) were able to eke out modest gains during the period. We believe the decline in retail sales is unlikely to correct in the May data as pandemic-related restrictions remained in place throughout the month. Statistics Canada’s preliminary estimate suggests that May’s retail sales declined 3.2%.
As we head into the week, reflect on your values and do maintain a sense of optimism. It’s a new dawn, a new day and, as Simon Sinek has said “greatness is only possible if you believe, without any doubt, that the future is bright.”
Ku’ia kahele aka na’au ha’aha’a - “A humble person walks carefully so as not to hurt others”
Be well & enjoy the moments
Derek