A few topics our newsletter touches on this week:
- Our Thoughts
- New Wealth Management Online System – Launches June 6th, 2020
- Listen - Road to Recovery for the US Economy
- “10 Minute Take” Topics this Week: Auto Sector, Tourism & Immigration
- Distraction Content – Some Good News
Our Thoughts
It was an eventful week. Understandably, many were focused on the social unrest that permeated across the United States which has prompted a sharp reflection on the state of race relations in that country, as well as our own. As a result, there was less attention paid to the pandemic and state of the economic recovery.
A second wave of the coronavirus has been a concern since the beginning of this pandemic. Unfortunately, the risks of such an occurrence, particularly in the U.S., have increased. Recent protests & mass gatherings have created multiple opportunities for the virus to spread and re-emerge as a more serious risk. While markets do not appear very concerned about this, we believe it is something that bears watching.
Meanwhile, more real-time data is portraying a slowly improving picture. For example: the number of internet searches for “filing unemployment” have hit new lows, driving mobility is nearly back to normal levels, the rate of year over year decline in retail sales is improving, and restaurant reservations are trending in the right direction. Even the Bank of Canada this week acknowledged that our country appears to have avoided the worst case outcome. Much work remains, but the overall trend is improving, rather than deteriorating. With the prospects of extensions and expansions of aid and stimulus programs across China, Europe, and North America, governments and central banks remain very focused on providing economic support.
New Wealth Management Online – Launches June 6th, 2020
This weekend there is a rollout of new features on RBC Wealth Management Online, (launching June 6th). It’s a convenient way to keep track of your investments online and stay in touch with us safely from home. If you’re already enrolled in DS Online, no action is required. After the new RBC Wealth Management Online launches, simply log in with your existing DS Online password, as before. Watch this short video if you want a preview. If you have any questions please give a member of our team a call and we would be pleased to help.
Listen – Road to Recovery for the US Economy
Tom Porcelli, a Managing Director and Chief U.S. Economist at RBC Capital Markets, joins Janet Engels, Head of the Portfolio Advisory Group – U.S., to discuss the post-COVID-19 U.S. economic recovery. Their conversation examines the key economic data, the outlook for employment and consumption, and the effect of stimulus measures. They also explore whether negative interest rates are a possibility in the U.S. Listen here (approximately 26-minute duration).
The 10 Minute Take – RBC Podcast Series *new episodes*
New podcast episodes will get posted regularly to discuss various issues front and center during the COVID-19 crisis. You can jump to a specific episode from the links below, with easy access to past episodes as well.
- June 5: Can domestic tourism save the Canadian tourism industry?
- June 3: How is COVID-19 changing the way we drive? A look at what the future holds for the auto industry.
- June 1: How the lockdown may impact Canada’s immigrant-fueled economic growth.
Distraction Content – Some Good News
What to watch? Funny guy/ action hero star John Krasinski (The Office, Jack Ryan), created a now finished web series on Youtube to spotlight good news during the pandemic – the 8 episode series (recently sold to ViacomCBS) includes an Office reunion, Hamilton cast surprising a fan, other celebrity guests & tons of other great moments the whole family can watch together. Click here to check it out if you haven’t already. Also, in time for BBQ season it appears we will also have the return of NHL and NBA playoff games ☺.
Looking for some adventures outdoors? On top of golf courses being back in full swing, drive-in theatres & backcountry camping have reopened in time for summer weather along with most parks (not regular campgrounds, yet). If you are up for a drive, I believe Port Elmsley (outside Smith Falls) and the Skylight Drive-In (Pembroke) are the nearest theatres. Read more here.
Our team is here for you
We are happy to run our next meeting with you by video conference (WebEx Meetings) rather than by phone if you so choose. We also continue to be available if you have friends or family who might be seeking a consult on their portfolio, wealth or estate planning goals.
Regards,
Mark, Peter, Sarah, Corinne & Andrea