To my clients:
It was a mixed week for North American stock markets with the Canadian TSX rising 0.8%; the U.S. Dow Jones Index rising 0.6%; and the S&P 500 falling 0.1%.
Little commentary this week except this:
This morning, weekly jobless claims continued to push lower, coming in at yet another new 50+ year low of 192,000 (this is a staggeringly low reading for this metric). The trend in weekly jobless claims is a very important recessionary indicator that RBC tracks, and it is NOT confirming the recession signal delivered by the inverted yield curve in March. Most of my clients now maintain discretionary relationships with myself, and I go into this and related topics extensively in my quarterly review letter which I completed this morning, so I’ll not repeat myself here.
That’s it for this week. Have a great long weekend, and all the best,
Nick
Nick Scholte, CIM, FCSI
Vice-President & Portfolio Manager
RBC Dominion Securities Inc. │ Tel: 604.257.7569 │ Fax: 604.235.9950
3200-1055 West Georgia │ Vancouver, BC │ V6E 3P3
Toll Free: 1.844.665.9900 │ nick.scholte@rbc.com
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