This makes two positive weeks in a row for equity markets which have been buoyed by Chinese President Xi’s business forum speech of April 10th. That is when he extended a calming olive branch and announced plans to open up the Chinese economy, including lowering tariffs for autos and enforcing the legal intellectual property of foreign firms. If this cooling of the trade war rhetoric, accompanied by President Trump not tweeting anything to upset markets, and him staying out of too much controversy, could continue for a little while; then markets could focus on the very good earnings reports we are seeing from companies and might continue to get the traction in the right direction that they should. I know, those “ifs” could be a hard ask, so we will have to continue to watch and wait.
Tax Packages; The March 29 tax package mailings will conclude this year’s tax reporting. However, clients should be aware that it is possible for issuers to amend previously reported information resulting in amended tax packages.
This Past Week; The second week of positive equity markets, with the TSX up 1.4% and the DOW and the SP500 up 0.4% and 0.5% respectively, has also given us a positive April to date. Although markets do not like the higher bond yields we are seeing, they have opened tentatively and slightly higher this morning as well.
The Weekend/Weather; We finally had a very nice breakthrough spring weekend and it was great to be outside. After today the rest of the week will cool off a little but, at least when we get precipitation it will be actual rain instead of snow.
Enjoy your week!
Global Insight WEEKLY
Moving to the beat of the oil drum
April 19, 2018
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