An Eventful Week

Good day,

Lots of news this week…

OPEC has agreed to begin tapering production as of November. Oil markets loved the news and created a rally for both energy companies and the commodity itself, with Brent Crude closing above $49 and WTI over $48. We took advantage of the positive sentiment and hit the buy button to add to our energy position on Thursday.

Germany’s largest bank, Deutsche Bank, has had significant financial issues for some time but it made multiple headlines this week due to the potential of a $14 billion fine from the US Justice Department to settle the fallout from a number of mortgage backed securities. Of course the bank closed up some 15% today on news that it’s nearing a settlement deal of $5.4 billion, making back some of the 22% it has lost over the last couple of weeks. Despite the volatility, the news sent global markets rallying this Friday.

And we can’t forget about the US presidential debate Monday evening. My son and I sat on the couch, I was watching the debate and he was watching Scooby Doo on his iPad. We both found our programs of choice to be entertaining, yet nevertheless scary.

A few weeks back I mentioned that September was historically one of the more volatile month for North American markets. I’ve attached a one-year chart of the Volatility Index (VIX) which measures the volatility for the S&P500. For the month the TSX gained 0.88%, The Dow dropped 0.5%, and the S&P500 was off by 0.09%. Our model portfolio September results will be available next week.

Have a great weekend.

Danny

1yr

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Daniel Popescu CFP, CIM, FMA, FCSI
President & CEO

MNP Tower, 3100-1021 West Hastings St.
Vancouver, BC V6E 0C3
T: 604-558-6830/1(877) 588-6822
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harbourfrontwealth.com

 

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