APRIL 3rd, 2020

Update on recent financial market and economic developments amidst the ongoing COVID-19 outbreak 

What were the significant developments this week?

·       Canadian and U.S. markets remained volatile, fluctuating between strong moves up and heavy moves down throughout the week and demonstrating that investors are still not confident in how this crisis will play out. 

·       The federal government’s commitment to fiscal support for Canadians reached $176 billion, after it announced a plan to subsidize 75% of wages for workers of eligible businesses.

·       Oil prices sank even lower to begin the week before rebounding. U.S. President Donald Trump held a “prolonged” call with Russian President Vladimir Putin, where the two agreed to further discussions between energy officials in the two countries.

·       The number of confirmed COVID-19 cases worldwide surpassed one million and continued to grow exponentially, with many countries keeping social distancing and lockdown measures in force. 

How does this affect my investments? 

As recent market swings have demonstrated, it’s impossible to time short-term movements to avoid losses and capture gains. This is why we built your portfolio as a long-term plan. Attempts to capitalize on events such as these with short-term planning can lead to you missing out on the consistent long-term growth that forms the basis of successful financial plans. 

We know that it can be difficult to avoid the daily chatter surrounding the market’s hourly reaction to events, which is why we are sending you this weekly recap. It is a way to both help you block out the daily noise and speculation, while providing you clarity on recent developments. Yet remember that we did not build a weekly portfolio. The items above are major news stories today, but when the world emerges from this event, they are likely to serve as footnotes to a portfolio that has demonstrated its strength over the long run.

If your situation or objectives have changed, we can discuss how this may affect your plans. Please do not hesitate to contact us at 1.855.840.6999.

Sincerely,

IAN JENNER SENIOR FINANCIAL ADVISOR

JAMIE GEISLER CFP, BA Econ CFP SENIOR FINANCIAL ADVISOR

TONY SUTEY CFP, FMA, CIM SENIOR FINANCIAL ADVISOR

WADE PERKINS CFP SENIOR FINANCIAL ADVISOR

TRINA ODD B.B.A FINANCIAL ADVISOR

LISA FERRY FINANCIAL ADVISOR

AMY CRONKWRIGHT FINANCIAL ADVISOR

Spire Advisors / Assante Capital Management Ltd.

Sources: CI Investments Inc., Bloomberg Finance L.P., The New York Times Company, CNBC LLC and Yahoo! Canada Finance.

IMPORTANT DISCLAIMERS 

This material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources however no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please make sure to see a professional advisor for individual financial advice based on your personal circumstances.

Assante Capital Management Ltd. is a Member of the Canadian Investor Protection Fund and Investment Industry Regulatory Organization of Canada.