Many saw short-term market instability as a buying opportunity
Based on the Scotia ETF EDGE reports from July 1 to Aug. 2, spanning a five-week period, Canadian ETFs saw an inflow of $7.6-billion. Equity ETFs topped the month with net creations of around $4.1-billion while Inflows in fixed income decreased compared to the previous month, accounting for $1.6-billion. Cash saw inflow of nearly $0.19-billion. Crypto bounced back from last month’s exodus with net creations of $99 million.
U.S. Fed chair Jerome Powell opened July with the a semi-annual policy report. Reading the tea leaves, Mr. Powell remarks that the economy is no longer overheated and that the labour market appears to be fully back in balance. Despite the optimism, the members of the FOMC voted to maintain the federal funds rate. Market reaction following the press conference was muted as analysts and observers expected a rate hold understanding that the committee are data dependent.
The CrowdStrike incident caused the company stock to feel some temporary volatility. The faulty security update resulted in millions of Microsoft’s Windows users to be impacted, leading to widespread disruptions in critical global services such as airlines, financial institutions and other industries. Tech-heavy indexes, like the Nasdaq, dropped briefly. Many investors saw this short-term market instability as a buying opportunity.
Other major news for July were on the political front. Former U.S. president Donald Trump became the official nominee for the Republican Party after surviving an assassination attempt and President Joe Biden dropping out of the presidential race. Government policies and regulations has a significant impact on economic activities. Change creates uncertainty that the market will have to navigate through, however, Mr. Biden’s withdrawal appeared to have little effect on Wall Street as U.S.
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