Monday morning briefing: Concerned consumers

Let’s play ball! Major League Baseball had its opening day last week, with other major sports leagues returning to play – or kicking off their seasons – in the next few days and weeks. Sports is a significant contributor to local economies, as fans buy tickets and purchase concessions, while hotels and local restaurants benefit from increased patronage.

The usual economic pickup will be somewhat muted, however, as capacity restrictions and lockdown measures limit spending at local establishments. That said, many of us are just happy we can finally root, root, root for the home team once more!

Economic/industry news

Canada’s inflation rate rose to 0.7% in June: Canadian inflation accelerates in June on gasoline, shelter costs

Canada keeps its AAA rating at S&P: S&P Global Ratings reaffirms Canada’s AAA credit rating

The EU introduces a massive recovery fund: European stimulus package introduces shared borrowing

Could there be a spike in asset management firms?: The COVID-19 crisis could launch a wave of new asset managers

Some operational trends in the investment management industry: Private fund industry veteran reveals top 3 operational trends in the investment management business

Looking to safe-haven assets: Gold, silver are surging to multi-year highs on virus spreading

Mercer looks at the relevance of value investing: Is value investing still relevant?

Reasons for hope

Positive results from early testing: Oxford-AstraZeneca COVID vaccine shows dual immune action

Helping the community, and each other: How helping the community has helped retired residents during COVID-19

Doing whatever it takes: This biotech business won’t let cost get in the way of a COVID cure

Adapting your business

Preparing the workplace for returning employees: 10 ways to change your traditional office as you head back to work

Transitioning to a new operating model in the new normal: Next-generation operating models for the next model

How companies can help working caregivers: 6 ways businesses can support working caregivers during COVID-19

The top concern of RIAs is business continuity planning: COVID-19 planning is top RIA compliance concern

Chart of the week: Concerned consumers

The stock market is rising and economic activity has improved, but could the U.S. economy be on shaky ground? According to the University of Michigan Consumer Sentiment Index, consumer confidence unexpectedly declined in July. Consumers expressed concern about current economic conditions and the economy, as well as their own personal finances. Meanwhile, the U.S. Department of Labor announced that initial jobless claims rose for the week ended July 18; the first weekly rise since earlier in the pandemic. Could the decline in sentiment lead to a pullback in consumer economic activity, or is this just a hiccup on the return to pre-pandemic levels? Let us know what you think.
Used with permission of Bloomberg Finance L.P.

News and notes (U.S.)

Net redemptions of hedge funds declined in May: Hedge fund redemptions down again in May

Concerns over raising the AUM threshold for 13F filings: Don’t mess with 13Fs

Private equity and sports are connecting: Hard-hit sports world finds new fans: private equity firms

The doors may be opening for banks to offer crypto custody services: Top US regulator paves the way for banks to offer crypto custody

Mutual fund sales and performance over the past two weeks: Mutual funds scorecard: July 22 edition

News and notes (Canada)

Digital app for insurance applications: Sun Life launches app for advisors

Stability in the housing market may help avoid mortgage defaults: Mortgage defaults after COVID-19 could look different than 2008, says economist

Canadians more confident about their financial future, according to IG: Can clients’ financial confidence last?

Sales of ETFs hit $23 billion in the first half of 2020: ETFs power fund industry sales in 2020: IFIC

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