Monday morning briefing: Labour market faces challenges

International securities regulators focused on COVID-19. Many executives planning acquisitions in the next year. Handling client data with care. And much more in this week’s briefing.

Economic/industry news

Canada loses 1 million jobs: Canada sheds record 1.01 million jobs in March

The impact of short-term losses on long-term value: So how much wealth destruction has truly occurred since February?

Be careful trading based on Fed actions: Investors need to be selective in following the Fed

International securities regulators focused on COVID-19: Global regulators all-in on pandemic perils

A look at the similarities and differences between current conditions and the 2008 financial crisis: Comparing the current crisis to 2008

How governments can get people back to work, but keep them safe: How to restart national economies during the coronavirus crisis

Chart of the week: Labour market faces challenges

Canada’s job report for March showed a significant deterioration in its labour market. In an effort to contain the spread of COVID-19, many businesses were shuttered, at least temporarily, resulting in mass layoffs across many industries. In March, the Canadian economy lost over one million jobs, pushing the unemployment rate to 7.8%, its highest level since 2010. Markets will be carefully watching how the federal government’s wage subsidy program helps businesses, and if it keeps people employed. Let us know if you think this will be enough to bolster Canada’s labour market.
Used with permission of Bloomberg Finance L.P.

News and notes (U.S.)

A look at some strong and weak performing hedge funds in March: The winning and losing hedge funds of the March pandemic

Hedge funds’ returns declined in March: Hedge funds down 4.40 per cent in March, says Eurekahedge

Capital raised by private debt funds declined in the first quarter: Private debt funds struggle to raise capital in pandemic

Many executives planning acquisitions in the next year: While M&A grinds to a halt, many executives plan for future deals

Target-date funds experience declines amid extreme market volatility: Target date funds not immune to COVID-19 selloff: Morningstar

News and notes (Canada)

Canadian government relaxing restrictions on accessing wage subsidy program: Trudeau promises ‘relaxed’ rules for wage subsidy, more support for student jobs

A look at the impact of COVID-19 on the cannabis industry: Can pot stocks weather the COVID-19 hurdle?

How DB plans can navigate through the current market environment: A coronavirus game plan for defined benefit pension plans

Canada’s oil industry challenged by a confluence of factors: Alberta’s Kenney sees negative oil prices, $20 billion deficit

On the pulse – New frontiers in fintech

The use of fintech apps has risen in response to COVID-19: Coronavirus drives 72% rise in use of fintech apps

Now may be the time for financial institutions to improve its digital platforms: COVID-19 provides opportunity for digital transformation

Digitalization requires effective communication among different teams and departments: How to break down team and department silos for digital transformation

Helping banks and other organizations with customers’ COVID-19 questions: Google launches bot to help organizations answer COVID-19 questions

Handling client data with care: Why tech vendors must start taking our user data seriously

Insurers turning to digital tools for the sales application process: Insurers adapt underwriting, digital channels in pandemic response

High-net-worth topics

How the wealthy are navigating through the choppy markets (video): Tiger 21 Chairman Michael Sonnenfeldt on how his clients are navigating coronavirus-driven volatility

The wealthy should return to U.S. equities: Goldman tells rich clients U.S. stocks still offer best returns

Polls & surveys – What financials are saying

Canada’s economic recovery may not be rapid (CIBC): No quick recovery in sight, CIBC economists say

Financial advisors in the U.S. see more downside in stocks (Ned Davis): 4 in 5 advisors say stocks haven’t hit bottom: Survey

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