Monday morning briefing: Sharp rebound

Technology stocks that had previously been outperformers came under pressure last week. These companies included a number of tech giants that announced relatively strong quarterly reports, but pointed to some uncertainty as a result of the pandemic. Inc. reported solid sales results, but said profitability could be challenged by the spread of COVID-19. Twitter Inc. reported weak user growth, while Apple Inc. experienced a substantial drop in iPhone sales.

Economic/industry news

The BoC held its key interest rate steady at 0.25%: Bank of Canada sees interest rates on hold into 2023

U.S. GDP expanded 33.1% in the third quarter: U.S. GDP booms at 33.1% rate in Q3, better than expected

The ECB kept its main refinancing rate unchanged at 0.00%: ECB leaves key rates unchanged in October as expected

Currencies should be used in a diversified portfolio, says Goldman Sachs: What’s the new 60/40? Goldman has part of the answer.

Concerns to watch for in retirement portfolios: 4 concerns retirees must watch thanks to high stock prices

Reasons for hope

Reducing the need for medical care: Regeneron’s COVID-19 therapy reduces viral load, need for care

The WHO is cautiously optimistic about a COVID-19 vaccine: WHO says COVID vaccine trials are ‘encouraging’ but it’ll take time to ensure it’s safe for everyone

Helping to improve mental and emotional health: 10 apps to protect and boost your mental health during the pandemic

Adapting your business

Be open to quick pivots amid uncertainty: Alexa von Tobel: How to grow a company during uncertain times

To be a successful entrepreneur, it is important to overcome fear: Venus Williams’ advice for entrepreneurs: Don’t let fear take over – just push through it

Investors benefit from using a financial advisor: Advisors get an ‘A’ from investors on pandemic response: survey

Finding and keeping great talent at family offices: Help Family Office clients create an employee retention plan

Chart of the week – Sharp rebound

After dropping 31.4%, annualized in the second quarter, U.S. gross domestic product (“GDP”) expanded 33.1% in the third quarter. Consumer spending, business investment and exports all surged higher as economic activity improved with lockdown restrictions easing. While the record expansion was widely expected, GDP remains below the level reached before the COVID-19 pandemic. The question is now how quickly will the economy make up the final 3.5%? Cases are rising, new lockdown restrictions may be introduced and further stimulus may not be coming anytime soon. The recovery ahead could definitely be choppy. Let us know what you think.
Used with permission of Bloomberg Finance L.P.

News and notes (U.S.)

Is the asset management industry prime for consolidation?: Consolidation is coming for the asset management industry

ETFs can use more leverage: SEC allows ETFs to expand use of leverage, derivatives

IRS releases contribution limits for 2021: IRS boosts 2021 income limits for deductible IRA contributions

News and notes (Canada)

TD Direct Investing launches the TD GoalAssist: TD launches financial planning app

ETF flows should remain robust in the fourth quarter: Where to expect ETF growth

The top 40 under 40: Canada’s top 40 under 40: The next leaders for 2020

Canadian DB plans post a positive return in the third quarter: Canadian DB pension plans post 3.2% return in Q3: report

MFDA serves mass market investors: Fund dealers focus on middle-class investors

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