Monday morning briefing: This would make Sam Walton proud
Perhaps a sign of the new normal, Shopify Inc. announced its employees will work from home permanently. This is not specific to the tech industry, however. Many major banks across the U.S. and Canada have announced they are considering how, when and where their employees will be working in the post-pandemic world.
Economic/industry news
Canadian inflation rate declined in April:Inflation falls below zero in Canada for first time since 2009
Canadian retail sales experienced a sharp decline in March: Canadian retail sales fell 10% in March, April expected to be worse
Japan enters recession: Japan’s economy falls into recession as virus takes its toll
A look at some companies using tech to make better products: Finding transformative tech in unusual places
Why the U.S. could see a ‘Y-shaped’ recovery: Liz Ann Sonders: What the post-pandemic world might look like
Economy will need the services sector to lead the recovery: Services sector key to economic recovery
How liquid alts can benefit a portfolio: The stabilizing force
Reasons for hope
Moderna sees success with virus antibody, but further testing required: Experimental coronavirus vaccine generated virus antibodies in small, early stage study
How one company turned into a manufacturer of PPE: Pivoting manufacturing operations to support COVID-19 efforts
Not just athletes, they are health care pros: Canadian Super Bowl winner, Olympians Wickenheiser and Rochette join COVID-19 frontlines
Keeping workers safe with digital tools: Technology, properly applied, keeps workers safe during COVID-19
Adapting your business
Financial institutions will need to be focused on helping clients achieve “financial well-being”: Financial peace of mind may be key banking product in COVID’s wake
What the workplace may look like after COVID-19: ‘Not going to be like it was’: Post-pandemic workplace takes shape
Business practices that may change for financial advisors: What new practices will you adopt in the next chapter?
The key to building trust is a great team: Build client trust through each team member
How Edward Jones is adapting amid the COVID-19 pandemic: Edward Jones: How we’re adapting to the COVID-19 ‘new normal’
Chart of the week
Walmart Inc. reported its fiscal first-quarter earnings last week and its financial results were impressive. One-year revenue growth advanced 8.6% in the quarter. Walmart’s online sales increased 74% year-over-year, which is quite an achievement given that just a few years ago online sales were a weak spot for the retail behemoth. Let us know what you think.
Used with permission of Bloomberg Finance L.P.
News and notes (U.S.)
Howard Marks expects volatility to return to equity markets: Add Howard Marks to the list of notable investors who believe the market comeback has gone too far
Daniel Loeb to become sole CIO of Third Point: Exclusive: Third Point founder Daniel Loeb takes over as Munib Islam leaves firm
Aladdin adds private assets: The relentless ambition of BlackRock’s Aladdin
How Regulation Best Interest will impact Broker-Dealers: Implications of Reg BI for Broker-Dealers and advisors
JPMorgan to close ETFs: JPMorgan plans to close four ETFs that mimic hedge-fund styles
News and notes (Canada)
CI to create CI Direct Investing after purchasing remainder of WealthBar: CI Financial buys remaining stake in WealthBar, will create CI Direct Investing
CI launches CI Marret Alternative Enhanced Yield Fund: CI launches new liquid alt fund
A look at the impact of COVID-19 on first quarter earnings: How the pandemic impacted Q1 earnings
Morgan Stanley bringing wealth management expertise to Canada: Morgan Stanley to expand wealth management business into Canada
Canadian ATS firm MATCHNow purchased by CBOE: CBOE to acquire Canadian alternative trading system