Global equity markets were relatively flat last week (down 4.0% in the prior week). Metal prices rebounded amid a weaker US$. Despite hawkish statements from the Fed, the US$ was down last week as China has been selling its US$ to support the yuan. In addition, we believe the market is expecting slower wage growth in the September jobs report, expected this Friday. We believe lower that expected wage growth and employment numbers should prompt the Fed to turn less hawkish, and trigger a rally in equities.
Valuations of gold producers were up 10% last week (down 5% in the prior week); base metal producers were up 7% (down 8% in the prior week).
The global MCAP of cryptos is US$0.94T, down 5% MoM, and 57% YoY.
Currently, there are 3,375 retail cannabis stores in Canada, an increase of six stores WoW (all in Ontario).
