North American Portfolio Strategist Martin Roberge believes the bearish reaction following the FOMC decision not to raise interest rates last week signals investors’ uneasiness when it comes to gauging the function of the Federal Reserve. Equities began on a weak note with selling pressures intensifying when investors discovered that Volkswagen had cheated on its emissions tests. The shockwave undermined European markets through automakers. Economic sentiment in China further deteriorated with another uninspiring PMI manufacturing data. Further global gloom struck when Caterpillar announced that it slashed its 2015 revenue forecast owing to weak orders for mining equipment. For the week, the S&P 500 and the S&P/TSX are down 1-2%.
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