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1 Week ending: September 16, 2016 MAJOR NEWS: Global equity markets were mostly down for the week: investor sentiment fell after no significant changes were made to major central banks existing monetary policies. Markets were also pulled down by poor economic releases. Looking ahead: Canada retail sales and eurozone composite PMI. Global Markets EQUITY INDICES Close % chg Week % chg YTD REGIONAL INDICES Close % chg Week % chg YTD CAN: S&P/TSX % 11.1% MSCI All Country World Index % 3.0% US: INDU % 4.0% MSCI Europe % -7.5% US: SPX % 4.7% Euro Stoxx 50: SX5E % -10.2% Nasdaq: CCMP % 4.7% MSCI Emerging Markets Index % 11.5% Brazil: IBOV % 31.7% MSCI Asia-Pac ex Japan % 7.2% Mexico: MEXBOL % 6.9% MSCI EAFE % -3.0% UK: FTSE % 7.5% CURRENCIES Close % chg Week % chg YTD Germany: DAX % -4.3% U.S./CAD % 4.8% France: CAC % -6.6% CAD/Euro % -2.2% Netherlands: AEX % -1.3% U.S./BP % -11.8% Italy: FTSE MIB % -24.4% JY/U.S % -15.0% Sw itzerland: SMI % -7.8% Euro/BP % -13.6% Japan: NKY % -13.2% U.S./Euro % 2.8% Hong Kong: HSI % 6.5% JY/BP % -24.6% Thailand: SET % 14.8% BOND YIELDS Close % chg Week % chg YTD Malaysia: KLCI % -2.3% 10 yr Canada Govt. 1.20% Singapore: STI % -1.9% 10 yr U.S. Treas 1.70% Taiw an: TWSE % 6.8% 10 yr Germany Govt % Korea: KOSPI % 1.9% 10 yr Japan Govt % Manila: PCOMP % 8.7% 30 yr Canada Govt. 1.83% Australia: AS % 1.0% 30 yr U.S. Treas 2.45% China: Shanghai % -15.2% COMMODITIES Close % chg Week % chg YTD India: Sensex % 9.5% Gold US$/oz % 23.4% Oil US$/bbl % 16.2% Source: Datastream. Index returns are in local currency. All returns are price returns and do not include dividends. PAGE 1
2 CANADA 4.0% S&P/TSX Comp. Index 0.39% 0.12% 0.96% -4.0% -1.70% -0.37% The S&P/TSX Composite Index declined by 0.6% for the week, with a decline in oil prices weighing on energy shares. Seven of the ten GICS sectors declined for the week, led by the energy sector. A fall in oil prices weighed on share prices of companies in the sector. In contrast, CGI Group pushed the information technology sector higher. Manufacturing sales in Canada rose in July by 0.1% month-on-month, compared with an increase of 0.8% in the previous month, mainly due to increased sales of primary metals, food products and petroleum and coal products. PAGE 2
3 U.S. Dow Jones Index 2.0% 1.32% 0.99% -0.18% -0.49% -2.0% -1.41% U.S. equities advanced last week as it became less likely that the Federal Reserve (the Fed) would raise interest rates at its meeting in September. The gains were significantly offset by declines resulting from disappointing economic releases during the week and from falling energy and banking stocks on Friday. The Nasdaq, the S&P 500 Index and the Dow Jones Index grew by 2.3%, 0.5% and 0.2%, respectively, for the week. The U.S. current account deficit narrowed in the second quarter of 2016 to US$119.9 billion, from US$131.8 billion, after primary income and exports of services increased. U.S. initial jobless claims increased in the week ended September 10 to 260,000, from 259,000 in the previous week. The reading continues to hold below the 300,000 mark, indicating stable job markets. Mortgage applications in the U.S., as measured by the Mortgage Bankers Association, increased in the week ended September 9 by 4.2%, after a rise of 0.9% in the preceding week, as purchase activity and refinance activity continued to grow. The 30-year mortgage rate decreased marginally, to 3.67%, from 3.68% in the previous week. Retail sales in the U.S. decreased in August by 0.3% month-on-month, compared with a revised increase of 0.1% in July; sales of automobiles, building materials and gasoline fell in August. The U.S. consumer price index rose in August by 1.1% year-on-year, up from the 0.8% rise recorded for July, driven by an increase in medical and shelter costs. PAGE 3
4 CONTINENTAL EUROPE DJ Euro Stoxx % 0.30% -0.33% -2.0% -1.32% -1.26% -1.30% European markets declined in the week; investors who expected further easing were disappointed by monetary policy announcements from key central banks in the region, who kept their interest rates unchanged. The European Central Bank decided to hold steady last week, and the Swiss National Bank also chose to leave its interest rates unchanged in September. The DJ Euro Stoxx 50 Index declined by 3.9%, France s CAC Index lost 3.5%, and Germany s DAX Index fell 2.8%. Contributing to the decline was a sell-off in banking stocks, especially Deutsche Bank, which was fined by the U.S. Department of Justice on the grounds of misselling poor-quality mortgage loans. Industrial production in the eurozone declined in July by 1.1% month-on-month, compared with a revised increase of 0.8% reported in June, with the production of capital goods, energy, durable consumer goods and intermediates falling during the month. The eurozone s trade surplus contracted in July to 20.0 billion euros, from 23.4 billion euros in June; exports fell and imports rose during the period. PAGE 4
5 U.K. FTSE 100 Index 2.0% 0.85% 0.12% -2.0% -0.53% -0.30% -1.12% The U.K. s stock market, as measured by the FTSE 100 Index, ended the week with a loss of 1.0%, after investors who expected further easing were disappointed by monetary policy announcements from the Bank of England on Thursday. The Bank of England left its interest rates unchanged, and said that it would lower interest rates before the year-end if it feels the need to do so. Consumer prices in the U.K. grew in August, by 0.6% year-on-year, the same as the growth reported in July, led by an increase in transport costs. Food and diesel prices fell at a slower pace compared with the previous period. The increase in prices was partially offset by a fall in the costs of clothing and footwear and in lower charges at restaurants and hotels. Retail sales in the U.K. declined in August by 0.2% month-on-month, compared with an increase of 1.9% in July. Sales of non-food products such as household goods and textiles, clothing and footwear fell, while sales of food products and fuel increased. PAGE 5
6 JAPAN Nikkei % 0.34% 0.70% -2.0% -0.69% -1.26% -1.73% Japanese equities, as represented by the Nikkei 225 Index, fell by 2.6% during the week, dragged down by banking and real estate stocks, amid uncertainty about the Bank of Japan s monetary policy direction ahead of its meeting next week. Industrial production in Japan fell in August by 0.4% month-on-month, after rising by 2.3% in July. Inventories declined by 2.4%, while shipments and inventory ratio increased by 0.7% and 1.1%, respectively. Japan s producer price index dropped in August by 3.6% year-on-year, compared with a 3.9% fall in July, primarily due to a fall in prices of petroleum and coal, followed by non-ferrous metals. Machine orders in Japan increased in July by 4.9% month-on-month, down from the 8.3% growth recorded in June. Machine orders rose 5.2% on a year-on-year basis, compared with a 0.9% contraction recorded for the previous month. Capacity utilization in Japan increased in July by 0.6% month-on-month, growing to 96.2 index points, compared with a growth of 1.5% in June. PAGE 6
7 SOUTHEAST ASIA Hang Seng 6.0% 0.63% 0.00% -0.32% -0.11% -6.0% -3.36% Asian markets were negative for the week, amid concerns over monetary policy decisions by key central banks and due to a fall in oil prices. China s SSE Composite Index declined by 2.5%, while Hong Kong s Hang Seng and India s Sensex lost 3.2% and 0.7%, respectively. Industrial production in China rose in August by 6.3% year-on-year, compared with the growth of 6.0% recorded for July. It was the highest monthly growth rate since March, supported by increased output of electricity, gas and water production, and manufacturing, while being partly offset by a decline in mining production. Retail sales in China increased in August by 10.6% year-on-year, compared with the 10.2% increase in July, led primarily by sales of building materials, automobiles and office supplies. Industrial production in Hong Kong declined in the second quarter of 2016 by 0.5%, following a 0.3% drop in the previous quarter, primarily due to a contraction in textiles output, which was partly offset by a rise in food, beverage and tobacco production. South Korea s unemployment rate increased in August to 3.8%, from 3.6% in July, reaching the highest rate since March The unemployment rate for young adults in the country still remains high. India s inflation rate eased in the month of August to an annual rate of 5.1%, down from 6.1% recorded in the previous month, due to slower increases in food prices. Industrial production in India declined in July by 2.4% year-on-year, compared with the 2.1% growth recorded in June, due to a fall in manufacturing production. India s trade deficit narrowed in August to US$7.7 billion, from a deficit of US$7.8 billion in July, with imports falling at a faster pace than exports. PAGE 7
8 LATIN AMERICA Brazil IBOV 4.0% 1.01% 0.42% 1.49% -1.43% -4.0% -3.01% The performance of Latin American stock markets deteriorated during the week, weighed down by a drop in crude oil and metal prices. Brazil s Ibovespa dropped 1.6%, while Mexico s MEXBOL declined by 1.2%. Brazil s retail sales declined in July by 0.3% month-on-month, after having increased by 0.3% in the previous month. Lower sales of food products, beverages and tobacco in hypermarkets and supermarkets, and of fuels and lubricants, accounted for most of the decline. Consumer prices in Brazil rose in August by 9.0% year-on-year, accelerating from an 8.7% increase recorded in July. The inflation rate remained well above the central bank s mid-point target of 4.5%, mainly due to higher food and transport prices. Mexico s same-store sales, as reported by the country s retailers association, ANTAD, increased in August by 1.7% year-on-year, after increasing by 10.0% in July. The growth rate in August was pulled down by negative sentiment about an anticipated interest rate increase in the U.S. Unless otherwise stated, the source of all data is Datastream. All views expressed are those of Fidelity Investments. This document is not to be reproduced or circulated without prior permission. Issued by Fidelity Investments Canada ULC. Read a fund s prospectus and consult your investment professional before investing. Mutual funds are not guaranteed; their values change frequently and past performance may not be repeated. Investors will pay management fees and expenses, may pay commissions or trailing commissions and may experience a gain or loss. Any mention of specific securities is for illustrative purposes only and not a recommendation to buy or sell, nor is it an indication of how the portfolio of any Fidelity Fund is invested. Fidelity Investments is a registered trademark of Fidelity Investments Canada. PAGE 8
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