MARKET WATCH
With the first half of 2018 behind us, most international markets sit slightly higher than their 2017 close, while the emerging markets have not fared as well. After a strong start to the year, they have endured a correction since the end of January. China's Shanghai composite index, for example, currently trades 20% below its January high.
After trading slightly higher the last couple of weeks, it seems like most markets are beginning to settle in for August, which is historically one of the slowest months of the year.
However, there was some excitement earlier this week...
On Monday, China stated it would adopt a more vigorous fiscal policy to support its economy; to which the China-dominated emerging market index responded in kind by rising more than 1% the following day.
That being said, the Chinese stock market has been one of the worst global performers this year, falling more than 20% since the beginning of 2018. This decline has likely been due to investor profit-taking, slowing economic growth, and trade issues with the Trump administration.
It should be interesting to see how both the Chinese market and their trade negotiations progress in the future.
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IN THE REVIEW QUEUE
Storm in a Teacup: The Physics of Everyday Life
by Helen Czerski:
From toasters to the bubbles in our drinks to our spinning planet, physics shapes our daily lives. Not only does Helen Czerski make learning about everyday physics approachable, her writing style makes it enjoyable.
Tiger Woods
by Jeff Benedict & Armen Keteyian:
A gripping, unauthorized, yet well-researched, biography on arguably the greatest golfer, and perhaps athlete, of his generation. I thoroughly enjoyed listening to this book and often found myself needing to tell my wife some of the crazy things that happened in Woods' life.
What I learned from Daniel Kahneman
by Jason Zweig:
For years, Daniel Kahneman has been one of the most influential thinkers in the fields of decision-making and behavioural economics. Although he is smart, hard-working, and immensely curious, these are not what he attributes his success.
Canso Newsletter (July)
:
This month's Canso newsletter covers Trump, trade wars, cryptocurrencies, potential inflation, and much more.
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NOTABLE QUOTES
"I have no sunk costs."
----- Daniel Kahneman
"Behaviour, in business and investing, is the art of putting skills to use. It's probably the hardest part of this game. It's not analytical. It's often counterintuitive. But it's the secret ingredient most of us are after. Skills should be praised. But skill without the right behavior often has a ceiling and an expiration date."
----- Morgan Housel
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#DANFORTHSTRONG 
Our thoughts go out to the victims of the tragic mass shooting on the Danforth in Toronto Sunday night. Earlier this week, Bellevue Square author, Michael Redhill,
penned a column
in the Globe and Mail reflecting on the incident and the community he calls home.
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The views of the author do not necessarily reflect those of Raymond James. This article is for information only. Raymond James Ltd. Member-Canadian Investor Protection Fund.
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