ClearWater Market Commentary as of March 29th, 2021

Here is the ClearWater Market Commentary as of March 29th, 2021:

In this issue:
– Performance of Major Indices
– Market Commentary
– Last Week’s Key Economic  
  Events and Upcoming Events

Performance of Principle Indexes: 

S&P/TSX Composite Index  
5 Day-0.54%
1 Month3.83%
1 Year47.80%

As of 2021/03/05 – Source:

Index PerformancesLast 5 DaysYTD
S&P 5002.42%4.42%
Dow Jones Industrial 2.22%6.61%
FTSE 1000.68%4.03%
CAC 40 -0.32%2.67%
S&P/TSX Composite -0.54%7.57%
Shanghai Composite -0.73%-1.58%
WTI Crude (oil)-1.00%25.40%
Hang Seng Index -1.50%2.48%
Nikkei 225 -1.97%-1.23%
Russell 2000-2.23%12.22%

As of 2021/03/19

Last week’s and next week’s key economic events:

US economy (S&P 500 -0.58%):

  • The major indexes were mixed for the week, as investors seemed to continue weighing optimism about re-opening against inflation and interest rate concerns.
  • Conflicting signals about progress in fighting the coronavirus appeared to be a major driver of sentiment. However, investors seemed encouraged by AstraZeneca’s release of data showing its vaccine was highly effective and safe in U.S. trials.
  • Small-cap stocks lagged for the second week, signalling a potential pause or reversal in their recent market leadership.
  • As February’s economic data was released, it seems that rough weather it took a toll on the economy last month. Home sales fell 6.6% in February (twice as much as expected) and supply chain issues impacted by poor weather also had an impact. 
  • The closure of the Suez Canal, due to a disabled cargo ship, raised worries about already stressed global supply lines, but boosted oil prices and energy stocks.

Canadian markets (S&P/TSX 0.01%):

  • Canadian business headlines this week were dominated by Canadian Pacific Railway Ltd. agreeing to buy Kansas City Southern, looking to create a rail network linking Canada, the US and Mexico.
  • Although the deal won praise from most commentators, CP’s stock dropped sharply on the news and weighed on the industrials sector of the S&P/TSX Composite Index.
  • The biggest sector loss in the TSX was seen in the small but volatile health care sector. Cannabis companies continued to retreat from recent highs driven by US political developments.
  • The technology and materials sectors were also especially weak, following declines in shares of Shopify Inc and gold prices. Defensive, interest rate-sensitive sectors — utilities, staples, real estate — were among the strongest groups, boosted by falling bond yields.

Performance 2021: S&P 500/400/600 Sectors

European and Asian economies:

  • Share in Europe rose on hopes of an economic recovery, reversing earlier losses stemming from concerns about additional restrictions.
  • New or extended restrictions were imposed in several countries, including Germany and France.
  • After a spat over vaccine supplies, Britain and the EU issued a joint statement saying they are developing a ‘reciprocally beneficial relationship’ to tackle the pandemic. Both sides are working together now to create a ‘win-win’ situation and expand vaccine supply.
  • Eurozone business activity grew in March and the PMI (Purchasing Managers’ Index), which combines services and manufacturing, rose to its highest level since late 2018.
  • Japanese stocks posted sizable losses as renewed lockdowns undermined recovery hopes.
  • Chinese stocks recorded a weekly gain, thanks to a rally on Friday after the country’s central bank signaled that it was not about to tighten monetary policy.
  • Similar to other major markets, China is experiencing a rotation from growth stocks to value stocks as the economic recovery broadens.
  • On the environmental front, China will need to spend USD 6.4 trillion on green power generation to meet President Xi Jinping’s goal of carbon neutrality by 2060.
  • Transitioning to green energy is a key objective of China’s latest Five-Year Plan, which calls for the peak year for carbon emissions to occur within the next few years.

What to watch this week:


  • Industrial Product and Raw Materials Price Indices (February)
  • Gross Domestic Product (January)
  • Building permits (February)
  • Markit Manufacturing Purchasing Managers’ Index (March)


  • Conference Board Consumer Confidence Index (March)
  • Markit, ISM Manufacturing Purchasing Managers’ Index (March)
  • Pending home sales (February)
  • Construction spending (February)
  • Employment report (March)

Sources:,, Barron’, and

Thank-you for checking out our ClearWater Market Commentary for March 29th, 2021. If you would like to receive the ClearWater Commentary at the start of every week, sign-up for our Newsletter.