Shares of Nuvei, a Canadian payment services provider, fluctuated more than 6% after short seller Spruce Point Capital Management
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2023-04-19 | Sign Up | View Online
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Market Snapshot 📷
S&P 500 4,154.87 +0.09%
Nasdaq 12,153.41 -0.04%
Dow 33,976.63 -0.03%
10-Year 3.576% -0.015%
Oil 80.84 +0.01%
Gold 2,017.90 +0.54%

*All data as of the previous day’s market close.

Markets & Economy
China’s economy grew 4.5% in the first quarter, the fastest pace in a year (4 min read)

China's economy grew by 4.5% in the first quarter, surpassing the 4% forecast and marking the highest growth since Q1 2022. Year-to-date fixed asset investment was weaker than expected, up by 5.1% compared to last year, while real estate investment continued to decline. Goldman Sachs' chief China economist said the Q1 growth supports the firm's full-year outlook for the economy to grow 6%, adding that policymakers are likely to maintain a "pro-growth" stance to boost demand further. China's consumer inflation also hit an 18-month low earlier this month.
Canada's inflation rate eases to 4.3 per cent in March (4 min read)

Canada's annual inflation rate dropped to 4.3% in March, the lowest since August 2021, driven by base-year effects and a slowdown in gas prices. However, grocery prices remained elevated, with the cost of food purchased from stores increasing 9.7% in March. While shelter costs slowed, mortgage interest costs increased by a record 26.4% in March. The latest CPI data supports the Bank of Canada's expectation for inflation to come down to around 3% by mid-2023, and it has said it expects inflation to return to its 2% target by the end of 2024.
Business & Stocks
Nuvei Faces Short-Seller Report After Ryan Reynolds Investment (2 min read)

Shares of Nuvei, a Canadian payment services provider, fluctuated more than 7% after short seller Spruce Point Capital Management published a negative report on the company. The report questions Nuvei’s financial transparency, links with failed crypto platform FTX, and its recent acquisition of Paya Holdings. Spruce Point also warned of a potential 35% to 50% drop in Nuvei’s stock value. This comes after actor Ryan Reynolds announced he’s an investor in Nuvei, who has not disclosed the financial terms of his investment.
Goldman Sachs stumbled while Bank of America surged in first quarter (5 min read)

Bank of America has reported a 15% year-over-year increase in earnings, while Goldman Sachs' fell by 18%. The results indicate how different Wall Street banks have fared during a challenging period for the industry, with Goldman more reliant on traditional Wall Street businesses such as deal-making and trading. Several revenue sources at Goldman declined, including investment banking revenue and advisory fees. However, Bank of America, which has a much larger consumer lending business than Goldman, saw a rise in net interest income.
Funds & ETFs
Best Healthcare ETFs by Performance (5 min read)

A healthcare ETF typically invests in a diversified portfolio of healthcare companies, such as pharmaceutical, biotechnology, medical device and healthcare service providers. Some healthcare ETFs might focus more specifically on a category than others, which in turn can affect performance. So far this year, pharma stocks have been underperforming due to government-mandated drug price caps, while medical devices industry led the healthcare sector with gains. This article highlights the top healthcare ETFs that benefited from the trend this year. 
Weakening US Dollar Puts Spotlight on These ETFs (3 min read)

The US dollar’s strength may be reversing due to falling interest rates and the rise of countries looking to challenge its dominance. Investors who are bearish on the US dollar can explore ETFs such as the Invesco DB U.S. Dollar Index Bearish (UDN), iShares International Treasury Bond ETF (IGOV), and iShares International Select Dividend ETF (IDV). IGOV holds bonds denominated in non-dollar currencies, IDV invests in high-dividend-paying companies in the EPAC region, and UDN aims to deliver the opposite of the U.S. Dollar index via swap contracts.
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