These are stories Report on Business followed this week.
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It's anyone's (educated) guess where we go from here, but Chris Beauchamp says there's one thing we can count on after this week's market turmoil: Caution.
"The past week has seen profit warnings by the score, plus an increase in concerns surrounding China growth and Fed policy," said the market analyst at IG in London, referring to the FTSE 100.
"The macro calendar next week is busy enough to bridge the gap until earnings season, but the lesson from the end of the third quarter is that volatility is back on the agenda," he added, this time referring to the New York markets.
Investors have a lot to digest these days: A stronger U.S. economy, expectations of a Federal Reserve rate hike, though not immediately, questions over China's economic outlook, and turmoil in the Middle East and Ukraine.
"The coming three months should see a much more cautious atmosphere, particularly if improving U.S. data lends weight to the theory that an interest rate hike is coming much earlier than expected."
This week, of course, was one of angst.
"September has finally unleashed its fury on global equity markets," chief economist Douglas Porter of BMO Nesbitt Burns said of this week's action on global markets.
"The downdraft arrived a bit later than usual this year - after all, the Dow and S&P 500 just touched record highs late last week, and even the TSX saw an all-time high earlier in the month," he added.
"But a variety of simmering global concerns - Syria, Ukraine, Ebola - as well as a dimming growth outlook in Europe and China, and a rare stumble by Apple, have finally made their mark."
Even amid all that, though, the losses for the week were "hardly earth-shattering."
Next up is a jam-packed week, with many potential market-moving events:
There are global purchasing managers index readings, notably from China, and a meeting of chief Mario Draghi's European Central Bank, which has cut interest rates but remains under pressure for an asset-purchase scheme.
"It is clear that from a data standpoint there is a need for further stimulus, with euro zone, French and German GDP at or below 0 per cent, PMI figures at or close to contraction, whilst unemployment remains at 11.5 per cent, which is almost double that of the U.S.," said research analyst Joshua Mahony of Alpari in London.
"However, from a policy standpoint, I believe there is little chance of a shift this month, given Mario Draghi's recent implementation of [two other] schemes," he added.
"It is clear that Mario Draghi is willing to act if necessary yet to make two major moves in two consecutive months would be highly unlikely as it removes the ability to properly monitor the impact of those previous actions."
Friday brings the key U.S. employment report for September, which economists expect will show about 210,000 jobs created last month, and the unemployment rate holding at 6.1 per cent.
Of course, losses for some can be opportunities for others.
"As a more bearish mindset takes hold, it pays to keep in mind that this selloff will bring with it a tremendous buying opportunity at more attractive price levels," said chief economist David Rosenberg of Gluskin Sheff + Associates.
"All of a sudden, there are already some inexpensive stocks out there."
The chief economist at Gluskin Sheff + Associates was giving his advice to clients Friday after global markets largely perked up, having been routed heading into the last trading day of the week.
Mr. Rosenberg, who sees what's been happening as a "stealth correction," warned, however, that "discipline and patience" will be needed going forward.
"But scaling back into high-quality stocks at better price points is the prudent strategy for long-term investors – what is important for success is 'time in' the market, not 'timing' the market," he said.
The week's top business videos
- Canada's housing bubble about to burst, author says
- Even with Passport, BlackBerry stock on 'No Fly List' for some
- Bull vs. Bear: Are beer investors due for a hangover?
- The new BlackBerry Passport: The ideal phone for two-handed typists
The week in Business Briefing
- Blame Canada: Tim Hortons deal likely sparked U.S. 'inversion' crackdown: analysts
- Hip to be square? On its big day, BlackBerry doesn't want to be an iPhone
- Canadians among world's richest but debts 'anything but sustainable'
- Canadian dollar sinks, likely to slip further: 'I wouldn't fight it'
- Do not fold, spindle or mutilate: Fun with Apple's #bendgate
The week in Streetwise (for subscribers)
- Jacqueline Nelson: Why hedge funds aren't sweating the Calpers exit
- Boyd Erman: CMHC boss leaves doors wide open to policy options
- Adrian Myers: Legal wrangle sheds light on Ontario's unique securities regulation regime
- Niall McGee: Bay Street lawyer appointed to Competition Bureau
- Boyd Erman: At what was once Stelco, déjà vu for the lawyers
The week in real estate
- Tara Perkins: No fear of housing bubble: CMHC
- Tara Perkins: Richardson GMP's Hilliard MacBeth sounds the housing crash warning
- Breng Jang: Ghost town to boom town: B.C.'s Kitsault looks to LNG
- Tara Perkins: Could targeted land transfer taxes cool Canada's hottest markets?
- Tara Perkins: How does your property tax compare with the rest of Canada?
The week in ROB Insight (for subscribers)
- Ian McGugan: Netflix 'tax' is not just a bad idea - it won't work
- Christopher Ragan: Voodoo economists: Busting some popular monetary myths
- Kevin Carmichael: Washington has only pressed 'pause' on inversions
- Carl Mortished: The mood is turning sour in Europe's IPO market
- David Parkinson: Bank of Canada has flung the door open for loonie bears
The week's top news
- David Parkinson: Bank of Canada pegs 'neutral' interest rate below historical norm
- Shane Dingman and Sean Silcoff: BlackBerry unveils Passport aimed at 'power professionals'
- Brent Jang and Justine Hunter: Petronas plays hardball with B.C. over Pacific NorthWest LNG
- Sean Silcoff: BlackBerry quarterly loss narrows, Chen boasts of 'solid quarter'
- 'Bond King' Bill Gross leaves Pimco for rival Janus
The week's must-reads
- Barrie McKenna: Canada's love of small business does the larger economy little good
- Eric Atkins: Farmers look beyond tough times with Wheat Board privatization
- Rachelle Younglai: Canadian miners struggle amid oversupply, price collapse
- James Bradshaw: How Netflix and Canada's broadcast regulator arrived at a deadlock
- Jacqueline Nelson: Hasbro captures Disney princess deal from rival Mattel