Market Commentary

Market Commentary – First Quarter 2020

The first quarter of 2020 started on a positive note with easing of trade tensions between the United States and China and geopolitical tensions between U.S. and Iran, but ultimately will be remembered for generations for the COVID-19 pandemic, the economic impact of government responses globally, and the record speed in which it negatively impacted […]

Market Commentary – Fourth Quarter 2019

(all returns in Canadian dollars) The fourth quarter of 2019 concluded a spectacular year for bonds and equities. Despite escalating trade tensions between the United States and China, protests against the political establishment in Hong Kong, Lebanon, Chile, Ecuador, and many other places, Brexit uncertainty, and a slowdown in the global economy, the year progressed […]

Market Commentary – Third Quarter 2019

Assisted by accommodative interest rate policies, most developed stock markets continued higher in the third quarter of 2019. This was despite ongoing problems including political uncertainties, U.S.-China trade tensions, issues in the Middle East, and concerns around slowing global economic growth. Central banks continued to ease interest rates to help boost their economies, although most […]

Market Commentary – Second Quarter 2019

Markets were generally higher in the second quarter and the U.S. S&P 500 index closed the first half of 2019 at an all-time high. Stock markets produced the strongest first half-year gains in over twenty years since 1997. However, the bond market seemed to be sending conflicting signals as U.S. interest rates have dropped back […]

Market Commentary – First Quarter 2019

After a very weak fourth quarter in 2018, the markets bounced back very strongly in the first quarter of 2019. Most stock markets experienced double-digit gains even though much of the economic data showed continuing weakness. Many central banks still expressed concerns around low economic growth prospects but this did little to deter the rise […]

Market Commentary – Fourth Quarter 2018

The fourth quarter of 2018 witnessed a dramatic correction across all markets with most stock indices experiencing near double-digit declines for the quarter. This was the first major annual correction in the decade-long expansion of the markets since the Great Financial Crisis in 2008. Global economic activity weakened in most regions except the U.S. Several […]

Market Commentary – Third Quarter 2018

Global markets delivered mixed returns in the third quarter of 2018 with the U.S. market supported by strong economic growth outperforming other major markets. Canadian stock and bond markets and emerging market stocks all had negative returns for the quarter. Concerns still remain regarding synchronized central bank policy tightening, rising protectionism, trade disputes, high global […]

Market Commentary – Second Quarter 2018

The second quarter of 2018 was very positive, although somewhat more volatile, for stock markets in Canada and the U.S. Strong economic performance, rising commodity prices, especially oil, low interest rates, tax cuts in the U.S. and strong growth in corporate earnings were all positives for the markets. In Canada, however, concerns still remain around […]

Market Commentary – First Quarter 2018

The first quarter of 2018 was marked by increased volatility and a number of factors, both positive and negative, that influenced investors’ perception of the markets going forward. During the first quarter there were 14 days when global stock markets moved by over 1% (i.e. up and down) compared to only three days in all […]

Market Commentary – Fourth Quarter 2017

The global economy continued to improve in 2017 in both the developed and emerging markets. Economic activity and corporate earnings have both had positive results which led to very strong stock market returns in most countries. Low interest rates and accommodative monetary policy have all provided support for continued global economic expansion. In Canada, concerns […]