recent market commentary

CAD March Market Commentary

Noteworthy Developments: Global markets declined in March amid escalating tensions in the Middle East, which led to swift increases in energy prices, increased volatility, and broad risk aversion across asset classes. The Canadian dollar weakened 2.0% against the U.S. dollar. Global Equities: Global equities (MSCI ACW Index) declined 5.3% in March amid rising geopolitical risk driven byescalating tensions in the Middle East, which caused sharp surges in oil prices, massive shipping disruption, and heightened concerns about inflation and global growth.

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Perspective Amid Market Uncertainty

Since peaking at 6,147 on February 19th, the S&P 500 has dropped 9.4% to 5,572 by March 11, 2025, bringing its YTD decline to 5.2%. Interestingly, this decline contrasts with a 6.0% YTD gain in international equities (MSCI ACWI ex USA Index). This marks a reversal of the long-standing trend where US equities significantly outperformed global markets. In the note below, we explore the causes behind the US equity market’s recent weakness and its implications for future performance.

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Trump Administration Policies and Potential Impacts on Markets

Relative to the outgoing Biden Administration, the incoming Trump Administration has discussed implementing significantly different policies across immigration, tariffs, taxes, and regulations. With control of both houses of Congress (albeit with a razor-thin majority in the House of Representatives), Trump has a good chance of enacting much of his policy agenda. In the note below, we discuss potential policy shifts and their implications for equity markets across various geographies.

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USD September Market Performance

Global equities, as represented by the MSCI ACWI Index, saw solid gains, rising 2.3% However, there were notable regional disparities. The US Federal Reserve delivered its first interest rate cut of the year, lowering rates by 50 basis points.

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CAD August Market Performance

Global equities (MSCI ACWI Index) continued to appreciate strongly, albeit with high volatility. The ACWI Index sharply declined by 5.4% the first week of the month before furiously rallying to end August up 2.5%.

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USD August Market Performance

Global equities (MSCI ACWI Index) continued to appreciate strongly, albeit with high volatility. The ACWI Index sharply declined by 5.4% the first week of the month before furiously rallying to end August up 2.5%.

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Recent Equity Market Declines

Although we recently provided a quarterly update, equity markets have declined swiftly over the past few days while bonds have appreciated as yields have tumbled. We wish to share our current thoughts regarding the factors behind these moves and the potential implications going forward.

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