recent market commentary
CAD February Market Commentary
Noteworthy Developments Global equities, as represented by the MSCI ACWI Index, declined by 1.1% (-0.6% in USD) with varied performance across regions. The CAD strengthened by 0.5% vs. the USD. Global Equities Global equities declined by 1.1%, with US large-cap equities (S&P 500) down 1.8% while international developed (+1.3%) and emerging market equities (+0.0%) performed better. Weaker US equity performance was driven by heightened uncertainty surrounding Trump’s inconsistent application of tariff policy (announcements followed by delays or pauses in implementation)
CAD February Market Commentary
Noteworthy Developments Global equities, as represented by the MSCI ACWI Index, declined by 1.1% (-0.6% in USD) with varied performance across regions. The CAD strengthened
USD February Market Commentary
Noteworthy Developments Global equities, as represented by the MSCI ACWI Index, declined by 0.6% with varied performance across regions. Global Equities Global equities declined by
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.
CAD January Market Commentary
Noteworthy Developments Global equities, as represented by the MSCI ACWI Index, appreciated strongly by 4.5% (3.4% in USD) with all regions experiencing positive performance. The
USD January Market Commentary
Noteworthy Developments Global equities, as represented by the MSCI ACWI Index, appreciated strongly by 3.4% with all regions experiencing positive performance. Global Equities Global equities
USD December Market Performance
Global equities, as represented by the MSCI ACWI Index, declined 2.4% with all regions experiencing negative performance.
CAD December Market Performance
Global equities, as represented by the MSCI ACWI Index, appreciated 0.2% (-2.4% in USD) with all regions experiencing negative performance in USD. The CAD weakened further by 2.7% vs. the USD.
USD November Market Performance
Global equities, as represented by the MSCI ACWI Index, increased 3.7% with sharp dispersion in regional performance.
CAD November Market Performance
Global equities, as represented by the MSCI ACWI Index, increased 4.3% with sharp dispersion in regional performance. The CAD weakened by 0.5% versus the USD.
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.
CAD September Market Performance
Global equities, as measured by the MSCI ACWI Index, posted a strong
gain of 2.6% (2.3% in USD), though performance varied significantly
across regions.
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.
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%.
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%.
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.
USD June Market Performance
Global equities (MSCI ACWI Index) continued to appreciate albeit with differences in performance across regions.
CAD June Market Performance
Global equities (MSCI ACWI Index) continued to appreciate albeit with differences in performance across regions. The CAD weakened by 0.4% vs. the USD.
CAD May Market Performance
Global equities rose sharply as the MSCI ACWI Index increased 2.9% (4.0% USD).
USD May Market Performance
Global equities rose sharply as the MSCI ACWI Index increased 4.1%
CAD April Market Performance
Global equities retreated as the MSCI ACWI Index declined 1.6% in CAD (-3.3% in USD).
USD April Market Performance
Global equities retreated as the MSCI ACWI Index declined 3.3% in USD
CAD February Market Performance
Continued strong appreciation for global equities as the MSCI ACWI Index rose 2.9% in CAD (+3.2% in USD).
USD February Market Performance
Continued strong appreciation for global equities as the MSCI ACWI Index rose 3.2%.
USD December Market Performance
Global equities (MSCI ACWI Index) rallied by 4.8% in USD and bonds (Barclays US Aggregate Bond Index) appreciated by 3.8%.
CAD December Market Performance
Global equities (MSCI ACWI Index) rallied by 2.3% in CAD (+4.8% in USD) and bonds (ICE BOFA Canada Broad Market Index) appreciated by 3.4% in CAD.
USD January Market Performance
February delivered a retreat from January’s strong start with global equities down 2.9% in USD.
CAD January Market Performance
February delivered a retreat from January’s strong start with global equities down 0.4% in CAD.
CAD November Market Performance
Global equities (MSCI ACWI Index) rallied by 6.7% and bonds (ICE BOFA Canada Broad Market Index) appreciated by 4.2% in CAD.
USD November Market Performance
November saw massive rallies in equities and bonds. Global equities (MSCI ACWI Index) rallied by 9.2% and bonds (Barclays US Aggregate Bond Index) appreciated by 4.5%.
USD October Market Performance
Equity markets (MSCI ACWI Index) declined by 3.0% in USD during October with declines driven primarily by rising interest rates, especially in the US.
USD September Market Performance
Equity markets (MSCI ACWI Index) declined by 4.2% in USD during September with declines driven primarily by rising interest rates, especially in the US.
CAD October Market Performance
Equity markets (MSCI ACWI Index) declined by 0.9% in CAD. The CAD weakened by 2.2% vs. the USD during the month.
CAD September Market Performance
Equity markets (MSCI ACWI Index) declined by 3.7% in CAD. The CAD weakened by 0.5% vs. the USD.
USD August Market Performance
Equity markets (MSCI ACWI Index) declined by 2.8% in USD during August. Declines were widespread across all major regions and style factors.
CAD August Market Performance
The CAD depreciated by 2.4% vs. the USD during the month.
CAD July Market Performance
The CAD strengthened by 0.4% vs. the USD during the month.
USD July Market Commentary
Equity markets (MSCI ACWI Index) continued to appreciate strongly and were up 3.7% in July in USD. Once again, gains were widespread across all major regions and style factors.
Silicon Valley Bank Event
SVB, the 10th largest US bank, was shut down by regulators due to insolvency on Friday March 10, 2013. The bank had a classic mismatch in its assets and liabilities, including a significant amount of deposits from Silicon Valley start-ups and high-growth technology and healthcare companies.
Market Update Feb 2022
Update on market outlook: potential capital markets impact of Russian invasion of Ukraine Since its beginning, 2022 has been challenging to investors and the geopolitical
Market Update May 2022
Market declines YTD and perspectives on high-quality growth stocks Although we recently provided a quarterly update, the equity markets have continued to decline since then. Additionally,
Market Update Sept 2021
Update on market outlook: heightened US market volatility expected and perspectives on Emerging Markets We hope everyone enjoyed the summer and are staying safe and
Market Update Jan 2021
Update on market outlook: after COVID resurgence, vaccine news and US election results Happy New Year! We hope everyone enjoyed the holiday season and are
Market Update May 2020
Update from April 14 Memo: recent market events and continued positioning in high quality stocks We hope everyone is enjoying the start of spring and
Market Update April 2020
Update from April 2 Memo: market outlook and positioning after continued sharp rally We hope you had a nice Easter holiday and that everyone is
Market Update April 2020
Update from March 16 Memo: financial market seizure and policy-induced rebound A lot of has happened with the spread of Coronavirus (COVID-19), its effect on
Market Update March 2020
Reflections on steep Coronavirus-induced market declines and impact on BCA 7-yr Capital Market Assumptions Risk assets (equities, credit, and emerging market bonds) have declined significantly
