Shorter-term View
Our report revisits vital issues outlined in previous updates, including moderating inflation, slowing economic growth, and AI’s role in market performance. We also address China’s economic outlook, evolving geopolitical risks, and the potential impacts of the upcoming U.S. presidential election
Macroeconomic Conditions
Global economic conditions indicate a resilient U.S. economy, though signs of a slowdown are emerging. Canada’s growth has been modest but slightly above expectations, with projections of 1.2% for 2024 and 2.0% for 2025. Europe’s economy remains sluggish, with minimal growth, while China continu
Strategic Asset Allocation View (7-years)
Our 7-year forecasts consider several factors shaping the mid-term investment landscape, including mid-single-digit equity returns (6.0%-7.0%) and a gradual decline in interest rates. U.S. equities may see narrowing outperformance over international markets, while corporate profit margins face mixed
Capital Markets Executive Summary
Global equity markets advanced 6.6% in Q3, bringing YTD gains to 18.8% through early October, with emerging markets leading the way. Fixed income appreciated as interest rates fell, and alternative assets like hedge funds, private equity, and private credit posted positive returns. Our report explor
