The Bank of Canada announced its intent to leave benchmark interest rates unchanged. This decision was initiated on the basis that the Bank is forecasting a slowing of GDP growth to 1.6% in 2020.
Market and Investment Insights
CrossPoint Financial brings to you the third quarter of 2019 portfolio review. We trust you find this type of communication helpful. It’s just one more way we try to keep you up to date on the status of markets and our portfolios.
Canadian markets continued to show resilience to a global slowdown as the S&P/TSX hit a new record high. At the high, the index was within striking distance of 17,000 points, nearing a threshold that was unexpected at such a late stage in the business cycle.
Investors who were expecting renewed exuberance in the markets after the Federal Reserve cut interest rates on July 31st would have been disappointed given the negative monthly return on the S&P 500.
North American markets continued higher following last month’s reaction to the Federal Reserve’s softening tone allowing the S&P 500 and S&P/TSX to hit new highs.