Throughout October, investors took positions to de-risk portfolios in the run-up to the U.S. Presidential election. This de-risking, coupled with rising COVID infections and new lockdowns in Europe, resulted in…
As lockdown restrictions eased, a second wave of COVID cases surged across Europe and India. As a result, mobility-tracking data produced by Google and Apple shows people are willingly travelling less in these regions, putting increased pressure on…
Over the early summer months, global economies have shown improvements. Jobs, retail sales, food services, and industrial production have been experiencing significant bounces. As we head into the fall…
The theme of July was strong growth in risk assets compared to a weak US dollar. Relative to history, the US dollar had the worst month of all the major asset classes. A weak US dollar helps spur growth because…
Ending a quarter of strong recovery from March-lows, the S&P 500 was up 1.8% and the S&P/TSX Composite up 2.1%, in their respective local currencies.
By the end of May, the majority of investors believe the worst of the COVID-19 economic shutdown is behind us. Although the stock market is forward-looking and an indicator of investor sentiment, we struggle to reconcile these returns with what we’re monitoring in the data from indicators.