Economic Update February 2018: Bringing Back Volatility 

by Josh Miszk Last updated on March 07, 2018

In February, we saw a reintroduction of volatility in the market. The steep drops early in the month were partially clawed back as cooler heads prevailed, but that left many investors with chilly reminders of the recession of 2008. Despite the perceived similarities, we believe this situation is far from the economic fall 10 years ago, as stated in our letter to investors here. Having said that, we see higher volatility persisting in the near future. In this economic update, we’ll talk about why volatility is here to stay and how to manage it. First, let’s start with a note on the Canadian economy.

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Economic Update January 2018: US Equities Are at All-Time Highs – Where Do We Go From Here?

by Josh Miszk Last updated on February 01, 2018

Global equity markets have had a solid start to the year, particularly outside of Canada. Even with the stronger Canadian dollar offsetting some gains, most developed markets still performed very well. Emerging markets have also kept a strong pace as the China’s response to tighter credit quieted doubters as the market has chugged along.

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Economic Update: 2017 Year in Review

by Josh Miszk Last updated on January 04, 2018

Looking back over the past year, global equites ended up performing stronger than most analysts predicted, consumer confidence improved, volatility was down, and central banks kept inflation in check. All in all, besides weakness in the US dollar and underperformance in Canada, portfolios had a very strong year.

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Economic Update November 2017: A Look at Volatility in the Rear-view and Ahead

by Josh Miszk Last updated on December 06, 2017

Following the election of Donald Trump in November 2016, the outlook for the year ahead held the promise of political volatility and, as a result, economic volatility. It’s fair to say that politically, we’ve been let down, but the market has actually had one of its least volatile years on record, and global markets are all in the black. In this update, we’ll look at the key drivers to this low volatility and discuss whether the trend will persist going forward.

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Economic Update October 2017: Is There Room to Go From Here?

by Josh Miszk Last updated on November 03, 2017

Global markets surged in October setting a series of records throughout the month. For many investors, the question now is whether the current valuations are stretched or if there is still room to go. While there is no shortage of black swan events that could derail the current rally (i.e. North Korea and Washington), market fundamentals support the current valuations. 

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Economic Update September 2017: Resilient Markets

by Josh Miszk Last updated on October 03, 2017

North American equity markets showed resilience to significant geo-political tensions and natural disasters in September. On one hand, the North Korean threat to the world escalated significantly with the latest nuclear test, while on the other hand hurricanes Harvey and Irma caused devastation in various parts of the US and the Caribbean.

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Economic Update August 2017 - A Closer Look at the US Economy

by Josh Miszk Last updated on September 07, 2017

In Canadian dollar terms, global developed markets evened out in August. While the month was relatively tumultuous from a geopolitical standpoint, economic news has remained much the same. The Canadian dollar has kept its relative strength versus the US dollar, driven partially on expectations of rising Canadian yields but, more importantly, on weaker demand for USD.  

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Economic Update July 2017: Trust the Fundamentals

by Josh Miszk Last updated on August 02, 2017

With seemingly endless surprises coming out of Washington this past month, the lack of confidence in US politics has put pressure on the US dollar. In Canadian dollar terms, that pressure has manifested in weak returns across global developed markets.  

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Economic Update June 2017: Hawkish Central Banks Take a Bite Out of the USD

by Josh Miszk Last updated on July 07, 2017

In their local currencies, global equity markets were relatively flat in June (see Canada below). However, a devaluing US dollar and a stronger Canadian dollar were reflected in negative returns for Canadian portfolios. In this market update, we'll look at the cause of the devaluing US dollar, and what it could mean going forward. 

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Economic Update May 2017 - All Quiet on All Fronts

by Josh Miszk Last updated on June 01, 2017

Markets have continued to tread along, not disrupting the pace set over the past few months with the UK, Japan, and emerging markets showing the strongest returns. While fundamental data continues to support the rise, the real surprise is that this positive move has done so with little volatility.

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