MARKET PERSPECTIVE — Global markets began 2026 with cautious optimism, supported by resilient economic data, moderating inflation, and expectations for additional monetary easing. That backdrop changed abruptly late in the quarter as geopolitical tensions escalated sharply.

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MARKET PERSPECTIVE — Global markets closed out 2025 with solid gains, though momentum moderated in Q4 as investors digested the cumulative impact of earlier rate cuts, elevated equity valuations, and persistent geopolitical uncertainty. While equity markets remained positive for the quarter, leadership narrowed and volatility increased into year-end.

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MARKET PERSPECTIVE — Global markets extended their rally in Q3 2025, supported by central bank rate cuts, resilient corporate earnings, and continued enthusiasm around artificial intelligence (AI). The S&P/TSX Composite, S&P 500, Nasdaq, and Russell 2000 all reached new highs, with small-cap stocks outperforming for the first time since early 2021.

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MARKET PERSPECTIVE — After a turbulent start to the quarter, global markets demonstrated remarkable resilience, bouncing back from a sharp downturn in April to deliver solid gains by quarter-end. Q2 2025 highlighted the importance of staying invested, with those who remained patient ultimately rewarded.

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MARKET PERSPECTIVE — If we look back at Q4, the global economy showed remarkable resilience, with major economies growing at an average rate of just above 3%. The U.S. economy performed better than expected, growing almost 3% over the past two years, driven by strong consumer demand and high savings. For 2025, U.S. economic growth is forecasted at 2.2%. In Canada, the story was a bit different.

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