On July 5th Greek voters decidedly rejected a European Union and International Monetary Fund (IMF) lead bailout package in a simple YES, NO referendum. While extending a financial lifeline, the bailout package would have implemented strict conditions that see a range of further, painful austerity measures imposed on a country that already has an unemployment rate over 25%, where the average family income is at a 12-year low, and over 40% of children now live below the poverty line.

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MARKET SUMMARY— Canadian equity markets were stymied in May, dragged lower by selling pressure stemming from weakness in the energy and materials sectors, and to a lesser degree among industrials. The broader market S&P/TSX Composite index shed 1.22% on a total return basis over the month, a negative trend that has largely carried forward into the first three weeks of June. The smaller cap S&P/TSX Venture index fell 0.48%, and similar to its broader market cousin, extended this negative trend well into the current month.

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MARKET SUMMARY—After exhibiting significant broad based strength in February, global equity markets pulled back in March with most major North American indices retracing approximately half their previous month’s gains. The significant exceptions were Europe and Japan which extended their rallies and added positively, albeit more modestly, to the significant run ups experienced in the first two months of the year.

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