MARKET SUMMARY— Canadian equity markets rallied in the second half of the year but stock performance lagged on a global relative basis despite Canada having one of the strongest performing economies of the G7 in 2017. The TSX Composite and Venture returned 9.1% and 11.6% respectively for 2017. The Bank of Canada cautiously maintained the overnight rate at 1% in December amidst a robust economic backdrop, NAFTA uncertainty and timid inflation.

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MARKET SUMMARY— Canadian equities have been laggards on a global relative basis with the S&P/TSX Composite and S&P/TSX Venture each returning less than 2% year-to-date. August was however a positive month as both the Composite and the Venture advanced 67 bps and 86 bps (total return) respectively. The Bank of Canada moved a second time in September, lifting the overnight rate to 1% and signaling their expectations for more rapidly accelerating economic conditions at home.

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MARKET SUMMARY— Heading into November, it was a very close race on who America would elect as their new President and what effects this would have on global financial markets. With uncertainty elevated, the potential for a strong negative market reaction to a Republican victory ran high. Fortunately however, Trump’s win did not create the market reaction that some had feared.

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MARKET SUMMARY— Yesterday American voters went to the poles to vote in what has been one of the most bitter and divisive U.S. Presidential election campaigns in recent political history. Widely broadcast scandals plaguing both the Republican candidate, real estate billionaire Donald Trump, and the Democratic candidate, former secretary of state Hillary Clinton, ultimately appeared to set the stage for voters to potentially select between the lesser of two evils, and between two candidates whose political viewpoints and experience, and personal styles have radiated at the opposite ends of the political spectrum.

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MARKET SUMMARY— Volatility in the financial markets picked up during the month of September and continued into October after relatively smooth sailing throughout August. There wasn’t too much excitement when it came to equity market returns. The S&P/TSX Composite delivered a total return of +0.62% for October while the S&P/TSX Venture had a negative performance, taking back -3.42% from investors.

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