MARKET SUMMARY— June was a tumultuous month for financial markets in the wake of the Brexit vote, which resulted in an outcome that sent shock waves through the global financial markets. Global equities took a hit but rebounded through the last couple of days in June after investors recovered from the initial surprise. This upward trend continued into July and by late summer most markets had returned to their pre-Brexit levels.

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MARKET SUMMARY— Global equity markets were stronger in May relative to the earlier few months, despite higher ongoing levels of global uncertainty. The S&P/TSX Composite posted a total return gain of 1.00% for May, while the smaller cap S&P/TSX Venture gained just over 0.50%. To the south, U.S. equity markets fared even more positively with the S&P500 index posting a total return gain of 1.80% while the NASDAQ closed out the month with a solid 3.84% gain.

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MARKET SUMMARY— As you may be aware, the United Kingdom held a referendum yesterday to vote on whether Britain would remain within, or exit the European Economic Union. While the outcome was expected to be very close and markets were preparing for either eventuality, the more widely anticipated outcome was that the EU would remain intact, with Britain choosing to stay.

The results of yesterday’s referendum however shocked many, and somewhat surprised markets with a vote of 51.9% in favour of withdrawal.

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MARKET SUMMARY— After a very difficult start to 2016, global financial markets improved through February and early March. On a fundamental basis, the fears of deflation and possible recession that took grip through January faded to cautious optimism by late February as most financial markets responded positively by rebounding from the sharp declines experienced in the prior two months. While investor sentiment remains tentative, the extent of the earlier panic was clearly overdone.

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MARKET SUMMARY— Global equity markets were hammered through the last month of 2015 and further punished during the first month of 2016. The Canadian bell weather S&P/TSX Composite gave back 3.41% to end the year, and proceeded to lose a further 1.44% in January. On a full year basis for 2015, the S&P/TSX handed investors a loss 11.09%, while the smaller capitalization S&P/TSX Venture index returned negative 24.42%. The high dependency of the Canadian economy on resources sectors and their concentration in our equity indices, in conjunction with a commodity death spiral, made Canadian equity markets among the worst global performers in 2015.

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