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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MARKET PERSPECTIVE — The quarter began on a troubling note, with volatility at levels well above what we’ve seen in recent periods. The VIX volatility index reached as high as it did during the peak of the pandemic. This was driven by a multitude of issues including concerns over a slump in US labour data, an unexpected hawkish stance from the Bank of Japan (BoJ), mounting geopolitical tensions and developments in the US election.

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