Dear friends, 2020 was a year none of us will soon forget. It started strongly, with equity markets at all-time highs and unemployment near record lows. But by mid-March, a new coronavirus had reached North America after emerging overseas in late 2019. Governments around the world abruptly shuttered their economies and issued shelter-in-place orders in…
Dear friends, As we enter the colder months, COVID-19 cases are on the rise again in some parts of the country, prompting a second round of regional closures to limit business operations and social gatherings. At the same time, investor anxiety surrounding the U.S. presidential election and its potential impact on financial markets continued to…
Frances Donald – Chief Macro Economist I try not to focus on headlines, but rather on economic data itself. That being said, inflation will take the mainstage for many years to come and I am happy to share my opinion: Click on the link: https://on.mktw.net/338zJGz We are not big believers in material inflation: in general,…
The world is full of surprises or unknowns, some of which we can anticipate, while others are harder to foresee. “Known unknowns” are uncertainties and issues of which we are aware, but do not know the outcome. An example is this year’s U.S. presidential election. “Unknown unknowns” are events that we do not expect or…
Dear friends, I hope you are your family are continuing to stay well. I am writing to update you on some of the key economic, market and pandemic-related developments for the week. Macroeconomic and market developments The number of confirmed COVID-19 cases worldwide surpassed 15 million. The U.S. continued to struggle to contain the spread…
Dear friends, I hope you and your family are well and have had the chance to be outside to enjoy some summer weather. As we enter the fifth month of the global coronavirus pandemic, COVID-19 infection rates in many parts of Canada have slowed, and restrictions are gradually being lifted. Although it is likely to…
Dear friends, I hope that you and your family are well. After a truly unique quarter for capital markets, I am writing to provide you with a brief overview of some key developments during that time, as well as some insight on what can be expected as we head into the next three months of…
Dear friends, I trust that all is well with you and your family. Below you will find a summary of this week’s market developments and some associated thoughts. Market developments • In a shortened week, North American equity markets rebounded from last week’s decline, weighing positive vaccine data from Pfizer and BioNTech against growing COVID-19…
Dear friends, I hope all is well. Below you will find a summary of this week’s market developments and subsequent thoughts. Market developments North American equity markets proved volatile this week, reacting to increasing numbers of COVID-19 infections in 27 states and fears of new lockdowns and decreased economic activity. In particular, cases continued to…
Dear friends, I hope you and your family are well. Below you will find a summary of this week’s market developments and related thoughts. Market developments After pulling back last week, North American equity markets advanced, with optimistic economic announcements and a potential COVID-19 treatment outweighing “second wave” fears. Ten U.S. states saw coronavirus numbers…