Markets were mostly lower this month. U.S., Canadian and international markets declined, the price of gold finished where it began, and emerging markets and Canadian energy stocks rose. Although the latter trade almost 50% higher on the year, they remain – as do most equites - well off their 2022 peak.
Looking forward, the outlook remains murky. The war in Ukraine continues and, although COVID numbers have declined recently, it’s reasonable to expect them to increase as temperatures fall. Inflation remains very high, but signs point to it having reached its apex, which could be good news for interest rates. And a recession looks less probable than it did a month ago.
In other words, although the economic outlook has improved slightly, the situation remains too complex to predict with any confidence. We remain well-diversified and lean towards “value” investments, which continue – and should for a while – to outpace “growth” and the market as a whole.
As always, feel free to reach out if you have any questions, and if you’re looking for more timely information on the markets, you can find them on the research section of my website, or on my Twitter, Facebook, and LinkedIn feeds.