Fourth Quarter | 2017

Markets continued their year-long upward trajectory in the final quarter of 2017. Synchronized growth in advanced economies, strong corporate earnings, and positive sentiment contributed to a quarter of stellar performance in most global asset markets.

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Third Quarter | 2017

Monetary policy “normalization” returned as a major theme this quarter. As indicators for the global economy continued to show signs of strength, central bankers in many major economies—e.g., U.S., Canada, China and Europe—have signaled that the end of a very loose monetary era is nigh. Markets may be facing an important inflection point.

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Second Quarter | 2017

Investment headlines in the second quarter of 2017 were once again full of politics, with developments in Europe, the U.K. and the U.S. dominating discussion. One might say the quarter was not so good for the populists: Trump found himself embroiled in scandal, British Prime Minister Theresa May managed to lose her conservative party’s majority by calling a snap election, and Marine Le Pen was soundly defeated in France’s Presidential contest by Emmanuel Macron. Political uncertainty notwithstanding, it was a solid quarter overall for investment performance: most major equity and bond markets posted positive returns.

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First Quarter | 2017

The themes that emerged in the fourth quarter of 2016 carried through to the first quarter of 2017. Confidence in the outlook for global economic growth continued to take hold, moving equity markets broadly higher. European and Emerging Markets were the leaders while the U.S. market achieved new all-time highs. Bond yields rose for most of the last three months, with 10-year Treasuries rising to as much as 2.6%, before falling largely in line with the levels achieved by the end of 2016.

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Fourth Quarter | 2016

After an extended period of highly correlated markets, (i.e., equities and bonds delivering positive returns in tandem) the fourth quarter was characterized by divergences. Bond markets moved in reaction to growing expectations that changes in the U.S. will lead to higher economic growth accompanied by rising inflation. Generally speaking, equity markets gained in local terms—although Canadian dollar strength negatively impacted most returns outside of North America.

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Third Quarter | 2016

With increased political noise and unanswered questions carrying over from previous quarters, uncertainty and instability remain stubborn themes across financial markets. One of the biggest concerns over the summer was the Brexit vote and its potential consequences. The “leave” outcome caught many by surprise, contradicting the air of optimism that had preceded the referendum. Two days after the vote, the FTSE 250 Index had lost nearly 15%, the sterling had fallen by 10%, and the U.S. dollar gained broadly.

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