Happy Friday from BMWM!
On Monday we will be celebrating Canada’s 157th birthday which is the day the British North America Act (today known as the Constitution Act, 1867) was created thus declaring Canada its’ own country.
For the first time this year, we have seen Canadian inflation increase above expectation which puts pressure on future rate cuts, although markets still anticipate 1-2 cuts for the remainder of the year. With the fear of a recession growing over the past few months, we have noted that more jurisdictions seem to be moving towards the possibility of a soft landing, where the economy slows but does not shut down employment completely. The role of the Mag 7 and large technology stocks has driven markets higher than historical averages. Our discipline will remain to monitor and rebalance our portfolios as new information becomes available. We maintain our “buy low and sell high” approach, taking profits when necessary. You can read more about this information in our Portfolio Advisory Group Bi-Weekly Update.
The Current Account (click here to read) covers Joe Biden delivering a shaky performance against Donald Trump, Europe facing a soldier shortage, teenagers in wealthy countries lacking math and financial literacy, and Lufthansa (Europe’s biggest airline) charging passengers to cover clean fuel costs.
Enjoy your Canada Day celebrations and have a lovely long weekend,
Brenda, Betina, Taylor, Matty, and Jake