This week was characterized by a further increase in the global spread of the virus. It weighed on investor sentiment, though to a lesser degree than we would have expected. We believe the response in the U.S. in particular and subsequent impact to the country’s economy will be key determinants in the weeks to come.

The U.S. is where most have intensified their focus. The economy has shown signs of momentum over the past several weeks and there were expectations this would continue. But, virus trends in the country are now firmly heading in the wrong direction and pose more of a risk to the recovery than a few weeks ago.

The economic momentum in the U.S. may be at risk of waning, at least to some extent. This is in-line with our general expectation that the path of recovery was never going to be easy and would be uncertain and uneven. Our long-term investment approach is prepared for this and will not waver regardless of what transpires in the near-term.

Last week, Saskatchewan, PEI, and Quebec gave updates on their economic and fiscal situation. They weren’t pretty, but there’s been enough of a boost in activity that RBC Economics has adjusted its forecasts. Robert Hogue, RBC Senior Economist, shares his update on provincial economic recoveries in this 10-Minute Take.

This past week, Jose Ribau, Executive Vice President, Digital & Innovation at Cadillac Fairview, and four guests joined John Stackhouse, Senior Vice President, Office of the CEO of Royal Bank Canada discuss how the world of retail has shifted dramatically, how consumer trends will continue to evolve in a post COVID world, and how retailers need to pivot to a “mission shopper” mindset. You can hear their conversation on the RBC Disruptors podcast “The New Mall: Digital, Data and Delivery”

Have a good weekend and enjoy the warm weather!