Good afternoon,
I’m passing along a few updates after a bumpy but not terrible week (as of noon Friday), which more or less describes the first 9 months of 2025!
First, here’s this week’s latest RBC Wealth Management's investment newsletter.
Life reimagined: The biotech revolution and longevity
There’s more to a long life than simply a long lifespan. The number of years we spend in good health, or our health span, is key. Biotechnology is spurring medical innovations that hold great promise. As we explore the biotech revolution, we also look at how it can fit into investment portfolios. This is an executive summary of the recent Global Insight special report published as part of RBC Wealth Management’s “Innovations” series.
Regional developments: Canada’s economy contracted beyond consensus expectations in Q2; UK and European yield curves steepen; signs of industrial revival in Europe; Chinese regulators may want to cool down the equity market.
More here: Global Insight Weekly.
Feel free to contact me with any questions and/or to discuss investment ideas.
And with September now here, I’m also passing along a wider-focused monthly outlook, available in a sort of full-meal version (the first link below) or in its various component highlight snacks, (the other links which follow).
Global Insight Monthly September 2025 edition
Full report: Global Insight
This month’s highlights:
A question of resilience: The global economy in 2025 and the path ahead
This year has served up ample cause for concern, yet the economy and markets have largely outpaced cautious expectations. Consistent earnings delivery and corporate adaptability have steadied investor sentiment in the face of unresolved tariff risks, and could continue to cushion markets against shifts in trade policy.
Global equity: New highs but a shallower trajectory ahead
Markets have shown broad-based momentum, with global indexes hitting new highs. While recent gains have been steep, we expect the pace to moderate. This suggests to us potential pullbacks, which may be concerning but could remain contained if investors are confident in continued strong earnings through 2026.
Global fixed income: The Fed’s smoke signals
In the eyes of markets, Fed Chair Jerome Powell has signaled a potential rate cut this month due to a softer labor market, but that signal may be murkier than his past guidance.
U.S. Recession Scorecard: Inconclusive, again
The mixed state of the scorecard indicators, in our view, argues for a watchful portfolio investment approach in an environment where the impact of tariffs is only beginning to be felt.
Enjoy your weekend!
Mark