Good afternoon, and Happy 2026!
Several of my clients and a few friends are heading to sunny and warm climes this month, and not coming back until weather is more palatable. That seems fair, given they have worked so hard here many winters on end.
But, just in case they can’t sleep on the airplane, we’re here with some genuinely bone-numbing financial data. (Actually, it might be a bit interesting).
First, here’s RBC Wealth Management's latest weekly investment newsletter.
S. equity returns in 2025: Record-breaking resilience
The U.S. stock market powered through tariff turbulence on its way to all-time highs. But it’s only natural to question whether the three-year winning streak can be extended. We look at what drove equities in 2025 and how prospects for 2026 are shaping up.
Venezuela in focus
Following the U.S. intervention in Venezuela, we address:
- The potential impact on Venezuelan oil production and the Trump administration’s objectives;
- The medium- and longer-term competitive risks for Canada, a major producer of heavy crude oil, and thoughts on Canadian oil stocks;
- How developments in Venezuela and the Trump administration’s renewed attention toward Greenland are viewed in Europe from the vantage point of alliances and the defense industry; and
- How China’s imports of Venezuelan crude oil are not all they are cracked up to be in the Western mainstream media, but the developments underscore China’s need to continue to press forward with energy security policies.
See pages 4-5 for thoughts about this topic from our regional experts.
Full story here: Global Insight Weekly
And below, a monthly version with some longer-focused content.
Global Insight Monthly -- Full report: Global Insight
This month’s highlights:
Building on a narrow base: Long-term economic trends have left the U.S. economy increasingly reliant on spending by upper-income households. We unpack the potential implications for economic stability and Federal Reserve policymaking.
Global equity: Navigating 2026 growth, AI momentum, and election-year dynamics
Equity markets appear poised for moderate gains, driven by easing inflation, rate cuts, and steady earnings. AI promises more near-term capital spending and future productivity boosts, while election-year dynamics usually spark volatility in both directions.
Global fixed income: A slow start out of the gates
Last year saw most central banks ease policy rates. 2026 will likely see different courses of action.
Enjoy your weekend, or your weeks away in places south!
Mark