Insights

Global equity markets have trended higher in recent weeks. Regions outside of the U.S. have been notably stronger.

The Bank of Canada (BoC) held the overnight rate unchanged for a fifth consecutive meeting, extending a pause that started after the last hike in July last year. 

Expectations that central banks will lower interest rates in the coming months have moderated. Nevertheless, the global equity market is off to a reasonably good start this year, driven once again by the U.S. market and large-cap technology stocks

North American equity markets have continued to push higher through the first month of the year. Given the anticipation of lower interest rates, all eyes remain focused on the world's central banks.

Market action in the first few weeks has been relatively muted, contrasting with the strong gains in November and December last year.

While 2023 had its ups and downs, it has proven to be a year of economic and market resilience. Economic growth has slowed, but there have been positive surprises, especially in the U.S. where the consumer has been stronger than elsewhere.

­The month of November finished on a high note, marking one of the best months this year for global equity and fixed income markets.

The month of November is proving to be one of the stronger periods of the year with global equity and bond markets moving notably higher.