Below is a summary of some of the relevant news items from the Capital Markets and the Economy from the past week extracted from RBC Global Insights and FactSet Research.

You can catch up on the past four weeks’ Weekly Update in the link to my Blog.

Read my latest Smart Investor newsletter on my website. The Q2 2025 edition covers Market Review for Q1 2025, the impact of tariffs on markets, and how to position your portfolio during a time of disruption. Shiuman’s Corner is about the art of retail in Japan.

Markets

Market scorecard as of close on Friday June 20, 2025.

Country	Equity Indices	Level	1 week	YTD
Canada	S&P/TSX Composite	26,498	0.0%	7.2%
U.S.	S&P 500	5,968	-0.2%	1.5%
U.S.	NASDAQ	19,447	0.2%	0.7%
Europe/Asia	MSCI EAFE	2,575	-1.5%	13.9%

Source: FactSet

• TSX finished slightly lower on Friday. Most sectors lower. Canadian equities ended the week flat, with tech gains offset by falling precious metal prices.
• US equities were mostly lower in uneventful Friday afternoon trading. Stocks capped off a narrowly mixed week, with S&P ended the week a touch lower and Nasdaq was modestly higher for the week.

Economy

Canada

• Canadian Prime Minister Mark Carney leveraged the G7 summit in Alberta to redefine Canada’s role on the global stage, highlighting dialogue and collaboration as vital in addressing global tensions. In partnership with U.S. President Donald Trump, Carney established a 30-day deadline to resolve trade disputes and bring an end to the bilateral trade war.
• As we look ahead to the July 30 Bank of Canada (BoC) interest rate decision, we see the central bank as having the fexibility to cut rates but question its need to do so. We believe the BoC will likely remain on the sidelines, waiting for stronger evidence of economic deterioration before adjusting policy rates further.

U.S.

• U.S. President Donald Trump on Saturday announced its military had struck Iran's Fordow, Natanz and Isfahan nuclear facilities. A key concern is whether Iran moves to disrupt crude shipments through the Strait of Hormuz which raises the specter of a spike in energy prices.

                                                                

• As was widely expected among the analyst community, the U.S. Federal Reserve held rates steady for the fourth consecutive meeting this year. During the press conference, Chair Powell reiterated in multiple instances that the FOMC would need a few months to observe the passthrough of tariffs to consumer prices.

Further Afield

• People’s Bank of China Governor Pan Gongsheng recently proposed a vision for a new global currency order, suggesting a move away from the dominance of the U.S. dollar. He envisions a future with multiple sovereign currencies coexisting, competing, and balancing one another.
• • This sentiment echoes that of European Central Bank (ECB) President Christine Lagarde, who recently discussed a potential “global euro moment.” Lagarde’s recent visit to China and discussions with Premier Li Qiang underscored the desire for greater collaboration between China and the ECB.

 

Feel free to contact me with any questions and/or to discuss investment ideas.

Regards,

Shiuman

 

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