The BIG Picture

The U.S. federal government remains shut down. For now, investor attention is shifting to the Q3 earnings season.

Following recent signs of weakening labour market conditions in Canada and the U.S., central banks in both countries have decided to reduce their benchmark interest rates...

Despite ample reasons for pessimism this year, the global economy and markets have largely exceeded expectations.

As I have highlighted in recent letters, this summer has been far from quiet.

As I’ve noted in recent letters, the typically quiet nature of the summer period has been anything but. A steady stream of headlines―many trade-related―continue to command the attention of investors.

Despite summer typically being quiet, the headline-filled nature of 2025 has yet to show signs of slowing.

It has been an eventful few weeks. A significant escalation of conflict between Israel, Iran, and the U.S. culminated in a recent ceasefire. Not surprisingly, oil prices have been volatile through this period, though global equity markets have remain

Global equity markets had been trading near all-time highs, benefitting from a relatively quiet period on the trade front.

Global equity markets continue to grind higher on the back of the trade war de-escalation.