Market Commentary
Financial markets posted strong returns in the second quarter of 2019. Bond prices rose because interest rates declined in response to a weaker economic outlook. Stocks rose for a couple of reasons:
- Companies can borrow money at a low cost to buy back their own stock (driving the price higher)
- Stock dividend yields now look attractive relative to bond yields
The Canadian economy reported stronger than expected economic data in the second quarter. The Canadian dollar increased 2.2{a4bc595f5bf22b450fc57725bbb5a349cea6d8af0e21f99fc8d20f6b7000a772} versus the US dollar. The US/China trade dispute was overshadowed by central banks communicating their plan to “cut” short term interest rates.
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