Emerging Markets

Despite mounting evidence of disinflation and a weakening economy, Chair Powell’s tone remains too hawkish—and I believe that’s a mistake. The latest inflation readings came in soft, money supply growth continues to undershoot, and even jobless claims are inching higher.

To say that it has been a tumultuous year in Canada would be an understatement. The country’s business model, which relies heavily on commerce with the United States, has been put under severe stress by the American administration.

The hype cycle around artificial intelligence (AI) often moves faster than the capabilities it touts.

Eitelman began by assessing the health of the U.S. economy through hard and soft data. He explained that hard data refers to measures of actual spending and economic activity, while soft data refers to how companies and consumers respond to surveys.

U.S. defensives and international lead.a

In nominal terms, the yellow metal set multiple new all-time highs this week, exceeding $3,300 an ounce for the first time ever on Wednesday. And on an inflation-adjusted basis, gold also notched a new record price, surpassing the longstanding record set in 1980.

Today we are going to look at some of the uncertainties in our world and then explore some ways to gain a little certainty.

President Trump’s tariffs bring déjà vu for the euro-area economy: it’s back to slower growth and lower rates.

U.S. trade policy has evolved significantly in a matter of weeks.

The first quarter of 2025 marked a significant departure from the preceding two years, which had been characterized by an improving global economy and correspondingly positive market returns. Market performance in Q1 was dominated by abrupt, short-term policy shifts rather than longer-term economic trends, and tariffs became the foremost concern for market participants.

Talk of a recession is everywhere. The case is simple: Liberation Day delivered the biggest increase in tariffs in a century. Consumer prices will rise. Purchasing power will decline. Recession…right?

Rapid U.S. policy changes pose challenges for investors accustomed to a global financial system anchored in U.S. markets and assets.

In this week’s installment of “Three on Thursday,” let’s explore some of the dynamics surrounding the United States dollar. In an era of inflation, massive debt, large deficits, and threats of tariffs, there are persistent rumors circulating that the dollar is at risk of losing its reserve currency status.

The deferral of “reciprocal” tariffs on most U.S. trading partners suggests that the peak of tariff uncertainty may have passed.

Banks blew Q1 earnings expectations out of the water, benefitting from high trading volumes, but CEO commentary remains cautious for 2025.

Right now we are in an incredibly complicated environment with regard to U.S. tariff policy gyrations and its whipsawing impact on global equity markets. One thing we can confidently assert is that however the trade negotiations play out, there will be higher tariffs and this will be negative for U.S. growth.

One day doesn’t make a trend, but wary small-caps investors may find some comfort in knowing the Russell 2000 Index jumped 8.50% on Wednesday

Cryptocurrency prices, including bitcoin’s, have been turbulent this year. That’s weighed on shares of miners. Some relief could be in sight.

With Congress out for the next two weeks for Easter recess and a short trading week in New York, it should be a quieter week – though tariff-related news continues to capture headlines.

One of the most volatile market weeks in years was sparked by tariff announcements earlier this month. President Donald Trump's 10% universal tariff went into effect on April 5th, followed by his controversial reciprocal tariffs on April 9th.

The month of April will unfortunately go down in financial market folklore as being one of the more noteworthy on record.

Although uncertainty remains, perpetual market swings may be less frequent.

Measures announced so far this year have pushed the effective U.S. tariff rate above 20%. The astonishing jump has raised import taxes to a level not seen in about a century.

CIO Sean Taylor assesses a better-than-expected quarter for emerging markets and takes stock of the drivers that may support the asset class in what could be difficult months ahead for global markets.

Last week, the S&P 500 was up 5.7%, the strongest week for the market since November 2023.

As we write this, stocks have bounced back as Trump retreated from electronic tariffs from China. Nevertheless, this was a remarkable week for markets with Trump’s tariff policy taking center stage for market stress across stocks, bonds and currencies.

While we continue to feel the U.S. has structural investment advantages, we are mindful that the scope of the current administration's policy shifts may present challenges to our sustained economic momentum.

The current market unrest over the potential for tariff increases and their impact is unpredictable. The volatility can be unnerving.

The reciprocal reprieve does not alter the tectonic shift in the trade outlook.

Markets have had a wild ride these past couple of weeks, alongside chaotic tariff-related news, with volatility (and its policy triggers) most elevated in the bond market.

Some of the reasons, but not the only ones, why our trade deficits are so large is because government expenditures are too high and/or we are not collecting enough taxes.

Between raising and lowering tariffs on imported goods, President Donald Trump made time last week to sign an executive order aimed at reviving America’s “beautiful clean coal industry.”

Significant government policy shifts, particularly in tariffs and regulatory restructuring, have created uncertainty and volatility. We continue monitoring potential risks like inflation and recession while remaining focused on identifying profitable investment opportunities amidst these changes.

Commodity markets face uncertainty from tariffs, global growth risks and geopolitics, but may show resilience. Tight supply and global stimulus support a constructive long-term outlook.

Swap spreads measure the difference between the interest rate on a swap and the yield on a Treasury bond with the same maturity.

You probably noticed we are having one of those “weeks when decades happen.” Notice also, however, that we are still here. Your investments and businesses may be bruised but you’re still in the game.

After sparking the steepest plunge in financial markets since the global pandemic five years ago, President Donald Trump’s administration made another dramatic pivot in its trade war strategy on April 9: It paused for 90 days the “reciprocal” tariffs that had been in effect for less than 24 hours.

After starting the year on a high note with the S&P 500 index of U.S. Large Cap stocks posting an all-time high on February 19th, equities retreated during the second half of the quarter, officially falling into correction territory (down 10 percent) on March 13.

It was a wild week on Wall Street after President Donald Trump announced a broad new tariff policy that went beyond what most analysts had anticipated, spurring a plunge in both stock and bond markets.

On 9 April, President Donald Trump announced a 90-day pause on the higher “add-on” reciprocal tariffs on 50-plus countries that had been announced the previous week, precipitating a historic equity market rally and showing that there was seemingly a limit to how far he would go to move forward with his trade agenda.

Spending cuts, tariffs and recession risk—Jan van Eck’s latest outlook breaks down what to watch and why he’s focused on gold, bitcoin, semiconductors and India.

Earnings season begins with companies adjusting on the fly to tariffs. This could give investors insight into strategies firms are taking and how businesses might be affected.

The markets are in the middle of a historic decline. Not so much in the magnitude—while we are approaching a bear market, these happen fairly regularly—but in the speed of the drop.

On 2 April, the Trump administration announced sweeping tariffs that were more aggressive than many had expected. Then on 9 April, the administration announced a 90-day pause on most of the new country-specific “reciprocal tariffs.”

After several weeks of steep selloffs, the major averages roared back on Wednesday as the Trump administration announced a 90-day pause on its reciprocal tariffs.

President Donald Trump announced on April 9 that he was pausing the majority of the “reciprocal” tariffs scheduled to go into effect the same day.

Markets responded swiftly to President Trump’s recent announcement of sweeping reciprocal tariffs, with the S&P 500 falling more than 3% in a single day.

Concerns about a trade war have rattled markets so far in 2025, but we believe fixed income investors need to be patient, stay defensive, and see how things evolve before making any big decisions.

Global equities faced fresh challenges in the first quarter of 2025 amid growing trade-war concerns and developments in artificial intelligence (AI).

Q1 earnings season is about to kick off amidst what some might consider to be the most uncertain environment for US corporations since the COVID-19 pandemic.

Last week President Trump announced tariffs on nearly all US trading partners, a move that far exceeded the most pessimistic expectations of market participants.