MARKET SUMMARY — fourth quarter of last year was challenging for most investors. Contractions across all major asset classes resulted in negative returns for 2018, despite significant expansion in the global economy. However, so far in 2019, most markets have bounced in a positive direction. Of particular note are the S&P 500 and S&P/TSX Composite – both posting their best quarterly performance since Q2 2009.

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MARKET SUMMARY— Global equity markets pulled back sharply through the fourth quarter of 2018 and particularly through the final month of the year, resulting in markedly negative returns across most regions.

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MARKET SUMMARY— Canadian equities continued to struggle in the third quarter with the S&P/TSX Composite delivering a total return of 1.37%, negatively impacted by losses in Energy (-5.7%), Materials (-12.9%) and Consumer Discretionary stocks (-8.0%). Counteracting the negative; Financials, Health Care and Technology trended upward, keeping the index total returns in positive territory on a year-to-date basis.

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MARKET SUMMARY— Extending the exuberance that the broader markets enjoyed through the fourth quarter of 2017 into the early part of the new year, Canadian equities started off 2018 strong but experienced a sharp pull back by late January, raising memories of 2008 and feeding fears that high current valuations and a protracted bull cycle might be signaling an inflection point.

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MARKET SUMMARY— Canadian equity markets rallied in the second half of the year but stock performance lagged on a global relative basis despite Canada having one of the strongest performing economies of the G7 in 2017. The TSX Composite and Venture returned 9.1% and 11.6% respectively for 2017. The Bank of Canada cautiously maintained the overnight rate at 1% in December amidst a robust economic backdrop, NAFTA uncertainty and timid inflation.

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