Weekly Market Update
Nov 25, 2020

Weekly Market Update

Investors weighed positive vaccine related news against growing concerns about the near-term economic outlook with renewed restrictions on social activity. Global equity markets were mixed while the rotation into more cyclical sectors largely continued. Oil prices climbed and gold prices declined.
The S&P/TSX Composite Index strengthened as technology, financials, and energy posted robust gains. Materials, staples, and utilities declined. Government bond yields declined despite reports of stronger-than-expected retail sales in September as renewed restrictions cast uncertainty over retail activity in the coming months.
The S&P 500 Index (C$) declined as weakness in utilities, health care, and REITs offset gains in energy, financials, and materials. U.S. treasury yields declined amid growing expectations that the Federal Reserve would shift its debt purchases to more longer-term maturities to buoy the economic recovery.
The MSCI EAFE Index (C$) strengthened as energy and financials posted robust gains. REITs, industrials, and discretionary also advanced, while Staples and utilities declined. Regionally, the Asia-Pacific region outperformed as 15 countries signed the Regional Comprehensive Economic Partnership (RCEP) to strengthen their trade ties.

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