Global equity markets fell over the month of August. Investor sentiment soured on signs pointing to more interest rate increases by global central banks, concerns over U.S. government debt and mixed economic data. As reported in August, inflation remained elevated and above the targets of global central banks. Business activity across several critical economies was relatively weak in August, particularly across manufacturing sector activity.

The S&P/TSX Composite Index declined over the month, dragged down by weakness in the Consumer Discretionary sector. U.S. equities, as measured by the MSCI USA Index, also finished lower. Gold prices fell heavily over most of the month before those losses pared back by month-end. Oil prices ended largely unchanged. Yields on 10-year government bonds in Canada and the U.S. advanced.

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