Global equity markets edged higher over the month of July but did experience some bouts of volatility. Investors were weary of risk assets, with some central banks keeping rates higher for longer and global economic data proving to be relatively soft. Furthermore, concerns mounted that progress and potential returns on artificial intelligence were not as far along as previously expected, weighing on the stocks of technology heavyweights, which have been the main drivers of stock market performance this year. Developed market equities ticked higher. Conversely, emerging markets equities declined, due in part to uncertain economic conditions, which may weigh on trade activity.
In Canada, the S&P/TSX Composite Index advanced, getting a strong performance from the Real Estate and Materials sectors. South of the border, U.S. equities moved slightly higher. Among key commodities, oil prices declined over the month, while the price of gold increased. Yields on 10-year government bonds in Canada and the U.S. fell over July.
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