Introduction
Global equity markets advanced over the month of June. Global equities got a boost at the beginning of the month when U.S. lawmakers agreed to extend the U.S. debt ceiling, which alleviated investors’ concerns about a U.S. default. Central banks such as the Bank of Canada (“BoC”), European Central Bank (“ECB”) and Bank of England (“BoE”) raised rates over the month, while the U.S. Federal Reserve Board (“Fed”) elected to hold steady. However, the Fed quickly pointed out the pause may be temporary, as the U.S. economy likely needs more rate increases to bring down inflation. Business activity, particularly in manufacturing, was relatively weak over the month, suggesting global demand may be waning amid tighter financial conditions.
The S&P/TSX Composite Index posted a gain over the month, boosted by a strong Consumer Discretionary sector. U.S. equities, as measured by the MSCI USA Index, finished higher. Yields on 10-year government bonds in Canada and the U.S. advanced. Oil prices rose, while the price of gold declined.
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