Introduction
Global equity markets finished largely unchanged over the month of November. Enthusiasm for artificial intelligence (AI) stocks pulled back, pushing stock markets lower. However, the release of economic data in the U.S. raised bets the U.S. Federal Reserve Board (Fed) would lower interest rates again in 2025.
Global economic activity was relatively underwhelming over the third quarter of 2025. Tariffs persisted, continuing to weigh on consumer and business confidence, which hindered demand and investment. Inflationary pressures also persisted, albeit at lower levels than in 2022. Global manufacturing activity was soft over the month, weighed down by modest global demand and trade tensions.
The S&P/TSX Composite Index advanced, reaching a new record high. The best-performing sectors were materials and consumer staples. The yield on the 10-year Government of Canada bond edged higher over the month. U.S. equities eked out a small gain. In commodity markets, the price of gold increased, while the price of silver hit a new record high. The price of oil fell over November.
