A mixed bag of economic data and corporate financial results left investors pondering the overall health of the global economy and the next actions by global central banks. In response, global equity markets finished lower over the month of October. In Canada, the S&P/TSX Composite Index ticked higher, getting a strong performance from the Energy sector. U.S. equities moved lower. Oil and gold prices increased over the month. Yields on 10-year government bonds in Canada and the U.S. increased.
Inflationary pressures continued to subside over the month, which contributed to the Bank of Canada (“BoC”) and European Central Bank (“ECB”) lowering interest rates. Several major economies reported that their respective economies expanded in the third quarter of 2024 but at relatively modest levels. Global manufacturing activity remains an area of concern amid changing spending habits. Conversely, services sector activity continues to expand.
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