Global equity markets moved higher over September. Several central banks lowered interest rates during the month, hoping to help prop up their respective economies. This included the U.S. Federal Reserve Board (“Fed”), which decided on a jumbo rate cut of 50 basis points (“bps”). Global inflation continues to moderate, but concerns are heightening that it could inch higher in the months to come, given energy prices could see a pickup due in part to low base year prices in 2023. Global economic activity remains lacklustre. Rising services sector activity is being offset by ongoing weakness in the manufacturing sector. Unemployment rates around the world are moving higher, signalling weak labour market conditions.
Canada’s main index, the S&P/TSX Composite Index, posted a gain over the month, led by the Health Care and Utilities sectors. U.S. equities also advanced. Yields on 10-year government bonds in Canada and the U.S. dropped. Oil prices fell over the month, while the price of gold finished higher.
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