AS AT NOVEMBER 30, 2024
| Closing 30-11-24 |
Variation 31-10-24 |
Variation 31-12-23 |
|
|---|---|---|---|
| Key interest rate in Canada (%) | |||
| Key interest rate in Canada (%) | 3.75 | 0.00 | -1.25 ▼ |
| Oil (WTI) | |||
| Oil (WTI) | $68.00 | -1.8% ▼ | -5.1% ▼ |
| Gold | |||
| Gold | $2,643.15 | -3.07% ▼ | 28.1% ▲ |
| EUR/CAD | |||
| EUR/CAD | 1.48 | -2.2% ▼ | 1.2% ▲ |
| JPY/CAD | |||
| JPY/CAD | 0.01 | 2.3% ▲ | -0.1% ▼ |
| USD/CAD | |||
| USD/CAD | 1.40 | 0.7 % ▲ | 5.8 % ▲ |
Sources: Bank of Canada, Bloomberg Finance L.P.
CANADIAN MARKET
6.4% (S&P/TSX Composite 30-11-2024)The S&P/TSX Composite Index had its best monthly performance of the year, advancing 6.4%. The gain was driven mainly by the financials and information technology sectors. With lower interest rates, Canadian banks were buoyed by an easing of concerns over potential mortgage defaults, while tech companies benefited from sustained demand for digital solutions. Even so, the materials sector detracted from the momentum as a result of metal price weakness caused by uncertainty over global demand, particularly in China.
The FTSE Canada Universe Bond Index rose 1.7%, showing resilience despite the Bank of Canada’s rather cautious outlook on rate cuts.
U.S. MARKET
6.3% (S&P 500 30-11-2024 in CAD)U.S. stocks also had their best month of the year. The S&P 500 Index climbed 5.9% in U.S. dollars and 6.3% in Canadian dollars, breaking 6,000 points for the first time ever. Its performance was due mainly to investor optimism about the economic policies announced by the Trump administration, including tax cuts and pro-business deregulation initiatives. All sectors posted gains, but the big tech companies contributed the most to the return. Uncertainty about tariff policies continued, however, and could weigh on trade relations and dampen economic momentum.
INTERNATIONAL MARKETS
-0.1% (MSCI EAEO 30-11-2024 in CAD)The situation was quite different in developed markets outside North America. The MSCI EAFE Index edged up 0.6% in local currencies but returned -0.1% in Canadian dollars. In Europe, the economic outlook was weighed down by political tensions in France and signs of a slowdown in the euro zone. In contrast, Australia, Japan and Singapore ended the month higher.
EMERGING MARKETS
-3.2% (MSCI Emerging Markets 30-11-2024 in CAD)Emerging markets also came under pressure, with the MSCI Emerging Markets Index down 2.7% in local currencies and 3.2% in Canadian dollars. Currency volatility and concerns about massive tariffs on exports to the United States weighed heavily on these markets. In China, the approval of a vast debt-swap plan raised hopes, but the lack of concrete measures to boost consumption disappointed investors.
