Despite a bright start to Q3, U.S., Canadian and global equities gradually lost momentum as the Fed reiterated it would continue its monetary tightening path. In bond markets, U.S. and Canadian yields rose on the outlook for interest rates, inflation and the pound falling to a record low after the U.K. government announced huge tax cuts funded by increased borrowing which were subsequently rejected by the market and reversed.
THIRD QUARTER HIGHLIGHTS
- • S&P/TSX Composite hits 19 month low of 18,169.90 on July 14th
- • S&P 500 hits 22-month low of 3,584.13 on September 30th
- • Canadian dollar hits 28-month low of $0.7230 USD on Sept 27th
- • WTI Oil drops 38.1% from June high hitting $76.25 USD on Sept 26th
- • Bank of Canada increased overnight rate by 1.75% to 3.25% in Q3