2019 started off strong, with Canadian and U.S. markets both experiencing low-teen returns in the first quarter. At the same time, 10-year government yields have fallen in both countries as central banks signaled a pause in their rate hikes; in the U.S., this has led to a yield inversion, with 3-month treasury bills paying a higher return to investors than 10-year bonds. The price of oil saw a stark recovery, increasing 32.4% year-to-date, while the Canadian dollar and gold prices are both up slightly.
| S&P/TSX Composite ||16,102||14,323||12.4%|
| S&P 500 ||2,834||2,507||13.0%|
| GoC 10-Year ||1.62%||1.96%||-34bps|
| US Gov 10-Year ||2.41%||2.69%||-28bps|
| CAD$ / US$ ||0.749||0.733||2.2%|
| WTIC Oil ||$60.14||$45.41||32.4%|
| Gold ||$1,295.72||$1,281.34||1.1%|
Returns are based on price change only, and exclude dividends. Foreign indices are in USD.
Source: National Bank Financial, QUANT Monitor as of March 29, 2019