RESULTS at a glance – 2Q25
Despite the US’ imposition of tariffs, Canada and the MSCI EAFE international index managed to achieve strong market returns in the first half of 2025, with the former’s performance being thanks namely to precious metal miners who have benefited from rising prices. Bond yields rose in the second quarter following weak treasury demand, but remain down year-to-date in the US with expectations of further rate cuts in the second half. Gold continued to push to new all-time highs amid ongoing uncertainty, while oil has settled lower after a brief jump following escalations in the Middle East.
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| MARKETS | QTR-END 30-Jun-25 | YR-END 31-Dec-24 | CHANGE THIS YEAR |
| S&P/TSX Composite | 26,857 | 24,728 | 8.6% |
| S&P 500 | 6,205 | 5,882 | 5.5% |
| EAFE | 2,655 | 22,262 | 17.4% |
| GoC 10-Year | 3.27% | 3.22% | 5bps |
| US Gov 10-Year | 4.22% | 4.57% | -35bps |
| CAD$ / US$ | 0.733 | 0.695 | 5.5% |
| WTIC Oil | $65.11 | $71.72 | -9.2% |
| Gold | $3,277.30 | $2,610.90 | 25.5% |
Returns are based on price change only, and exclude dividends. Foreign indices are in USD.
Source: National Bank Financial, Monthly Market Performance as of June 30, 2025