RESULTS at a glance – 1Q23
Stocks saw a hearty rebound in the first quarter, in part thanks to easing inflation and speculation around a potential pausing, if not reversal, of rate hikes in the US (Canada has already paused its contractionary policy). Long-term bond yields in both countries have come down as a result. Recession fears remain, however, with oil prices down as markets anticipate slower economic activity. The collapse of Silicon Valley Bank in the US further contributed to a flight of capital towards safe havens (including the US dollar and gold), though subsequent intervention aimed at calming markets brought the Greenback back to its year-start level.
| MARKETS | QTR-END 31-Mar-23 | YR-END 31-Dec-22 | CHANGE THIS YEAR |
| S&P/TSX Composite | 20,100 | 19,385 | 3.7% |
| S&P 500 | 4,109 | 3,840 | 7.0% |
| EAFE | 2,093 | 1,944 | 7.7% |
| GoC 10-Year | 2.90% | 3.29% | -39bps |
| US Gov 10-Year | 3.48% | 3.88% | -40bps |
| CAD$ / US$ | 0.740 | 0.738 | -0.3% |
| WTIC Oil | $75.67 | $80.26 | -5.7% |
| Gold | $1,976.50 | $1,815.64 | 8.9% |
Returns are based on price change only, and exclude dividends. Foreign indices are in USD.
Source: National Bank Financial, QUANT Monitor as of March 31, 2023