RESULTS at a glance – 3Q20
A resurgence of COVID-19 cases is keeping the market on its toes. Stocks remain down year-to-date in most regions, however the S&P500 hit new highs in September, demonstrating a divergence between the economy and the stock market in the States. Bond yields moved up marginally from Q2 but remain low as central banks maintained rock-bottom interest rates, and while the loonie remains down from its pre-COVID levels, greenback inflation fears led to a small increase in Canada’s exchange rate. Meanwhile oil remains down a sizeable 34.1% and gold continues to push towards new all-time highs.
| MARKETS | QTR-END 30-Sep-20 | YR-END 31-Dec-19 | CHANGE THIS YEAR |
| S&P/TSX Composite | 16,121 | 17,063 | -5.5% |
| S&P 500 | 3,363 | 3,231 | 4.1% |
| EAFE | 1,855 | 2,037 | -8.9% |
| GoC 10-Year | 0.56% | 1.70% | -114bps |
| US Gov 10-Year | 0.69% | 1.92% | -123bps |
| CAD$ / US$ | 0.751 | 0.770 | -2.5% |
| WTIC Oil | $40.22 | $61.06 | -34.1% |
| Gold | $1,899.84 | $1,520.50 | 24.9% |
Returns are based on price change only, and exclude dividends. Foreign indices are in USD.
Source: National Bank Financial, QUANT Monitor as of Sept 30, 2020