2022 was a brutal year for stocks, thanks to surging inflation and the resulting contractionary policies from central banks. Concerns of a recession have caused the US dollar to appreciate against the Loonie, while oil prices have moderated from their early-year highs, despite the invasion of Ukraine still hampering global crude supply. Gold prices have remained flat, with jumping bond yields increasing the opportunity cost of holding commodities.
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|US Gov 10-Year||3.88%||1.52%||236bps|
|CAD$ / US$||0.725||0.794||-8.7%|
Returns are based on price change only, and exclude dividends. Foreign indices are in USD.
Source: National Bank Financial, QUANT Monitor as of December 30, 2022