Podcast
7 Key Trends Shaping the Rest of 2025
Will Simpson and Greg Wise
July 11, 2025
Key themes to watch for heading into the back half of the year.
Markets were mixed this week, with S&P up 0.5%, Nasdaq up 0.8%, and EAFE up 1.2%. Canada was down slightly, and Tech was dragging hard (-2.9%), though Telecom helped cushion the blow. U.S. sectors saw strong gains in Energy, Utilities, and Industrials.
In Canada, the jobs report came in way hotter than expected, with 83,000 jobs added in June. That sounds great on the surface, but most of them were part-time, so the quality of those gains is still a bit murky. Still, it was enough to nudge the unemployment rate back below 7%, and probably buys the BoC a bit more patience.
Trump officially threatened a new wave of tariffs this week, with 35% on Canadian imports starting August 1, plus fresh duties on Brazilian goods, copper, and pharma. All in all, however, the market seems numb to these types of headlines. TACO (Trump Always Chickens Out) is still the working assumption for now. Investors have seen this movie before, and unless there’s real follow-through, most seem to be treating it as background noise.
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