Podcast
Rising Geopolitical Risks
Will Simpson and Greg Wise
June 13, 2025.
Markets were a mixed bag this week, with Canada managing to squeak out a small win. The TSX rose 0.2%, supported by strength in energy and gold stocks. South of the border, returns were weaker across the board, but keep in mind, these are in Canadian dollar terms. With the USD softening this week, it certainly wasn’t the safe haven it’s been in the past. The S&P 500 dropped 1.3%, the Dow slid 2.3%, and the Nasdaq fell 1.5%.
Commodities had a standout week. Gold jumped nearly 4%, pushing toward US$3,500/oz, while WTI crude surged 13% to US$73/bbl. That spike came as tensions flared in the Middle East, Israeli strikes in Iran and subsequent retaliation added a new layer of risk to already unsettled markets. Equities pulled back, oil and gold surged, and while there wasn’t a dramatic flight to safety, the moves clearly reflected investor unease. Softer-than-expected CPI and PPI data helped limit the damage, easing inflation concerns and nudging bond yields lower.
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