Podcast
Strong Start to 2026
Will Simpson and Greg Wise
January 16, 2026
What’s leading the way?
It was a mixed week for markets; Japan led the way up about +4.4%, while Canada stood out globally with a +1.3% move. The U.S. was more uneven, with the S&P basically flat, the Dow modestly higher, and the Nasdaq slipping, while small caps held up better with the Russell 2000 up roughly 2.4%. International equities outside the U.S. had a solid run with the MSCI EAFE and EM both positive on the week.
In Canada, one of the more notable developments was an improvement in trade relations with China, including tariff relief on EVs and select agricultural exports. The near-term economic impact is likely limited, but it does highlight an effort to diversify trade partners as uncertainty builds ahead of the next USMCA review. Any U.S. response to this shift remains an important risk to keep an eye on.
There was continued strength in commodities this week. Energy was up and down, but precious metals were back in focus, with silver in particular extending its recent run, now marking roughly +190% return over the past year. Gold also pushed higher, suggesting investors are still prepared to chase the momentum and defensive characteristics, even as broader equity markets remain relatively calm.
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