Podcast
The Future of Wealth Management
Will Simpson and Greg Wise
May 9, 2025
Markets pushed higher this week, with broad gains across most sectors and regions. The TSX climbed 1.1%, led by strong moves in Telcos and Materials. In the U.S., Industrials and Consumer Discretionary helped lift the S&P 500 by 0.7%. Japan was the global standout, jumping 2.5% in CAD terms, easily the best of the bunch.
The tone around trade got a little less hostile. The U.S. and China agreed to sit down and talk again, this time in neutral Switzerland, and the U.S. struck a metals and autos deal with the U.K. Carney’s trip to Washington didn’t lead to anything concrete, but it did help cool things off a bit. That said, most tariffs are still in place and the U.K. deal might’ve just locked in a higher “new normal” on tariffs going forward. So while the temperature came down, not much has really changed.
Economic data was a mixed bag. U.S. numbers are holding up surprisingly well, jobless claims are steady, ISM services were decent, and next week’s inflation and retail data is expected to be pretty tame. In Canada, not so much. Job growth was barely positive and entirely due to public sector hiring. Manufacturing jobs fell again, and the gap between our unemployment rate and the U.S. is now at 2.7 percentage points, which is quite large historically. The BoC percentage chance of cutting in June increased 15% this week to 65%.
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