Emerging Markets

The Liberal Party of Canada has wrapped up its leadership race, with Mark Carney winning by an overwhelming margin.

There has been further indication that the U.S. will underperform during a negative market, according to DoubleLine's Jeffrey Gundlach.

In a world of rich valuations and heightened geopolitical uncertainties, we believe Japanese equities are well positioned to deliver attractive returns.

Recent US stock weakness may be related to a downturn in US economic data and headline shocks related to tariffs.

As we wade into March, market volatility is at the forefront, leaving investors grappling with uncertainty surrounding tariffs and mixed economic signals. Though the S&P 500 experienced a bounce towards February's end, it slipped 1% overall, revealing lingering challenges for iconic tech stocks and the broader equity landscape.

For decades, the U.S. dollar’s dominance has rested on two pillars: America’s deep capital markets and its global security alliances. Today, both are under strain.

Global investment themes are shifting toward infrastructure, cybersecurity and energy expansion as demand outpaces supply in key sectors.

Economic growth, earnings performance, and rising fiscal spending coupled with "America First" policies are driving international stock markets.

The EV shakeout is underway. When the dust settles, only a few players will remain. Many more will be relegated to the scrapyard of failed ambitions.

Costco's earnings may have disappointed in the near-term, but the company may be in a prime position to perform during a tariff showdown.

At the start of the year, our Investment Strategy Committee outlook was positive for both the economy and the equity market, supported by strong consumer, labor market, and corporate fundamentals.

Trade policy clarity is a long way off.

The U.S. has poured more than $120 billion into Ukraine since its war with Russia began three years ago, but with a new administration in Washington, that support is grinding to a halt.

On March 4, 2025, the Trump administration imposed tariffs of 25% on Canada and Mexico and increased tariffs on Chinese imports to 20% from the previous 10% imposed earlier in the year.

We highlight some underreported positive developments that could keep economic growth on track and support higher equity prices in the months ahead.

On the latest edition of Market Week in Review, Senior Investment Strategist and Head of Canadian Strategy, BeiChen Lin, discussed how markets are reacting to U.S. trade policy uncertainty.

One month into President Donald Trump’s new term, financial markets are adjusting to a rapidly shifting economic and policy environment. Investors are watching closely as tariffs, interest rate expectations and regulatory changes take center stage.

Opportunities have increased significantly in frontier markets debt as more countries have made a conscious effort to open their capital markets to international investors and currencies have become more fairly valued.

Treasury yields have been falling for weeks. Yet inflation expectations remain high and recent growth data have been fairly strong—not a traditional backdrop for declining yields. What's happening?

Many ASEAN members punch above their economic weight in international trade. But their power may also make them targets in the mounting global trade battle.

As daily headlines drive volatility, the market has avoided overreacting thus far.

We view quarterly earnings season as a critical checkup on how markets are handling current challenges.

In this primer we define small cap growth funds, provide practical suggestions on how to invest in them, and explain why we believe they are a strategically important asset class.

February’s market turbulence saw investors pivot toward defensive strategies as policy uncertainty intensified, driving a broad market rotation from mega-cap tech stocks to bonds, gold, and international equities.

We detail some key factors driving the recent market volatility and provide our perspective on how we believe these events may unfold and impact the economy and financial markets.

Heightened economic uncertainty—propelled mainly by trade policy—has unearthed weakness in the equity market, with most pain felt under the market's surface.

We wrote in last month's letter that the U.S. stock market had to meet lofty earnings expectations to maintain its strong performance relative to global benchmarks, while the latter had a lower bar because of considerably cheaper valuation multiples and higher dividend yields.

The AI breakthrough spotlights some of China’s distinctive features that deserve closer attention from investors.

It’s not U.S. tariffs we need to be fixated on to gauge China’s economic growth trajectory but the ability of its leadership to rebuild confidence among entrepreneurs and consumers.

Just recently, S&P Global released its 2026 earnings estimates, which, for lack of a better word, have gone parabolic. Such should not be surprising given the ongoing exuberance on Wall Street. Unsurprisingly, rationalizations justify illogic when too much money is chasing too few assets.

We understand that in the business world the word ‘monetization’ of a service a company provides has become one of the most important words as, if successful, this monetization increases the valuation of that company’s stock price.

For more than half a century, Warren Buffett has penned annual letters that chronicled economic and market shifts while underscoring Berkshire Hathaway's steady philosophy yet ever-evolving outlooks. With Buffett's 2024 letter freshly published, we take this opportunity to contrast his latest views with the remarkable continuity of his investment philosophy.

More than a century ago, then-Representative William McKinley pursued an aggressive tariff strategy that sought to protect American industry and reduce reliance on foreign imports. The McKinley Tariff Act of 1890 raised import duties to an average of 50%, one of the highest levels in U.S. history.

With major US policy change unfolding, flexibility across and within asset classes will be critical.

Portfolio Manager Andrew Mattock, CFA, explains the importance of assessing U.S. tariffs as a component among external variables that can influence, rather than drive, investment returns.

Looming U.S. and global policy shifts may potentially rattle markets, but a tactical and flexible approach could help investors navigate risks and opportunities regardless of how events play out.

Trade war fears and disappointing data have sparked a flood of defensive buying activity in consumer staples, utilities, and healthcare stocks.

The perfect pairing for your U.S. large-cap portfolio?

An aggressive U.S. tariff regime will come down hard on major economies.

The long-anticipated “infrastructure week” has finally arrived. This is a cornerstone of the administration’s agenda.

The fourth quarter 2024 earnings season more-or-less wraps up this week with the final trickle of retailers coming in, as well as the highly anticipated report from Nvidia which was out yesterday afternoon.

In the report, John Kerschner, Head of US Securitized Products & Portfolio Manager, and John Lloyd, Lead for the Multi-Sector Credit Strategies & Portfolio Manager, review the best-performing U.S. fixed income sectors of 2024 – what worked, what didn’t, and what it means for investors going forward.