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About RBC Global Asset Management

RBC Global Asset Management is the asset management division of Royal Bank of Canada ("RBC") which includes the following affiliates around the world, all indirect subsidiaries of RBC: RBC GAM Inc. (including Phillips, Hager & North Investment Management and PH&N Institutional), RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited, RBC Global Asset Management (Asia) Limited, BlueBay Asset Management LLP, and BlueBay Asset Management USA LLC.

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This website may contain forward-looking statements about general economic factors which are not guarantees of future performance. Forward-looking statements involve inherent risk and uncertainties, so it is possible that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution you not to place undue reliance on these statements as a number of important factors could cause actual events or results to differ materially from those expressed or implied in any forward-looking statement. All opinions in forward-looking statements are subject to change without notice and are provided in good faith but without legal responsibility.

Accept Decline

Analysts anticipate that Canada’s economy will expand 0.9% in 2024 and 2% in 2025. The Bank of Canada is slightly more optimistic, expecting Canada’s economy to grow 1.2% in 2024 on improving consumer and business spending as borrowing costs fall and exports rise.

With the S&P 500 up 19.5% so far this year and close to an all-time high, it seems prudent to review recent market moves, evaluate the most recent financial results and consider the potential implications of falling interest rates.

Until a government is formed, we think French equity markets are likely to remain among Europe’s riskiest.

We expect GDP for the region to improve heading into yearend and in 2025, driven by steady domestic demand and the benefits for Asian exporters from solid global demand for consumer goods.

We would expect the relationship between emerging-market and developed-market equities to re-establish itself in the coming years as market compositions return to a more “normal” state.

Executive summary

The intense economic headwind from high interest rates is fading and relief is on the way as reduced inflation pressures have paved the way for central banks to loosen monetary conditions.

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Economy

The global economy continues to decelerate and, while a mild recession is possible given deterioration in labour markets, we think the most likely scenario is that economies continue to expand over our forecast horizon.

Fixed Income

In the context of our forecast for modest economic growth and cooling inflation, it is reasonable to expect steady global monetary easing over the remainder of 2024 and into 2025.

Equity markets

Mega-cap technology stocks have greatly benefited from optimism regarding the productivity improvements that artificial intelligence could bring, but the enthusiasm for these stocks may be getting tested.

Resources

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RBC GAM is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management Inc. (RBC GAM Inc.), RBC Global Asset Management (U.S.) Inc. (RBC GAM-US), RBC Global Asset Management (UK) Limited (RBC GAM-UK), RBC Global Asset Management (Asia) Limited (RBC GAM-Asia) and RBC Indigo Asset Management Inc. (RBC Indigo), which are separate, but affiliated subsidiaries of RBC.

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