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Investor Knowledge + 5 Minutes = New Thinking
Life can be busy. Very busy at times. With so many things to do and to think about, many priorities can fall off the radar. Trying to eat healthy or exercise regularly can often take a back seat to a fast-food meal and just not being able to "find the time" to exercise. Keeping up to date with the news can also be something that falls off the priority list for many.
While keeping up with economic news and markets may seem like its yet another item to add to your "list", there are several important benefits that shouldn't be overlooked. Keeping up to date with financial news can help you to make better decisions, spot threats and opportunities early on, and provide you with a "heads up" on changes that you need to consider. Fortunately for investors, TD Asset Management Inc. (TDAM) has a timely and easy to digest publication that helps make the "list" a little less daunting.
Every quarter, the TD Wealth Asset Allocation Committee ("WAAC") publishes their thoughts on the markets and economy including a positioning overview in the Market Perspectives. In the recently published Q2 Market Perspectives the WAAC provides its latest views on asset classes, where investing opportunities may arise, and future scenarios for global economies and interest rates. Key Q2 highlights include:
- Inflation has made notable progress in recent months in many economies, enabling central banks to shift their warnings of potential interest rate hikes to a dialogue around the timing of highly anticipated cuts
- The U.S. is expected to continue to considerably outperform its peers. Through geopolitical risks and high borrowing costs, the U.S. is expected to continue to impress, buoyed by remarkable productivity. This is out of step with other countries where growth has cooled markedly. Canada is no exception to this pattern, but domestic inflation has not ceded as much as in other regions, creating a challenge for the Bank of Canada.
- In the Eurozone, both goods and services inflation have cooled substantially. The European economy has stalled since the third quarter of 2022 and traditional economic dynamics have settled in to rebalance demand and supply, and to restore price stability.
- Although Canadian economic growth has steadily evaporated, decades-long housing shortages are coming home to roost. Through January, Consumer Price Index (CPI) inflation excluding housing-related costs (rent, mortgage interest costs, and replacement costs) has already returned to 1.8% year-over-year ("YoY") and is at an even lower 0.6% (annualized) on a quarterly basis¹. Strip out the same housing factors from the classic core CPI (excluding food and energy) and we see virtually no growth in the quarter ending in January. The picture that emerges is of an economy with accumulating slack.
- China's economic challenges linger despite fiscal stimulus introduced toward the end of last year. The current economic situation is best characterized by the lingering ripple effects from the overhang in the housing market.
Access to the insights
For access to TDAM's full update, please check out the latest Market Perspectives.
1 Source: Bloomberg Finance L.P, TD Economics.
本文所含資訊由道明資產管理有限公司提供，僅供參考。內容乃出自可靠之來源匯編而成。本文並不提供任何財務、法律、稅務或投資建議。衡量個別投資、稅務或交易策略時，應考慮個別人士的目標和風險承受能力。
本文檔中的部分陳述可能包含預測性的前瞻性陳述（「FLS」），其中包含「預計」、「預期」、「打算」、「認為」、「估計」和類似的前瞻性表述或其否定形式。前瞻性陳述基於當前對未來普遍的經濟、政治、相關市場因素（例如利率和匯率、股票和資本市場）以及普遍經營環境的預計和預測，並假定不發生稅法或其他法律或政府管制方面的任何變動或災難事件。對於未來事件的預計和預測本身受無法預見的風險和不確定性的影響。此等預計和預測可能在未來並不準確。前瞻性陳述不是對未來表現的保證。實際發生的事件可能與前瞻性陳述明示或暗示的事件存在實質差異。包括上文所述各項因素在內的多個重要因素均可能造成這種背離。您不應在任何程度上依賴於前瞻性陳述。
The TD Wealth Asset Allocation Committee ("WAAC") is comprised of a diverse group of TD investment professionals.WAAC的職責是發佈季度市場展望，提供未來6至18個月市場行情的簡明觀點。WAAC的預測並非對未來結果的保證，實際市場事件可能與WAAC季度市場展望中明示或暗示的情況存在實質性差異。WAAC的市場展望不可取代投資諮詢。
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