July was a welcomed reprieve for Equity investors. In Canada smaller, rate-sensitive companies led the charge.
The S&P/TSX 60 rose 3.9%, Canadian Large Caps added 4.6%, and Canadian Small Caps surged 8.8% higher.
Around the world, the US-domiciled S&P 500 popped 9.2%, Tech-driven NASDAQ surged 12.4% and global developed markets as measured by the MSCI EAFE index tacked on 5%.
Not a single sector was negative in the US markets in July.
The cyclical sectors of Consumer Discretionary and Technology scored big wins in July, rising 18.4% and 13.5% respectively. Behind them was a 9.7% gain made by Energy and 9.5% by Industrials.
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