Overview
U.S. stock market registered its 2nd consecutive monthly gain in November as all 3 major indices climbed during the month on the back of Fed Chair Jerome Powell's dovish comments
Many companies indicated that they were feeling the pinch from rising interest rates and a downturn in consumer confidence (issued negative forward guidance as a result)
Crypto- total digital assets plunged by 16% in November- this is after the collapse of crypto exchange FTX
Canada's benchmark S&P/TSX was 5.3% higher in November (9 of its underlying sectors were positive during the month)
Gains were led by materials and info tech. sectors (10.8%, 9.5%)
Utilities and health care were the detracting sectors (-1.2%, -0.3%)
Small cap stocks as measured by S&P/TSX SmallCap Index rose 6.2% for the month
U.S. dollar depreciated 3% versus the loonie during the month
U.S.-based stocks, as measured by S&P500 gained 5.3% in November
Gains led by materials and industrial sectors (10.6%, 6.7%)
International stocks (measured by FTSE Developed ex U.S. index) rose 9.9% in the period
EM jumped 14.1%
Fixed Income
Investment grade fixed income indices were up in November
Canadian Investment Grade bonds climbed 2.8% during the month
Key global investment grade bond benchmark was up 4.7%, while global high-yield index was up 2.2%
Commodities
Price of a barrel of crude oil fell 6.9% in November
Natural gas was up 9%
Copper, silver and gold all had a positive month (10.5%, 12.7% and 6.4%)
Inflation
Inflation in Canada rose 6.9% year-over-year in October- matching the increase in September
Faster price growth for gas and mortgage interest costs were moderated by slowing price growth for food
BOC made another 50 bps increase this month (as economists had expected)
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