📊 September 2025 Market Recap

🇨🇦 Canadian Economy:

• Employment continued declining, inflationary pressures eased

• Government rollback of retaliatory tariffs

• Bank of Canada resumed easing in September

• Federal budget due early November expected to be stimulative

• Likelihood of substantial further rate cuts is limited

U.S. Equities:

• S&P 500 +3.7% 📈 Best September since 2010

• Nasdaq +4.9%, tech rebound driving gains

• Emerging Markets +7.2%, outperforming developed markets

Federal Reserve & Rates:

• Fed cut rates by 0.25% in mid-September (first since Dec 2024)

• Markets expecting 2 more cuts this year

• Rate cut boosted investor confidence & housing market activity

  
  

Inflation:

• CPI - Consumer Price Index +3.7% YoY, +0.4% MoM – slightly above expectations

  
  

Bonds & Fixed Income:

• 10-year U.S. Treasury yield fell from 4.23% → 4.16%

• Rate cuts & lower yields supported bond markets

  
  

Commodities:

• Brent crude hit $97.69 before falling to $78.80

• Volatility driven by production cuts & geopolitical tensions

  
  

Global Markets:

• China: Weak housing & labor markets; manufacturing in contraction; fiscal stimulus expected

• Europe: Resilient services sector offsets weak manufacturing

• Japan: Nikkei +6.5% on easing inflation & accommodative policy

  
  
  
  

Housing Market:

• Fed rate cut made mortgages more affordable → housing activity picked up

  
  

Bottom line: September surprised markets with strong equity gains, lower rates, and renewed optimism, despite global economic headwinds. 🌍

Information from CI Global Asset Management, Morningstar and BMO Global Asset Management

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