The delicate shift toward an efficiency-driven economy

U.S. equity markets are at record levels, supported by resilient corporate earnings and a willingness from investors to look through ongoing geopolitical risks in the Middle East. However, a widening gap is emerging between asset prices and underlying economic conditions.

Regional developments

Alphabet issued its first loonie-denominated bond, the largest Canadian corporate bond deal on record; U.S. equity markets shrugged off geopolitical concerns as AI investment took center stage; Europe fighting inflation, but secondary effects seem limited; New inflation risks emerging in India.

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