In 2025, global equity markets may be able to add to the remarkable gains of the past two years. That will require economic and earnings pictures that don’t falter.

Despite potential headwinds, we are generally constructive on Canadian markets, though we expect less outperformance in credit.

Higher productivity has propelled the U.S. economy ahead of its major peers in recent years, offering a blueprint for other countries and raising the stakes in the global race to harness emergent technologies such as GenAI.