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

Due to structural headwinds, we downgraded European equities to Underweight in December. Yet a number of catalysts could occur in Q1 that could be well received by equity markets. We peruse the opportunities that may emerge in European equities.

Tariffs can have many economic impacts, but we think investors should focus on the economic and political goals that are driving decision-making.