{"id":22348,"date":"2025-10-02T15:59:09","date_gmt":"2025-10-02T19:59:09","guid":{"rendered":"https:\/\/www.batirente.com\/?p=22348"},"modified":"2025-10-02T16:15:08","modified_gmt":"2025-10-02T20:15:08","slug":"markets-at-a-glance-q3-2025","status":"publish","type":"post","link":"https:\/\/www.batirente.com\/en\/markets-at-a-glance-q3-2025\/","title":{"rendered":"Markets at a glance"},"content":{"rendered":"

To help you better understand the performance of funds presented in your quarterly statement, B\u00e2tirente\u2019s Investment Strategy Manager, Jean-Fran\u00e7ois Dumais*, shares the economic and market highlights of 2025\u2019s third quarter.<\/strong><\/p>\n

ECONOMY<\/h3>\n

Tariffs, Labour Market, Inflation, Central Banks, and Debt
\n<\/strong>Several agreements have been reached to reduce or eliminate the tariffs announced in the second quarter.<\/p>\n

However, ongoing uncertainty regarding the implementation of these tariffs is putting pressure on the job market in both Canada and the US, leading to a rise in unemployment rates on both sides of the border.<\/p>\n

As for inflation, the situation is mixed: In Canada, it has returned to target, which is good news, while in the US, inflationary pressures remain strong.<\/p>\n

In this context, the US economy could enter a period of stagflation, which is characterized by stagnant economic growth coupled with persistent inflation. This scenario could result in further job losses.<\/p>\n

Despite the risks tied to inflation, the US central bank has lowered its key interest rate to stimulate the job market. Additional rate cuts are expected over the coming year.<\/p>\n

Finally, governments are increasing spending to support economic growth and counter tariff-related threats.<\/p>\n

MARKETS<\/h3>\n

Equities
\n<\/strong>Trade agreement resolutions and global interest rate cuts drove strong equity market gains in the third quarter.<\/p>\n

On one hand, the MSCI All Country World Index delivered a return of 9.7% (in Canadian dollars), driven by the remarkable performance of US artificial intelligence-related stocks\u00a0\u2014\u00a0the so-called \u201cMagnificent Seven\u201d\u00a0\u2014\u00a0which rose 17.6% (in Canadian dollars).<\/p>\n

On the other hand, the S&P\/TSX Index, the Canadian market\u2019s leading benchmark, posted a return of 12.5%, mainly supported by the strength of gold-related securities (45.6%) and the financial sector (10.6%).<\/p>\n

Bonds
\n<\/strong>Central bank interest rate cuts and expectations of further reductions have benefited bonds. As a result, the FTSE Canada Universe Bond Index delivered a return of 1.6%.<\/p>\n

2025 OUTLOOK<\/h3>\n

Expected volatility
\n<\/strong>Regardless of certain tariff agreements, Donald Trump\u2019s presidency could lead to increased volatility in the coming years. The US economy remains exposed to the risk of stagflation.<\/p>\n

In such a context, it becomes challenging to predict which asset classes will perform best. That is why maintaining a well-diversified investment strategy\u00a0\u2014\u00a0across both asset classes and geographic regions\u00a0\u2014\u00a0remains essential to navigate uncertainty more confidently.<\/p>\n

Finally, in a volatile environment, it is crucial to stay focused on your long-term financial goals and to make decisions aligned with your investor profile.<\/p>\n

Jean-Fran\u00e7ois Dumais has worked as an Investment Strategy Manager at B\u00e2tirente since 2019. Along with a Master of Business Administration (MBA) degree (Finance specialization). He has over 20 years\u2019 experience in financial markets.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

To help you better understand the performance of funds presented in your quarterly statement, B\u00e2tirente\u2019s Investment Strategy Manager, Jean-Fran\u00e7ois Dumais, shares the economic and market highlights of 2025\u2019s third quarter.<\/p>\n","protected":false},"author":3,"featured_media":9104,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false,"footnotes":""},"categories":[25],"tags":[],"class_list":["post-22348","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-your-money"],"acf":[],"yoast_head":"\nMarkets at a glance - B\u00e2tirente<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.batirente.com\/en\/markets-at-a-glance-q3-2025\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Markets at a glance - 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