Cardinal Quarterly – Jan 2017

Market Outlook – After a weak 2015 and a dismal start to 2016, global markets ended up doing reasonably well with Canada being a star performer. The fact that oil prices increased by 70% from their 2016 lows certainly helped, but so too did the continued strength of the U.S. economy. This allowed the market to shrug off concerns of slowing Chinese growth earlier in the year as well as surprise negative events like Brexit. Markets even jumped after Donald Trump’s election victory even though up to the election they had been falling every time he inched ahead in the polls. There is a saying that bull markets climb a wall of worry as they move higher and 2016 certainly fits the bill.

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