September Comes to a Close
by Kevin Anseeuw on 10.05.2016
By the end of September changes to the major indices were negligible. Prices for gold and oil rose dramatically which made up for any shortfalls in equities. Banks in Canada beat expectations and the markets all moved ahead based on the positive news that an interest rate increase isn’t likely until at least the end of 2016. Across the pond, the European Central Bank (ECB) has held its course with stimulus but didn’t increase its efforts as many have speculated that they would.
September also ended with a great week for the price of oil as OPEC producers agreed to curb production for the first time in 8 years, which will likely drive the price of oil higher. With a global commodity like oil, where Canada is a ‘price taker,’ outside influence creating rising prices is welcome news for the Canadian economy.
Although September is typically a volatile month, this year we saw consumer confidence grow to its highest level in almost nine years and the highest level since the world financial crisis.
Let’s not forget to mention the US presidential debate cycle that began last Monday evening. It certainly had more of a reality TV flavour than past years, and was interesting to watch, to say the least. As election day draws nearer, and with two more debates on the schedule, the world will continue to watch and we will see how this all plays out in a month.
With pumpkin pie being my favorite dessert, I look forward to the weekend and I hope you have a fantastic Thanksgiving Day.
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