“Even though equities are rallying on the Fed pivot, earnings estimates for next year will continue to be revised downward as the economy goes into recession in the coming months, with some sector valuations already reflecting this scenario.” — J-P Chevalier & Marc Gagnon
Key Takeaways:
- Macroeconomic data continued to drive market sentiment in November.
- China is gradually easing its zero-COVID policy, leaving us cautiously optimistic.
- We continue to have a positive long-term outlook on commodities, especially energy and industrial cyclicals.
Jean-Pierre Chevalier, CFA
Senior Director, Portfolio Manager, US Equities and Thematic Investing
Marc Gagnon, M. Sc., CFA
VP, Portfolio Manager, North American Equities
