National Bank economists Warren Lovely and Taylor Schleich described population growth as “Canada’s demographic heat dome,”
“Looked at a thermometer lately? Well a good number of Canadians are currently suffering under a socalled ‘heat dome’, atmospheric temperatures dialed up to downright dangerous levels. And so it is with Canada’s population growth, as StatCan’s latest national headcount again makes clear …Diving into the latest quarterly data, we see that Canada’s population moved past 41 million as of April 1st. The country added a net 1.273 million new bodies in the past year alone.
Barclays global macro strategist Ajay Rajadhyaksha recommends an overweight in equities but doesn’t sound thrilled about it, “We have consistently recommended overweighting global equities over global fixed income in this publication. It is a call that has become harder to hold on to, however. Stocks have gone on a massive run over the past seven months; the All-world index, the S&P 500 and the Nasdaq are all up about 25% in the past seven months. It is true that Big Tech earnings have continued to deliver.
“Canadian stocks, always a valuation darling but rarely an outperformer, have returned to their lagging ways. Since the end of April, the TSX has struggled to stay positive, while the S&P 500 has pushed nearly 10% higher to record levels. As is often the case, this is mostly the result of composition. Banks and energy have struggled heading into the summer, which is always a tough backdrop for the TSX. In the meantime, technology has lurched more than 20% higher in the S&P 500 .
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