November 2024 Market Update from Canada Life Investment Management

Canadian inflation back to 2%

After a relatively lacklustre first half of 2024, retail spending appears to be gaining some traction amid slower inflationary pressures and four consecutive rate cuts from the Bank of Canada. Also, annual inflation in Canada picked up more than expected to 2% in October.

Market sentiment boosted after U.S. election results

Trump’s win drove markets to new records and they finished higher over the month.

China’s stimulus measures help ignite spending

Early signs appear to be positive. Retail sales grew by 4.8% year-over-year in October, which was the biggest annual increase since February 2024.

The BoE cuts rates again

This was the Bank of England’s (BoE) second rate cut this year.