Market View

The Canadian Manufacturing Purchasing Managers’ Index (PMI) rose to 52.2 in December from 52.0 in November, marking the fastest pace of manufacturing activity in two years driven by inventory accumulation by U.S. clients in anticipation of tariffs. On the other hand, the US manufacturing PMI also rose to a nine-month high of 49.3 in December, up 1.1 from November due to a rebounding in production and new orders, but the outlook remains uncertain amid the threat of higher tariffs. The Canadian dollar was 69.16 cents USD. The U.S. S&P500 ended the week down 1.3%, while the TSX was up 0.9%.

A lot more greens this week than reds. Energy and materials gained 4.3% and 2.8%, respectively. Real estate added 0.7%, while industrials edged up by 0.7% and 0.1%, respectively. Technology gave up 1.6%, while consumer staples slipped 0.2%. Both consumer discretionary and financials ended the week flat. The most heavily traded shares by volume were Bank of Nova Scotia, Toronto-Dominion Bank and Bitfarms.

5 from 5i

Here are five reads we found interesting last week:

• Major Asset Classes Performance Review, written by The Capital Spectator
• When Your Friends Are Richer Than You, written by Ben Carlson of Ritholtz Wealth Management LLC
• “Nobody Knows Anything,” Wall Street Strategist Edition, published by Barry Ritholtz of Ritholtz Wealth Management LLC
• The stock market usually goes up, published by Sam Ro, CFA of TKer by Sam Ro
• 3 Improvements for 2025, written by Rubin Miller of Fortune & Friction

Happy Reading & Stay Safe!

Disclosure: The analyst(s) responsible for this report do not have a financial or other interest in securities mentioned.