December was mixed, but 2025 was a strong year overall. Recent economic data has held up, and earnings expectations for 2026 remain positive.
Equities
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International stocks led (+3.5%); Canada also gained (+1.3%)
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U.S. markets were flat to slightly down as Technology paused
Bonds & Rates
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Bonds slipped as yields rose, especially after a strong Canadian jobs report
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Credit spreads tightened further
Currencies & Commodities
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U.S. dollar weakened
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Oil fell again; gold rose
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Bitcoin continued to decline
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