Philip Petursson, chief investment strategist at IG Wealth Management, joins BNN Bloomberg to discuss his market outlook as investors eye the end of rate hikes. Petursson says the TSX is in a recession, which could affect some sectors such as consumer discretionary. However, he reminds the audience that the TSX is globally driven and given signs of recovery in global markets, the outlook for our benchmark is not as negative as some would expect.
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BREAKING: Recession News
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According to recent economic data, Canada is clearly in a recession. The country’s economy has been shrinking for several consecutive months, and indicators such as unemployment, consumer spending, and business investment are all pointing towards a slowdown.
Despite this downturn, some experts are suggesting that this doesn’t necessarily mean bad news for the Toronto Stock Exchange (TSX). In fact, one strategist believes that the TSX may actually be well positioned to weather the storm and even thrive in the current economic environment.
Gautam Khanna, the chief investment strategist at a prominent Canadian investment firm, has stated that the TSX is insulated from the broader economic conditions that are affecting the rest of the country. He points to the fact that many of the companies listed on the TSX are global in nature, meaning that they are not solely reliant on the Canadian economy for their success.
Additionally, Khanna argues that the TSX is heavily weighted towards sectors such as energy, materials, and financials, which have historically performed well in times of economic uncertainty. These sectors are driven by factors such as commodity prices and interest rates, which are not necessarily tied to domestic economic conditions.
Furthermore, the TSX has a strong track record of weathering economic downturns. During the financial crisis of 2008, for example, the TSX outperformed many other global stock exchanges, largely due to the resilience of the energy and materials sectors.
While it is true that the Canadian economy is facing challenges, it is important to remember that the TSX is not a direct reflection of the domestic economy. Instead, it is a unique blend of companies and sectors that may actually benefit from the current economic climate.
Of course, this does not mean that investing in the TSX comes without risks. There are always factors such as geopolitical tensions, market volatility, and sector-specific challenges that can impact the performance of the exchange. However, for those looking for investment opportunities in the current economic environment, the TSX may be worth considering.
In conclusion, while Canada may be in a recession, this doesn’t necessarily spell bad news for the TSX. In fact, some experts believe that the exchange may be well positioned to weather the storm and potentially thrive in the current economic environment. As always, it is important for investors to conduct their own research and seek professional advice before making any investment decisions.
One day soon people in Toronto will say how come we have no food. cause nobody can afford to make it.
He likes banking?! I think the banks still need a 40% price cut. They also need to cut dividends due to falling revenue & increased loan risk.
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Believe it or not, recession is coming!
Recessions are an unavoidable part of the economic cycle; all you can do is prepare for them and plan accordingly. I graduated into a slump (2009). My first job after graduating from college was as an aerial acrobat on cruise ships. Today, I work as a VP for a global corporation, own three rental properties, invest in stocks and businesses, run my own company, and have increased my net worth by $500k in the last four years.
I think it's shorts partially covering positions
Your creativity knows no bounds.
Phillf Pettursun always has great commentary. Volatility is the topic of the day. Headwinds are important, but so are pantwinds.
The stock market is rigged for the have's. The rest of us working as "slaves of slavelandia." (gerald celente)
I'm 99% maybe 99.5% sure this guy has no idea if there will be another rate hike or not.
don't be fooled my fellow Canadians. Inflation is going no where but up, so long as left wing parties continue to print, spend, and burrow, and that's not stopping anytime soon, especially with elections being two years away.
the word 'Inflation' = inflate money supply. Liberals / Socialist parties like the NDP have no idea what the term fiscal responsibility means.
Let's stop fooling around with such logic
Of course it doesn't; the TSX is completely disconnected from reality and the plight of Main St. Canadians.
Don't let my comment get into recession!