Portfolio managers and strategists expect index to rise 4.4% to 21,183 by the end of 2022
Canada’s main stock index is expected to advance less than previously thought this year as economic growth slows and central banks raise interest rates, a Reuters poll found.
“There’s been a major adjustment in the markets as we have transitioned from rapid growth and excess liquidity last year, to slowing growth and monetary tightening this year,” said Angelo Kourkafas, investment strategist at Edward Jones in St. Louis, Missouri.Money markets expect the Bank of Canada to raise interest rates by half a percentage point at a policy announcement next week.
But, as inflation shows signs of peaking, some investors expect the period of outperformance for commodity-linked stocks to be nearing an end. “We expect interest rate hikes to have a significant effect on the Canadian housing market in the second half of 2022 and in 2023,” said Lorenzo Tessier Moreau, senior economist at Desjardins.
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