Global Asset Allocation Team Market Update – September 2026
Investor sentiment was surprisingly resilient. In August even despite warnings from the bond market, signs of weakness from the American consumer, growing wariness about the artificial intelligence (AI) trade, and an erratic geopolitical and trade landscape. Still, a strong earnings season helped risk assets deliver solid gains last month.
Global equity markets posted positive results in August. The S&P 500 gained +2.6%, with the technology sector (+6.2%) leading the way following a late-month revival in AI enthusiasm. The S&P/TSX (+3.0%) also had a solid month despite escalating trade tensions between Canada and the US, with robust outperformance in the heavyweight gold (+32.1%) space countering weakness elsewhere. The MSCI EAFE gained +1.8%, while the MSCI gauge of emerging market stocks (+3.2%) led the global charge, with tech heavyweights in Asia soaring higher as traders raised bets on the AI trade.
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