Year in review Year in review Global Markets. Year ending: December 31, 2017 CAN: S&P/TSX 16,209 15, % MSCI All Country World Index
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1 Year in review Year in review Global Markets Year ending: December 31, EQUITY INDICES 29-DEC- 30-DEC- % CHG CAN: S&P/TSX 16,209 15, % US: INDU 24,719 19, % US: SPX 2,674 2, % Nasdaq: CCMP 6,903 5, % Brazil: IBOV 76,402 60, % Mexico: MEXBOL 49,354 45, % UK: FTSE 100 7,688 7, % Germany: DAX 12,918 11, % France: CAC 5,313 4, % Netherlands: AEX % Italy: FTSE MIB 21,853 19, % Switzerland: SMI 9,382 8, % Japan: NKY 22,765 19, % Hong Kong: HSI 29,919 22, % Thailand: SET 1,754 1, % Malaysia: KLCI 1,797 1, % Singapore: STI 3,403 2, % Taiwan: TWSE 10,643 9, % Korea: KOSPI 2,467 2, % Manila: PCOMP 8,558 6, % Australia: AS30 6,167 5, % China: Shanghai 3,307 3, % India: Sensex 34,057 26, % REGIONAL INDICES 29-DEC- 30-DEC- % CHG MSCI All Country World Index % MSCI Europe % Euro Stoxx 50: SX5E 3,504 3, % MSCI Emerging Markets Index MSCI Asia-Pac ex Japan 1, % % MSCI EAFE 2,051 1, % CURRENCIES 29-DEC- 30-DEC- % CHG CAD/U.S % CAD/Euro % U.S./BP % JY/U.S % Euro/BP % U.S./Euro % JY/BP % BOND YIELDS 29-DEC- 30-DEC- % CHG 10 yr Canada Govt. 2.06% 1.71% yr U.S. Treas 2.41% 2.45% yr Germany Govt. 0.42% 0.11% yr Japan Govt. 0.05% 0.05% yr Canada Govt. 2.28% 2.31% yr U.S. Treas 2.74% 3.06% COMMODITIES 29-DEC- 30-DEC- % CHG Gold US$/oz. 1, , % Oil US$/bbl % Source: Datastream. Index returns are in local currency. All returns are price returns and do not include dividends. Page 1 of 9
2 Year in review Canada S&P/TSX Comp. Index 17,000 16,209 15,288 13,000 Canadian stocks rose 6.0% in, led by a recovery in prices for commodities, especially oil and metals. Higher global oil prices helped to stabilize the energy sector as a much-needed supply-demand adjustment continued in the commodity markets. Base metal commodity prices rebounded amid improving market sentiment and signs of economic stabilization in China. The Canadian economy continued to expand in, due to strong consumer spending and housing market. It expanded at an annualized rate of 3.0% in the third quarter of, following growth rates of 3.6% and 2.3% in the second and first quarter, respectively. Consumer prices in Canada rose during. Inflation in November reached an annual rate of 2.1%, above the Bank of Canada s 2.0% target. The increase in inflation was primarily due to a surge in gasoline and food prices. Canada s overall employment situation improved in. The country s unemployment rate decreased to 5.9% in November, from 6.8% in January. The strong labour market has been one of the main drivers of Canada s strong economic growth in. During, the Bank of Canada twice increased its target overnight rate by a quarter of a percentage point, to end the period at 1.00%, citing strongerthan-expected economic data. Page 2 of 9
3 Year in review U.S. Dow Jones Index 26,000 24,719 19,763 18,000 U.S. equities advanced in. The Dow Jones Index grew by 25.1%, and the S&P 500 Index advanced 19.4%, while the Nasdaq rose 28.2%. U.S. markets registered strong performance during the year, largely on the basis of positive economic data, strengthening corporate earnings, solid labour market conditions and the U.S. government s tax reform proposals. The U.S. economy continued to expand in, driven by increased consumer spending and business investment. The U.S. economy expanded at an annualized rate of 3.2% in the third quarter of, compared with a growth of 3.1% in the previous quarter. In December, the U.S. Federal Reserve (the Fed) raised the federal funds rate range by 25 basis points, to 1.25% 1.50%, after having increased the rate twice during the year, by 25 basis points each time. The Fed expects the labour market to remain strong and the economy to continue to grow. The inflation rate in the U.S. rose during and reached an annual rate of 2.2% in November, compared with 2.1% in November, primarily due to higher gasoline prices. Oil prices rose after Hurricanes Harvey and Irma caused disruptions at oil refineries. The U.S. unemployment rate declined substantially in, reaching 4.1% in November, down from 4.8% in January. This was the lowest jobless rate since February The improvement in the labour market was led by job growth in manufacturing and construction. The construction job gains might have reflected, in part, renovation and repair work in hurricane-ravaged states such as Texas and Florida. Page 3 of 9
4 Year in review Continental Europe DJ Euro Stoxx 50 4,000 3,504 3,291 3,000 On average, European stock markets in rose the most in a calendar year since 2013, driven by positive economic data and rising investor sentiment. The DJ Euro Stoxx 50 Index gained 6.5%, and Germany s DAX Index rose 12.5% for the year. France s CAC Index moved up by 9.3%. The eurozone economy expanded in the third quarter by 2.6% year-on-year, up from the 2.4% reported for the second quarter. The rise was mainly driven by household consumption, fixed investment and exports. It was the highest GDP growth recorded since the first quarter of Industrial production in the eurozone rose in October by 3.7% on a year-on-year basis. Production of intermediate and non-durable consumer goods increased at a faster pace. Among key economies in the eurozone, France, Italy and Spain recorded faster growth. In, the European Central Bank kept its benchmark interest rate at a low level of 0.0%, and confirmed that asset purchases are scheduled to run at a monthly pace of 30 billion euros until the end of September and further. In, the unemployment rate in the eurozone declined in October to 8.8% in October, compared with 9.6% in January, recording the lowest rate since January Among member states, the lowest unemployment rates for October were recorded in Germany and the Czech Republic, and the highest in Greece and Spain. The eurozone s inflation rate decreased in, reaching a rate of 1.5% on a year-on-year basis in November, down from 1.8% in January. The increase in the general price level was driven by an increase in energy prices, even as food inflation slowed. Page 4 of 9
5 Year in review U.K. FTSE 100 Index 8,000 7,688 7,143 6,000 The U.K. stock market, as measured by the FTSE 100 Index, advanced 7.6% in ; rising oil prices boosted the fortunes of giants such as Shell and BP, and a weak pound sterling and a strong global economy helped export-focused and multinational companies. The U.K. s GDP expanded in the third quarter by 1.7% year-on-year, down from a growth of 1.9% recorded for the previous quarter. The decline in growth rate was driven by slower growth of household consumption and fixed investment. The inflation rate in the U.K. rose in, reaching an annual rate of 3.1% in November, up from 1.8% in January. It is the highest inflation rate recorded since March This increase in inflation was driven by increased costs of transport, leisure activities, restaurants and hotels, housing and food. The Bank of England increased its key interest rate to 0.50% in November, while keeping its asset purchase program at 435 billion pounds sterling. The increase came as inflation stayed well above the 2% target mark for the eighth consecutive month in September, driven by a weak pound sterling and higher energy prices. The unemployment rate in the U.K. continued to decline during. It stood at a 42-year-low rate of 4.3% in October, down from 4.7% in January. The number of unemployed declined even as the number of people in work also registered a fall. Compared with a year earlier, average weekly earnings in nominal terms increased by 2.5%, while in real terms they fell by 0.2%. Industrial production in the U.K. fell initially in before rising sharply subsequently. On a year-on-year basis, industrial production rose by 3.6% in October, after declining by 0.5% in April. Manufacturing, especially transport equipment, made the biggest contribution to this rise. Mining and quarrying also rose, while utilities declined. Page 5 of 9
6 Year in review Japan Nikkei ,000 22,765 19,114 16,000 The Nikkei gained 19.1% during the year, driven by growth in the global economy and solid corporate earnings. Japan s economy grew in the third quarter of at an annualized rate of 2.5%, compared with 1.5% in the first quarter of, boosted by exports and a faster increase in business spending. However, compared with 2.9% growth in the second quarter, the growth was slower, mainly due to a fall in private consumption. The Bank of Japan (BoJ) adopted a negative interest rate policy in early and left its key short-term interest rate unchanged, at -0.1%, until December, in an effort to stimulate investment and economic growth. Policymakers also kept the ten-year government bond yield target around 0.0%. The BoJ made slight downward revisions to inflation forecasts but predicted steady economic expansion. Japan s unemployment rate declined in to 2.7% in November, from 3.0% in January. This was the lowest jobless rate since November Fiscal stimulus measures, combined with the BoJ s quantitative easing program, helped narrow the large output gap, improved corporate profits and boosted labour force participation. Consumer prices in Japan rose in November by 0.6% year-on-year, compared with the 0.4% recorded in January, primarily due to an increase in the cost of transport and higher food prices. Page 6 of 9
7 Year in review Southeast Asia Hang Seng 32,000 29,919 22,001 20,000 Asian stock markets advanced in, driven by growth in the global economy and solid corporate earnings. The Shanghai composite index gained 6.6%, while Hong Kong s Hang Seng Index and India s Sensex rose 36.0% and 27.9%, respectively. Asian economies (excluding Japan) continued to grow in at a moderate pace. China s GDP grew in the third quarter of at an annualized rate of 6.8%, compared with the 6.7% growth recorded in the third quarter of. However, growth was marginally lower compared with the 6.9% growth registered in the previous two quarters, with fixedasset investment rising the least in nearly 18 years. China s annual inflation rate rose in November at a slower pace of 1.7%, compared with the annual inflation rate of 2.5% recorded in January, primarily due to a fall in food prices. India s central bank reduced its benchmark interest rate by 25 basis points in, bringing it down to 6.00%; however, the central bank showed concerns about inflationary risks, mainly due to higher prices for house rent allowances. The People s Bank of China increased its seven-day and 28-day reverse repurchase rates in by five basis points, to 2.5% and 2.8%, respectively. The one-year mediumterm lending facility rate was increased by five basis points, to 3.25%. India s GDP grew in the third quarter of at an annualized rate of 6.3%, compared with a 7.5% growth recorded in the third quarter of. The slowdown in the economy was primarily due to the impact of demonetization. However, the economy grew at a faster pace, compared with the 6.1% and 5.7% growth rates recorded in the previous two quarters. Investment and inventories growth rebounded, offsetting a slowdown in both private and public spending. India s annual inflation rate rose in November to 4.9%, compared with the annual inflation rate of 3.2% recorded in January, primarily due to the rising cost of vegetables and fuel. This was the highest inflation rate since August. Page 7 of 9
8 Year in review Latin America Brazil IBOV 85,000 76,402 60,227 55,000 Latin American stock market returns rose in. Brazil s Ibovespa gained 26.9%, while Mexico s MEXBOL grew 8.1%. The gains in the region were primarily driven by a rebound in commodity prices that supported exports and gave a major push to export-dependent companies. The Brazilian economy remained flat in the first quarter of, but subsequently registered growth. The economy rose by 0.4% and 1.4% year-on-year in the second and third quarters, respectively, of. The increase, driven by a rise in household spending and exports, reverses 11 quarters of negative GDP numbers. Unemployment in Brazil rose initially in to a high of 13.7% in the three months to March, before falling to a low of 12.0% in November. The decline was driven by a rise in informal employment. Gains were mostly in trade, information, communication, financial and real estate activities, and domestic services. On December 6, the Central Bank of Brazil lowered its benchmark Selic rate to 7.00%, the lowest in modern history, amidst falling inflation and a economic recovery that is taking longer than expected. Brazil s annual inflation rate stood at 2.80% in November, declining from 6.29% at the end of December, led by falling food prices and weaker-than-expected economic activity. The Mexican economy advanced 1.5% year-on-year for the third quarter of, lower than the 2.1% growth registered in the third quarter of. It is the lowest growth rate since the fourth quarter of 2013, driven down by a slowdown in services and agriculture. The annual GDP growth rates for the first and second quarters of were 3.2% and 1.9%, respectively. Consumer prices in Mexico increased by 6.6% yearon-year in November, boosted by the rising cost of energy, housing and utilities, and food. Page 8 of 9
9 Year in review Unless otherwise stated, the source of all data is Datastream. All views expressed are those of Fidelity Investments. This document is not to be reproduced or circulated without prior permission. Issued by Fidelity Investments Canada ULC. Read a fund s prospectus and consult your investment professional before investing. Mutual funds are not guaranteed; their values change frequently and past performance may not be repeated. Investors will pay management fees and expenses, may pay commissions or trailing commissions and may experience a gain or loss. Any mention of specific securities is for illustrative purposes only and not a recommendation to buy or sell, nor is it an indication of how the portfolio of any Fidelity Fund is invested. Fidelity Investments is a registered trademark of Fidelity Investments Canada. Page 9 of 9
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