Market Recap: Week Ended September 9, 2022

Global equity markets started the week in negative territory but ended up ticking higher over the week ended September 9th. The Bank of Canada raised rates by 75 basis points (“bps”) during the week to 3.25%. This was the fifth consecutive rate increase. The S&P/ TSX Composite index moved higher, led by the Information Technology sector. In the U.S., the S&P 500 Index showed a gain, seeing broad gains across all 11 sectors. Yields on 10- year government bonds in Canada and the U.S. finished higher over the week as well. Oil prices rose higher at the beginning of the week when OPEC+ decided to cut oil production in its September meeting however, those gains were reversed as concerns rose about slowing global economic growth. Oil prices ended the week largely unchanged.