North American equities have performed well this year, lifting the S&P 500 and the TSX Composite indices to new all-time highs in March. Stocks have been supported by positive Q4 earnings results which outpaced expectations by an average of 17% in the US and 8% in Canada.
In addition, disruptions caused by the pandemic are gradually subsiding with at least one dose of vaccinations administered to more than 25% of Americans and over 10% of Canadians. As a result, normal business operations have begun across North America, supporting our view that the US and Canadian economies are on pace to achieve pre-pandemic levels of output by the end of this year. We remain constructive on North American equity markets based on accommodative fiscal and monetary policy supporting businesses and consumers until the economy is fully reopened. BlueBay's Riley: Fede...
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