North American equity investors saw strong performance, especially those focused on the U.S. indexes.  Although the TSX moved up nearly one per cent, the American indexes moved up substantially more, with the NASDAQ delivering nearly five per cent. 

This performance came with an increase of uncertainty and volatility that spiked in the middle of the month.  Further evidence of the resultant flight-to-safety was the peak closing price for gold on October 20, when it reached $4,359 USD. 

Investors focused on equities and enjoyed spectacular performance over the last three months, including last month. From an economic news perspective, it was a relatively calm month. Conditions that had been in place continued their paths as indicators held their trajectory. Employment remained soft, inflation ticked upward, and central banks cut rates as a result.

As autumn settles in, it’s a perfect time to take stock of the year and prepare for what’s ahead. In this issue, we explore the bifurcation in investor sentiment—where AI-driven optimism meets cautious valuation concerns. We unpack how artificial intelligence is reshaping productivity and capital markets, and why today’s tech giants differ from past bubbles. You’ll also find timely insights on rising education costs, year-end tax planning strategies, and the importance of safeguarding estate documents. Whether you’re navigating market exuberance or planning for family and legacy, this season offers a chance to align your financial goals with clarity and purpose.

The TSX was the clear star among North American equity indexes last month, moving nearly 5 per cent above its closing value at the end of July.  Not only did it best the S&P 500, Dow and NASDAQ in August, it leads all of them in year-to-date and one-year performance.  This has occurred despite the threats and imposition of tariffs from the U.S. President Donald Trump and his administration, and the recently muted response from the Canadian government.