As at November 30, 2025
| Closing 30-11-25 |
Variation 31-10-25 |
Variation 31-12-24 |
|
|---|---|---|---|
| Key interest rate in Canada (%) | |||
| Key interest rate in Canada (%) | 2.25 | 0.00 | -1.00 ▼ |
| Oil (WTI) | |||
| Oil (WTI) | $58.55 | -4.0% ▼ | -18.4% ▼ |
| Gold | |||
| Gold | $4,239.43 | 5.9% ▲ | 61.5% ▲ |
| EUR/CAD | |||
| EUR/CAD | 1.62 | 0.2% ▲ | 8.2% ▲ |
| JPY/CAD | |||
| JPY/CAD | 0.01 | -1.3% ▼ | -2.4% ▼ |
| USD/CAD | |||
| USD/CAD | 1.40 | -0.3% ▼ | -2.9% ▼ |
Sources: Bank of Canada, Bloomberg Finance L.P.
CANADIAN MARKET
3.9% (S&P/TSX Composite 30-11-2025)The Canadian stock market stood out again in November, ranking among the best performers in developed markets. The S&P/TSX Composite Index advanced by a robust 3.9% even though lower oil prices weighed on some energy sector companies. The market was supported by gold, for which demand rose as expectations of a U.S. rate cut strengthened.
The economic news was better than expected. Gross domestic product grew at an annualized rate of 2.6% in the third quarter, enabling the country to avoid a technical recession after the second-quarter contraction. The growth was due to higher crude oil exports as well as increased public investment in infrastructure. Even so, ongoing uncertainty over U.S. tariffs continued to weigh on Canadian exports, leading to job losses and weaker business confidence.
As for the bond market, it remained in positive territory. The FTSE Canada Universe Index advanced 0.27%, with help from the Bank of Canada, which stated that it expected to keep its key interest rate at 2.25% but was prepared to respond if the economic outlook changed.
U.S. MARKET
0.3% (S&P 500 30-11-2025 in CAD)In the United States, the S&P 500 Index was down 0.3% in Canadian currency but up 0.3% in local currency. It was a turbulent month, with the market alternating between concerns about excessive technology valuations and growing optimism about imminent monetary easing. Some of the sector’s star stocks, especially those with exposure to artificial intelligence, saw sharp declines amid skepticism about massive investments in AI infrastructure and when they will begin to pay off.
A number of key data releases did not take place or were delayed because of the 43-day U.S. government shutdown, making it difficult to assess the economy’s performance. Despite the lack of clarity, hopes for a Federal Reserve rate cut in December intensified during the month.
INTERNATIONAL MARKETS
0.1% (MSCI EAFE 30-11-2025 in CAD)International developed markets rose 0.1% in Canadian currency and 0.6% in local currencies in November, a discrepancy partly explained by the yen’s depreciation relative to the Canadian dollar. The prospect of a rate cut in the United States and diplomatic progress toward a ceasefire between Russia and Ukraine helped improve the outlook. Data released at the end of the month showed higher-than-expected inflation in Germany. Even so, the euro zone’s headline inflation was stable and remained in line with the European Central Bank’s target.
In Japan, business spending on equipment from July to September was up relative to last year. Although growth slowed from the previous quarter, this capex helped support domestic demand.
EMERGING MARKETS
2.9% (MSCI Emerging Markets 30-11-2025 in CAD)Emerging markets were down by 2.9% in Canadian dollars and 1.6% in local currencies in November. In China, where manufacturing activity contracted for the eighth straight month and the services sector also lost momentum, the risk of a slowdown increased. In contrast, the Indian markets continued their momentum with a third consecutive month of gains supported by strong corporate earnings, favourable monetary conditions and moderating valuations.
