In this episode, we break down some key themes that will shape the investment landscape in the new year. Hugo Ste-Marie is our guest. He’s the Director of Portfolio and Quantitative Strategy in Equity Research at Scotiabank and tells us where he thinks markets may head, where there may be opportunities as well as risks, the possible impact of a new administration in the U.S. and much more as we start the new year. 

For legal disclosures, please visit http://bit.ly/socialdisclaim and www.gbm.scotiabank.com/disclosures 

Key moments this episode: 

1:18 – How a second Trump administration might factor into the 2025 outlook 

3:48 – Some context around the key themes that shape the outlook 

4:28 – Key theme 1: Why the 2025 outlook largely hinges on a synchronized interest rate easing cycle 

7:35 – Key theme 2: “Abundant liquidity looking for a home.”  

9:46 - Key theme 3: “U.S. equities: uptrend extends, but diversification needed.” 

11:45 - Key theme 4: “Size trade: Will U.S. small caps hit a home run or grand slam?” 

14:12 - Key theme 5: “Canadian equities: Banking on Financials.” 

16:18 – Key theme 6: “Commodities: The shine is fading.” 

18:08 – Key theme 7: “International equities: A land of broken dreams.” 

20:04 – Key theme 8: “Bond market: 2024 Redux”