June 2026 Global Markets Commentary Brent Joyce, CFA, Chief Investment Strategist Goldilocks Held Hostage "Economic progress, in capitalist society, means turmoil.” – Joseph A. Schumpeter, 20th century economist, father of the theory of creative destruction
Three months after the eruption of hostilities in the Middle East, the most frequent question we get is, “Why are capital markets doing so well?” Year to date, the S&P/TSX and S&P 500 are up almost 10%, European markets are up mid-single-digit percentages, and Japan and emerging markets have climbed in the 20%-plus range. The short answer: the global economy is less reliant on energy inputs today than it was in the past (and that’s not a too-distant past). In addition, the stock market includes many companies (very large and market-moving companies in technology and communications services) whose fortunes aren’t significantly impacted by a commodity shock.
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