The Download with David Richardson

Stu Kedwell discusses the resilience of Canadian bank earnings, driven by stable credit provisions, improving net interest margins and strong performance in capital markets and wealth management. Stu also identifies key forces that could boost Canada’s economic growth in 2026, including large-scale infrastructure projects, strategic trade agreements, and renewed capital expenditure in the energy sector. 

Marcello Montanari and Rob Cavallo discuss key trends shaping the 2026 outlook, including rising AI skepticism, Google’s AI resurgence through innovations like Gemini 3.0. They highlight healthcare’s role as a defensive hedge against AI-driven market volatility, and express long-term optimism for the tech sector, citing growing demand for capacity and infrastructure buildouts. 

Laurence Bensafi, Managing Director and Portfolio Manager, Deputy Head of Emerging Market Equities, RBC Global Asset Management Limited, discusses key factors driving emerging markets’ shift from underperformance to outperformance. Laurence also highlights growth opportunities in Taiwan, South Korea, China, Mexico, and India, and emphasizes diversification, due diligence, and on-the-ground research to navigate risks and identify high-quality investments. 

Scott Lysakowski discusses the positive performance of the TSX/S&P Index despite global uncertainties, including the impact of AI and surging gold prices. He explores the unique composition of the Canadian equity market, highlighting the strength of financials and the resilience of energy stocks despite weak oil prices.

Stu Kedwell discusses his recent appointment to Global Chief Investment Officer and the legacy of current CIO Dan Chornous. He also breaks down the three critical factors fueling the recent uptick in market volatility: evolving interest rate expectations, weaker-than-expected U.S. consumer data, and the surge in capital investment for data centres,  particularly as tech giants begin borrowing to fund their expansion.