Investment Strategist RBC Dominion Securities
Jim Allworth has been in the investment business for 51 years, both as a research analyst and portfolio strategist. He has been with RBC Dominion Securities for more than four decades, where he has developed investment policy for the firm and translated that into solutions for individual clients.
As an investment strategist, Jim utilizes RBC’s extensive global economic, political, and sector analysis to develop a strategic view on the expected direction of major financial markets.
Jim co-chairs the Global Portfolio Advisory Committee (GPAC) which provides strategic analysis of financial markets and establishes the asset allocation mix for clients worldwide. He regularly contributes to GPAC’s Global Insight monthly publication.
Jim is a graduate of Simon Fraser University, with a concentration in economics.
Markets are often said to “climb a wall of worry.” If that’s so, there looks to be lots of climbing left. We expect major equity markets to post new highs in the months ahead, but there are caveats, and we advise a cautious, watchful approach.
Three years ago, all recession scorecard indicators were rated expansionary green suggesting to us that the U.S. economy was on a firm footing with a long way to run. However, the picture has become decidedly more mixed.
Equity markets have followed diverse paths in the first three months of 2025. We think several factors are now in play that will influence the direction they take from here.
In 2025, global equity markets may be able to add to the remarkable gains of the past two years. That will require economic and earnings pictures that don’t falter.
There have been no recent scorecard rating changes. However, two of the seven indicators have failed to move in the anticipated direction over the past month.
The market pullback will take time to play out. Planning for an eventual shift to defence beats a “hope for the best” approach.
Midway through 2024, changes in our U.S. Recession Scorecard signal rising economic risks for equity investors in the second half of the year.