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Life reimagined: The biotech revolution and longevity
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Read the latest news and analysis from Royal Bank of Canada
After a year of uncertainty, tariff rates have stabilised at lower levels than feared – and become a significant U.S. government revenue source. We assess the tariff landscape ahead of the Supreme Court’s important ruling.
The euro area defied expectations in 2025, delivering growth amid a challenging environment. Yet beneath this resilience, Europe has started to redraw its economic and strategic maps.
President Donald Trump’s campaign to get rid of Fed Chair Jerome Powell culminated in the most likely outcome – simply nominating a replacement. With Kevin Warsh on track to be the next chair, we look at the potential economic and market impacts.
AI investment has more runway ahead, in our view. A shift toward monetisation, return on investment and enterprise applications strengthens the case for diversifying beyond Big Tech to capture broader opportunities.
Over the past decade, the S&P 500, which has historically been viewed as a balanced cross-section of the U.S. economy, has slowly transformed into a tech- and AI-dominated index. We believe this “Great Narrowing” should be top of mind for investors.
Last year saw positive market results despite many naysayers. Can this rally extend into 2026? In this article, we examine China’s policy stance, economic fundamentals and equity market implications to find answers.
U.S. stocks powered through tariff turbulence on the way to all-time highs. But it’s only natural to question whether the three-year winning streak can be extended. We look at what drove equities in 2025 and how prospects for 2026 are shaping up.
The future is here … and gathering speed. We share key insights from our Global Insight 2026 Outlook, highlighting the forces likely to shape financial markets as well as potential investment opportunities for the year ahead and beyond.
Another rate cut from the Federal Reserve this week has taken U.S. interest rates into a new era where we think every rate cut not only means that policy gets easier, but risks becoming too easy, all while the decisions only get harder.
The rally in 2025 and throughout the longer bull market cycle has been uneven with the largest of large-cap stocks dominating. Key charts illustrate this phenomenon, and we discuss how to factor this into portfolio strategies.
Long-term economic trends have left the U.S. economy increasingly reliant on spending by upper-income households. We unpack the potential implications for economic stability and Federal Reserve policymaking.
The White House has made broad interpretations of existing legislative authority to make unilateral policy moves. We examine how this centralised ad hoc decision-making raises structural concerns and how the economic policy framework may evolve.
The greenback’s volatile year underscores the interplay between cyclical drivers and longer-term valuation challenges – factors that could have implications for global equity leadership.
We’re increasingly of the view that a series of disruptions are masking a very real cyclical U.S. economic slowdown underneath the surface.
Despite a second consecutive rate cut, a hawkish turn from the Fed supports our view that it’s on hold until at least 2026. While that may have previously caused market turbulence, investors seem content with the idea the Fed has already done enough.
The scorecard indicators remain mixed, including a shift in the yield curve indicator. The government shutdown has limited employment data, confirming a cautious investment approach is needed, as ongoing policy and trade shifts affect the economy.
AI is seldom out of the headlines in 2025, with defining developments coming one after another. We look at where AI is today and how its promise is matched against technological, economic, and geopolitical challenges.
Amid changes in the geopolitical order, the BRICS association is attempting to chart a new course. This article explains why its members – including the Eurasian troika of China, Russia, and India – believe a new multipolar world order is inevitable.
Collections from U.S. tariffs are surging. As legal uncertainty looms and costs gradually pass through, balancing resilient corporate fundamentals against policy risks remains crucial for portfolio positioning.
One clear winner from the Fed’s 25 basis point rate cut was the U.S. Treasury, which can roll over maturing debt at lower costs. Lower rates alone, however, are unlikely to make the country’s fiscal policy sustainable.
With the Fed poised to lower overnight interest rates next week, we think investors may be disappointed with what lowering rates is likely to accomplish. We look at the potential asset-class implications if the Fed moves too aggressively.
After outpacing cautious expectations in the first half of the year, the global economy could face new challenges from trade policy uncertainty and inflation over the coming months.
Equity investors have long dreaded September. But we provide some context as to why stocks tend to sag in the month and explain why investors should keep their eye on the long-term ball when it comes to portfolio positioning.
Europe has seen heavy news flow this summer. We look beyond the headlines to identify what we believe are attractive areas of the European equity market.
There are more positive than negative aspects of the Q2 S&P 500 earnings season. But there are some nuances within the Information Technology sector data that we think call for restraint.
As U.S. tariff policy continues to evolve, investors are facing more questions than answers. RBC Economics provides a roadmap on when and where tariffs will start to impact the U.S.
The Federal Reserve held rates steady once again, but with the added wrinkle of a hawkish outlook – likely pushing back the timing of any rate cut even further.
We discuss key factors that have pushed the S&P 500’s valuation back up to lofty levels and how investors should weigh this in the portfolio decision-making process.
President Trump’s mega-legislation brings pro-growth, investor- and business-friendly measures but also puts greater strain on the already very high federal debt. We look at the highlights and lowlights before assessing the potential economic impact.
For the Labour Party, restoring sustainable growth was always going to be challenging. A year on and the UK economy remains fragile, yet some investors may find the UK still offers some rich pickings.
While the stock market narrative may sound familiar – U.S. equities navigating waves of volatility on the way to new highs – the environment certainly was not. We examine four catalysts that held sway over performance and what lies ahead for investors.
The longstanding inverse relationship between gold and real interest rates seems to have broken down, suggesting new forces – central bank buying, geopolitical uncertainty, and portfolio diversification – have a larger role in driving demand for bullion.
Inflation remains calm in 2025, but tariff-related price hike concerns have kept the Fed sidelined. We look at the Fed’s commentary, the impact of market forces and political pressure on yields, and the probability of rate cuts before year’s end.
What can we expect for the rest of the year? Delve into RBC Wealth Management’s 2025 midyear outlook and explore longer-term investment opportunities.
With the centerpiece of U.S. President Donald Trump’s economic agenda winding its way through Congress, we examine what’s of key interest to markets and investors, before noting why the ultimate outcome of the bill is likely to look different.
The U.S. equity market has taken investors on a bumpy roller coaster ride, leaving some of us queasy. We discuss what drove the rally, lingering risks, and the market’s potential from here.
U.S. government borrowing costs on longer-maturity debt have risen more quickly than on shorter-maturity debt since so-called reciprocal tariffs were announced. We discuss what drove that reaction and why the difference is likely to persist.
Questions regarding the Federal Reserve’s price stability and maximum employment mandates abound. We look at what investors should know at a time when there is a lack of clarity regarding the central bank’s next moves.
Running up debts to buy foreign goods is unsustainable in the long term. Identifying the problem is simple, but we see no easy or quick escape for the U.S. from the imbalances built up over the last four decades.
The longstanding relationship between the U.S. and Europe is changing, with deep consequences for the euro area and its economy. We look into the impact of this metamorphosis on the corporate sector and discuss the related investment opportunities.
The Fed has often been quick to cut rates to help support the economy during slowdowns. We look at why the current combination of potential inflationary pressures and policy uncertainty may leave the Fed sidelined longer than some investors may hope.
As the U.S. and China continue their tariff battle, we look at the potential impact of tariffs on China’s economic growth and what steps China equities investors should take if there is a market rebound.
We explain why the details associated with the tariff saga are less important than overall investment strategy, and why investors should think about their long-term strategic allocation as an anchor during periods of extreme volatility.
Extreme stock market corrections are difficult to endure. We answer key questions on investors’ minds, examining the unique contours of the tariff challenges and the areas of the U.S. equity market that we think can at least hold up better against the headwinds.
The dollar’s role in the global economy is evolving, and its “exorbitant privilege” looks to be as well. We examine the greenback’s role as the reserve currency and the implications of the world’s changing currency appetites.
President Donald Trump unveiled his long-threatened reciprocal tariffs, putting an exclamation point on a new era of protectionism. Our regional analysts review the tariff policies and provide thoughts on the implications for economies and financial markets.
New and non-traditional rhetoric from the U.S. has galvanised European leaders. Defence spending has become a priority and this, along with a shift in German fiscal policy, should support growth. Despite the risks inherent in a trade war, we believe portfolios should be exposed to the region.
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.
To say it’s been a testing time for markets and investors is an understatement. Amid what can be confusing and rapidly shifting market dynamics, we give our thoughts on four key questions on investors’ minds about the U.S. equity investment environment.
The 2018–2019 U.S.-China trade conflict underscored how tariff uncertainty can dampen sentiment, depressing valuations even if the earnings impact turns out to be modest. Given an unusually wide range of potential tariff outcomes, what approach should investors take?
A period of rapid-fire developments has understandably put investors on edge. We make sense of five catalysts tugging on stock markets and elucidate why we’re not ready to throw in the towel on the two-year-plus bull market just yet.
As burgeoning demand and innovation transform the energy landscape, we examine key trends that are likely to shape the future of renewable power and industrial electrification.
As the threat of U.S. tariffs remains a regular topic of news outlets, we examine the potential highs and lows and their effects.
For the European Union, the economic impact of U.S. tariffs will depend on their level and duration. We investigate the implications of rapidly changing U.S. trade policies, and explore how the EU may respond.
Washington, D.C. policy decisions have been in the spotlight of late, but we think investors should not take their eyes off the results and clues coming from Q4 earnings season.
Economics is rife with self-correcting mechanisms, and we give our thoughts on how that dynamic is likely to play out in the relationship between the U.S. budget deficit and longer-term interest rates.
Tariffs can have many economic impacts, but we think investors should focus on the economic and political goals that are driving decision-making.
Global central banks this month have offered something for everyone from further interest rates hikes in Japan to rate cuts in Canada and Europe, while the Federal Reserve remained motionless.
U.S. trade policy is taking a more restrictive turn with potential implications for Canada’s economy and equity market. We think resisting knee-jerk reactions to headlines is the best way to navigate what could be repeated bouts of market volatility.
Every administration enters office with aggressive policy goals. But a lot of give-and-take may be needed to turn goals into policy.
After years of small-cap underperformance relative to large-cap counterparts, the tide looks to be turning. We look at why investors shouldn’t overlook this aspect of the 2025 equity outlook as small caps seem poised to return to form.
Due to structural headwinds, we downgraded European equities to Underweight in December. Yet a number of catalysts could occur in Q1 that could be well received by equity markets. We peruse the opportunities that may emerge in European equities.
We pinpoint five reasons why U.S. equities capped off a banner year in 2024 and why investors were willing to pay for premium valuations. We also offer thoughts on the environment in 2025 and how to approach portfolio positioning.
Markets head lower following a hawkish rate cut by the U.S. Federal Reserve. We discuss the reasons behind the Fed’s shift and if investors really need to fear higher rates caused by stronger growth.
Higher productivity has propelled the U.S. economy ahead of its major peers in recent years, offering a blueprint for other countries and raising the stakes in the global race to harness emergent technologies such as GenAI.
With a second Trump administration in the U.S. eyeing an ambitious agenda and trade tensions coming to the fore, how should investors position portfolios? Our 2025 Outlook examines the issues and opportunities facing economies and markets in 2025 and beyond.
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.
Four powerful trends involving game-changing innovations and demographic changes are set to play out in the global economy over the coming decades. We believe they can provide an attractive way to plug investment portfolios into the future.
Amid efforts to stimulate growth in the face of economic challenges, we see selective long-term opportunities in both equities and fixed income.
Trade and internal tensions are likely to play key roles in 2025, as potential tariffs and political disruptions cloud the picture.
Despite potential headwinds, we are generally constructive on Canadian markets, though we expect less outperformance in credit.
A more complex equity landscape and the potential for Fed policy shifts mean investors will need to be nimble in 2025.
Asia’s equity outlook will likely depend on U.S. tariffs, China’s stimulus and Japan’s structural changes. Stable fundamentals support cautious optimism for investment-grade bonds.
How can investors separate the policy changes that are likely to really matter for the economy from those that get a lot of press but may not have the most traction?
The Fed has cut policy rates by 75 basis points since September only to see longer-term Treasury yields and mortgage rates increase by the same degree. We take a closer look at this divergence and its implications.
In a historic political comeback, Donald Trump has again won the presidency. We look at the policies like taxes and tariffs shaping the investment climate. With political polarisation high, don’t let emotions cloud your investment decisions.
Myths may be important to folklore, but they’re not helpful in finance. We look at the facts behind some of the common myths surrounding the U.S. national debt.
China’s economy is struggling. A coordinated stimulus to curb the crippling housing crisis and support local governments is being announced. We explore the measures undertaken and contemplated and their potential implications for portfolios.
Our ongoing “Worlds Apart” series looks at the just-concluded BRICS summit and how the group aims to rebalance the global order. We believe the shift to a multipolar, more fragmented world argues for viewing portfolio allocations through a different lens.
Central banks’ inflation targets are in sight, but not all price trends have normalised. Inflation isn’t the headache it was, but investors should keep it in mind in their asset allocation decisions.
Continuing our examination of artificial intelligence and its potential to shape the investment landscape, we look at the specific impacts AI may have – or is already having – across a wide range of industries.
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 Fed has finally aggressively lowered interest rates. While a steeper yield curve reflects the market’s optimism that rate cuts will shore up the economic outlook, further steepness could be a sign the Fed will cut rates deeply, likely due to a recession.
Mario Draghi recently submitted a comprehensive report addressing the EU’s loss of competitiveness. We examine the feasibility of his ambitious plan and the potential implications for portfolio positioning.
After biding its time, the Fed kicked off its monetary easing cycle with a strong start out of the rate cut gates. While investors may harbour concerns the Fed is getting ahead of itself, we highlight why we’re encouraged by the Fed’s proactive move.
The economic environment could be in for an about-face. We look at what investors should be focusing on, beyond the same old same old, in this election year.
A gulf exists between Kamala Harris and Donald Trump on policy issues. We address key policy differences that matter most to the economy and stock market.
Despite signs of a slowing economy, corporate bond issuance kicked off the month at a record pace. We look at how the market has absorbed the new debt and what factors are likely to drive bond performance ahead.
As U.S. rate cuts near, history shows stocks and bonds often perform well after the Fed starts easing cycles, with equities showing greater variability.
While the U.S. president certainly has great influence, investors shouldn’t let election noise get in the way of sound portfolio management.
GenAI will likely have far-ranging repercussions on the economy, sectors, and business functions. We look at the potential impact and explore investment strategies we expect to benefit from the new era.
Recession risks have risen slightly as labour markets in the U.S. and Canada have cooled.
Four unresolved issues related to the selloff stand to hold sway over stocks.
The market pullback will take time to play out. Planning for an eventual shift to defence beats a “hope for the best” approach.
As expected, the Fed held off on a rate cut this week. But as policymakers await more economic data before a likely September rate cut, the data may already be signalling the central bank is too late.
RBC’s AI software analyst enthusiastically talks about how GenAI has leapfrogged traditional AI tools and tells us what excites him about the technology today and its future potential.
But U.S. labour market data pointing in different directions, we sift through the mixed messages and the impact on the Fed’s rate cut plans.
While mega-cap tech stocks have dominated U.S. equity performance so far this year, recently the rest of the market has been trying to take the baton. We discuss the main factors needed to make a clean handoff.
While AI and the Magnificent 7 have been exceedingly visible in their leadership, we spotlight two other trends with a clear impact on portfolio performance.
The federal government’s debt has doubled since 2015 – and shows no signs of turning around.
The U.S. stock market rally continues to outdo itself. But several factors make for a more nuanced narrative. We assess the backdrop framing the rally and how to position equity portfolios.
Midway through 2024, changes in our U.S. Recession Scorecard signal rising economic risks for equity investors in the second half of the year.
Amid an innovation revolution in biotech that stands to not only transform our lives but also impact investment portfolios, what should investors be looking for?
The ongoing yield curve inversion appears out of line with record equity markets and robust commodity pricing. We look at some reasons investors are accepting lower yields on longer-maturity bonds.
More-demanding valuations appear to signal investors have become more confident of a “soft landing” outcome. We provide an update on the macro environment and its implications for portfolios.
Science is developing ways to slow, stall, and possibly even reverse ageing. We explore the most promising advances and the link between scientific breakthroughs and intriguing investments.
The BoC lowered its policy rate, and we think it will continue to cut rates sooner and faster than the Fed. We discuss why fixed income investors outside the U.S. should consider U.S. exposure where rates are likely to remain higher for longer.
In a conversation with RBC Capital Markets, LLC Commodity Strategist Christopher Louney, we look at aspects driving the gold rally and explain how world events and policy shifts could impact its prospects.
The Fed keeps playing down upside risks to inflation, but did it just start playing up downside risks to labour markets? Ahead of key jobs data, how sensitive might the Fed be to any labour market weakness?
Oil’s rally is fueling an intriguing opportunity. We contend the global oil sector is benefiting from improved fundamentals and exposure in equity portfolios can act as an offset to geopolitical risk.
The U.S. central bank is an incredibly powerful institution that can exert influence on essentially any U.S. dollar-denominated asset. However, we believe the Fed is also widely misunderstood.
As all eyes focus on Q1 earnings results, we think the full-year earnings growth trajectory is more important. Growth rates for the Magnificent 7 and non-Mag 7 stocks are expected to converge, but some earnings risks remain.
No longer wan and listless, we think European equities are emerging from their chrysalis with newfound potential. We look at how the investment story is transforming and why investors should take a fresh look at the asset class.
Most major equity markets have moved to new high ground, propelled by expectations for interest rate cuts. But we are not out of the woods yet.
Too often, we find investors focusing on what the press puts before them instead of concentrating on issues relevant to their goals. We explain why investment time horizon should be a key focus of portfolio thinking.
While the Fed’s meeting didn’t deliver much that was new, it at least eased concerns that rate cuts could be delayed. Other central banks grabbed the spotlight, with potentially significant ramifications.
A growing chorus on Wall Street is warning an AI-led bubble may be forming. While a near-term pullback can’t be ruled out, we argue this is not Tech Bubble 2.0.
As presidential elections have become more contentious, perceptions have risen that the stock market’s fate can hang in the balance depending on who wins. There are four principles investors should keep in mind.
2024 marks a case of rare planetary alignment, with close to half the world’s population heading to the polls. While the brightest spotlight will fall on the U.S. election, we focus on elections beyond the U.S. and why they matter to investors.
The Nikkei 225 recently climbed past its all-time closing high. We explore the factors behind investors’ enthusiasm and explain why a disappointing macroeconomic backdrop is not seen as an obstacle.
We survey the macro factors shaping the global economy, and their implications for portfolio positioning as 2024 unfolds.
Geopolitical tensions and policy uncertainty are driving inflation risks. We look at the potential role of fixed income in portfolio positioning.
We think investors willing to expand their traditional investment toolset to incorporate extra-financial factors stand to reap superior returns over time.
Despite the hard realities of mounting losses on real estate loans, we think a fair dose of hyperbole is going around. We dissect the problem before arguing the overall U.S. banking system is healthy and able to weather any volatility ahead.
Fed Chair Jerome Powell tried to push back on near-term rate cut expectations, but markets shoved right back. Pricing suggests markets are concerned that if the Fed waits too long to cut rates policymakers will only have to cut them more.
As trade and geopolitical tensions persist and global trade becomes more fragmented, will the U.S. dollar continue to be the global reserve currency of choice?
Critical minerals are the building blocks of most modern technologies. We explore the drive for resilient supply chains and weigh the portfolio implications.
With trade relations more fragmented and the potential for a great power rivalry between the U.S. and China, investors need to be ready for a new paradigm.