Modest Recovery In Oil Prices Lifts Tone On Equity Markets; We Continue To Recommend A Reduction In U.S. Dollar Exposure

Portfolio Advisory Group

February 23, 2016

The correlation between equity markets and crude oil so far this year has remained unusually high. Since bottoming on February 11, WTI crude oil has bounced 20% while both the S&P500 and S&P/TSX Composite have gained 6.4% apiece (as of Feb 22 close). With absolute oil prices still near multi-year lows, however, we expect the broader risk implications of low prices…

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