One strategist predicts that a resurgence in North American manufacturing will help drive the S&P/TSX Composite Index (TSX) higher next year, building on a monthslong rally that’s taken the benchmark Canadian stock index to record highs in 2024.
Ohsung Kwon, Canada and U.S. equity strategist of Bank of America Global Research, says the overall trend is still positive for Canadian stocks.
“I think the TSX can continue to rally into 2025. I think the macro environment is still pretty favourable, not just for the TSX but equities in general,” he said, noting that expected strength in U.S. markets will likely benefit Canadian stocks. There are three main tailwinds set to prop up North American manufacturers in the coming months, Kwon argued.
“Our house view is that Canada is going to be safe from those tariff threats, but the headline risks are real,” he said.
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