Top picks from Stan Wong, portfolio manager at Scotia Wealth Management
Stan Wong, portfolio manager at Scotia Wealth ManagementGlobal equities have demonstrated continued stamina in 2024, with notable performance driven by U.S. mega-cap growth stocks. The S&P 500 Index has gained over 18 per cent year-to-date, while the tech-heavy Nasdaq Composite Index has surged more than 24 per cent. Meanwhile, the Dow Jones Industrial Average and the S&P/TSX Composite Index have delivered more modest growth, both rising just over five per cent year-to-date.
From a global economic perspective, the world economy is demonstrating remarkable tenacity with projected growth of three per cent for both 2024 and 2025. Growth is uneven, however, with advanced economies accelerating slightly while emerging markets potentially slowing down. Last month, the Bank of Canada and the European Central Bank were the first major central banks to cut interest rates this year, signalling a shift in monetary policy. In the U.S.
Stan Wong, portfolio manager at Scotia Wealth Management, discusses his top picks: Lennox International, Netflix, and Novo Nordisk A/S ADR.Lennox International manufactures and distributes heating, ventilating, air conditioning, and refrigeration products to replacement and new construction markets. Replacement sales represent 75 per cent of overall sales while new construction represents 25 per cent of sales.
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