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Global Asset Allocation Viewpoints

A view from Canada

June 2026, Multi-Asset

Outlook
  • Despite heightened geopolitical tensions that continue to fuel inflation pressures and weigh on growth, markets have remained remarkably resilient.
  • The global economy continues to be supported by fiscal spending and ongoing investment, particularly in AI infrastructure, although growth is moderating and higher energy prices are creating additional headwinds.
  • The monetary policy outlook has become increasingly complex as central banks balance persistent inflation pressures stemming from geopolitical conflict against signs of slowing economic activity and a soft labor market.
  • Although Canadian macro data has softened, outlook remains positive due to strengthening natural resources demand and insulation from energy shortages. However, USMCA negotiations could create near-term volatility.
  • Key risks include a further escalation of the conflict with Iran, a sustained rise in energy prices, greater reliance on a narrow set of growth drivers, and signs of deterioration in labor markets and private market liquidity.

For Canada although Canadian macro data has softened, outlook remains positive due to strengthening natural resources demand and insulation from energy shortages. However, USMCA negotiations could create near-term volatility. Markets have remained resilient despite geopolitical tensions, higher energy prices, persistent inflation pressures, and moderating growth. In our latest Global Asset Allocation Viewpoints, we examine how these forces are shaping tactical positioning across asset classes. Key themes include the potential for structurally higher interest rates and the growing role of technology within emerging markets, driven by AI, semiconductors, and digital platforms. Against this backdrop, our Asset Allocation Committee maintains a balanced stance, with selective opportunities in emerging markets, real assets, high yield, inflation-linked bonds, and small-cap equities.

Navy background with four boxes at the upper right-hand corner A view from Canada

Global Asset Allocation Viewpoints

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IMPORTANT INFORMATION

This material is being furnished for general informational and/or marketing purposes only. The material does not constitute or undertake to give advice of any nature, including fiduciary investment advice, nor is it intended to serve as the primary basis for an investment decision. Prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision. T. Rowe Price group of companies including T. Rowe Price Associates, Inc. and/or its affiliates receive revenue from T. Rowe Price investment products and services. Past performance is no guarantee or a reliable indicator of future results. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested.

The material does not constitute a distribution, an offer, an invitation, a personal or general recommendation or solicitation to sell or buy any securities in any jurisdiction or to conduct any particular investment activity. The material has not been reviewed by any regulatory authority in any jurisdiction.

Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however, we cannot guarantee the sources’ accuracy or completeness. There is no guarantee that any forecasts made will come to pass. The views contained herein are as of the date noted on the material and are subject to change without notice; these views may differ from those of other T. Rowe Price group companies and/or associates. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from T. Rowe Price.

The material is not intended for use by persons in jurisdictions which prohibit or restrict the distribution of the material and in certain countries the material is provided upon specific request. It is not intended for distribution to retail investors in any jurisdiction.

Canada—Issued in Canada by T. Rowe Price (Canada), Inc. T. Rowe Price (Canada), Inc.'s investment management services are only available to non‑individual Accredited Investors and non‑individual Permitted Clients as defined under National Instrument 45‑106 and National Instrument 31‑103, respectively. T. Rowe Price (Canada), Inc. enters into written delegation agreements with affiliates to provide investment management services. 

© 2026 T. Rowe Price. All Rights Reserved. T. Rowe Price, INVEST WITH CONFIDENCE, the Bighorn Sheep design, and related indicators (see troweprice.com/ip) are trademarks of T. Rowe Price Group, Inc. All other trademarks are the property of their respective owners. Use does not imply endorsement, sponsorship, or affiliation of T. Rowe Price with any of the trademark owners.

202605-5495539

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