T. Rowe Price - Home
Choose your site Enterprise Institutional Investors/Consultants Investment Advisor
Your location and language
English
Choose your site Enterprise Institutional Investors/Consultants Investment Advisor
Your location and language
English
Your location and language
English
View Supported Browsers
Download the PDF

Global Asset Allocation Viewpoints

A view from Canada

September 2026, Multi-Asset

Outlook
  • Markets have remained resilient, supported by strong and broadening corporate earnings and sustained AI-related investment, although elevated valuations and geopolitical uncertainty remain sources of volatility.
  • The global economy remains supported by technology investment and fiscal spending, though growth is increasingly uneven across regions as higher energy costs, interest rates, and geopolitical uncertainty create divergent pressures.
  • The policy outlook remains highly data dependent as central banks balance persistent inflation pressures against resilient growth, while fiscal concerns and strong investment demand are contributing to upward pressure on longer-term yields.
  • Canada’s outlook is improving on resilient growth, contained core inflation and fiscal support. Trade uncertainty and higher rates remain risks, while the Bank of Canada remains cautious on inflation.
  • Key risks include renewed geopolitical escalation and commodity price volatility, persistent inflation and higher interest rates, earnings sustainability, and signs of deterioration in labor markets.

Markets remain supported by broadening corporate earnings and AI-related investment, while Canada’s outlook is improving amid resilient growth, contained core inflation and fiscal support. Equity positioning favors U.S. growth, emerging markets and smaller companies, while Canadian equities benefit from strong fundamentals, reasonable valuations and energy and materials exposure. Emerging markets also offer attractive valuations and expanding investment beyond technology. Fixed income positioning remains cautious as inflation and resilient growth could keep rates elevated. Canadian investment-grade bonds are neutral, with softer labor and housing conditions providing some offset. Key risks include trade uncertainty, higher rates, inflation, geopolitical tensions and commodity volatility.


 

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

Global Asset Allocation Viewpoints

Subscribe to our monthly Global Asset Allocation Viewpoints newsletter

Sign up

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

Download

Latest Date Range
Audience for the document: Share Class: Language of the document:
Download Cancel

Open

Share Class: Language of the document:
Open Cancel
Sign in to manage subscriptions for products, insights and email updates.
Sign in
Once registered, you'll be able to start subscribing.

By clicking the Continue button, I acknowledge that I have read and accepted the Privacy Notice

Continue Back

Change Details

If you need to change your email address please contact us.
Change password
Save Cancel
Subscriptions
OK
You are ready to start subscribing.
Get started by going to our products or insights section to follow what you're interested in.

Products Insights

GIPS® Information

T. Rowe Price (“TRP”) claims compliance with the Global Investment Performance Standards (GIPS®).

A complete list and description of the Firm's composites and/or a presentation that adheres to the GIPS® standards are available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request. 

Other Literature

You have successfully subscribed.

Notify me by email when
regular data and commentary is available
exceptional commentary is available
new articles become available

Thank you for your continued interest