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Recession selloff for TSX 'should not be ruled out,' Merrill says
Posted on July 07, 2008
Despite the fact that the Canadian market typically takes U.S. recessions harder than the U.S. itself does, the S&P/TSX composite index remains one of the few deniers of a slowdown for its neighbour.This is the conclusion of a new report from Merrill Lynch, where economists and strategists David Wolf and Carolyn Kwan note that Canada s benchmark index has declined an average of 32% from peak to trough during U.S. recessions since 1970. The S&P 500 has fallen only 25%.While many quickly point out that Canada s heavy weighting in the energy and materials sectors is the big difference this ti...
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