Canada’s international investment position increased by a record $619B in Q2…

… driven by strong markets and a weaker loonie, given equities represent ~70% of our international assets and ~50% of our liabilities.

That strength was broad-based geographically - with American (up 15%), European (up 14%), and Japanese (up 37%) markets all contributing meaningfully.

With mixed markets so far in Q3, that tailwind might not be there for the next print - but the liabilities side of the balance sheet is likely to keep growing…

… as foreign investors continue to gobble up government paper.

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