The stock markets’ rise in the third quarter was not especially strong but it was widespread and it included Canada. The performance data takes into account the appreciation of the Canadian dollar, which reduced foreign returns, as shown in the adjacent table. For example, in U.S. dollars the MSCI World Index was up 16.0% on a year-to-date basis. In other words, most of the stock markets were up in local currency, some of them significantly.

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