CIBC Wood Gundy

The short week will bring with it plenty of critical economic announcements out of Canada, which will help guide the Bank of Canada’s (BoC) next interest rate decision on June 10. Geopolitical tensions will continue to take centre stage as the US and Iran have been unable to reach an agreement to end the conflict between them, while the US and China consider their respective relationships with Taiwan. Financial markets were jittery at the end of last week with oil prices continuing to increase, raising concerns that inflationary pressures could go higher and might force central banks to raise interest rates. #CIBCPrivateWealth #CIBCInsights #Economy

Here is the Q1 2026 Factsheet for our Income & Value discretionary portfolio strategy.

Great evening attending Pouring Prosperity 2026 hosted by VersaFi (formerly WCM) with our newest team member, Marie-Anne Ramsay. Versafi helps bring together women across the finance industry to build connections, share experiences, and support professional growth. Early in any career, the relationships and community you build can make a meaningful difference. I was happy to attend in support of Marie-Anne as she continues establishing herself within the industry. Thank you to Versafi for organizing such a welcoming event. #finance #wealthmanagement #networking #womeninfinance #montreal

A mother’s love is a special kind of love. Courageous, unwavering, and selflessly devoted. Child by child, family by family, mothers help shape the world we live in. Victoria Traiches , you are the heart of our family. The boys and I are incredibly lucky to have you in our lives. Thank you for the love, patience, warmth, and strength you bring to our family every single day. Happy Mother’s Day to all the incredible mothers and mothers-to-be. As much as Mother’s Day is a day of celebration, it can also be a difficult day for some. I keep a special place in my heart for mothers who have lost a child, and for the women who hope to become mothers but are quietly struggling with infertility and pregnancy loss. Thinking of you today as well.

Experts are becoming more optimistic about the Canadian dollar as global tensions ease. With less geopolitical risk, the loonie is expected to strengthen in the near future. #CanadianDollar #Forex #MarketTrends

Making a Difference in Our Community: White Oak Wealth’s 2nd Annual Community Giving Day Yesterday, our team had the privilege of volunteering alongside our clients and our incredible partners at Mackenzie Investments and PICTON Investments at the North York Harvest Food Bank . Together, we packed over 3,000 lbs of food, a truly meaningful, informative, and uplifting experience for all involved. We are inspired by the dedication of the NYH team and the generosity of our community. We are proud to share that, with the help of our community, we raised over $5,000, which was matched 5x, multiplying the impact for those in need. Every contribution, whether food or funds, stays right here in North York, supporting over 40 food bank locations across the area. Our experience underscored just how critical this support is: 1 in 10 Torontonians rely on a food bank,a number that continues to grow. Food insecurity is a challenge we can face together, with every act of giving helping to ensure no one in our community goes hungry. Thank you to everyone who participated and supported this initiative. Your generosity and compassion make our community stronger. #CommunityGiving #Volunteer #WhiteOakWealth #WhiteOakWealthGivesBack #NorthYorkHarvest

The IMF's April 2026 World Economic Outlook revised global growth down to 3.1%. But the regional picture is more revealing. Middle East and Central Asia growth was cut to 1.9%, a 3 percentage point drop from the January forecast. The sharpest downgrades hit the countries closest to the ongoing conflict. Iran's 2026 forecast fell by 7.2 percentage points to -6.1%. Iraq: -6.8%. Qatar: -8.6%. All three are expected to contract this year. The mechanism is infrastructure damage and trade disruption. Energy production is down, and the Strait of Hormuz remains a bottleneck for exports. Countries with alternative routes, like Saudi Arabia and the UAE, are holding up better. Saudi Arabia still projects 3.1% growth. The UAE projects 3.0%. The IMF expects a rebound in 2027 across the region, contingent on energy production and shipping normalization. Qatar's projected swing from -8.6% to +8.6% captures how dependent recovery is on that assumption. Most interestingly, Oman is experiencing different and often more optimistic growth projections compared to its Gulf Cooperation Council (GCC) neighbors. Oman is often called the "Switzerland of the Middle East" primarily due to its policy of neutrality, acting as a mediator in an at times volatile region, and its geographic role as a stable safe haven. Oman's key ports of Salalah, Sohar, and Duqm are located outside the Strait of Hormuz, providing a significant advantage in global shipping at a time when maritime trade through the Strait faces severe disruptions. Another key reminder that a multitude of stabilizing factors contribute to growth and regional investment confidence.

China’s gross domestic product expanded in the first quarter of 2026, rising at its fastest pace since the second quarter of 2025. China’s government lowered its target for economic growth this year compared to last. While better-than-expected first-quarter growth was an encouraging sign, the outlook is uncertain amid the conflict in the Middle East, which has pushed up energy prices and is weighing on global economic activity. Earlier this week, the International Monetary Fund projected that China’s economy would grow by 4.4% this year. Here’s more on China’s economy during the first quarter. #CIBCPrivateWealth #CIBCInsights #Economy

Canada sits in a cohort of high-income economies where both GDP per capita and tax revenue as a share of GDP are relatively elevated (globally speaking) but not at the top of either range. Across developed markets, a clear pattern emerges: Higher GDP per capita generally supports more stable tax collection. In turn, that revenue underpins fiscal capacity, funding infrastructure, healthcare, and economic resilience (if the tax revenues are invested in the country wisely). But the dispersion matters. Countries like France and the Nordics collect 40%+ of GDP in taxes, while others like the U.S. operate closer to the mid-20s. Canada falls somewhere in between, reflecting a balance between fiscal capacity and economic competitiveness. What’s notable in 2026 is the pressure this balance faces: • Aging demographics increasing spending demands • Elevated debt levels post-pandemic • Slower growth relative to historical trends Economic health goes beyond how much a country produces in raw terms, it’s about how effectively it converts that output into sustainable fiscal strength.