Lexicon Financial Group Weekly Update — December 10, 2025
“What role can such philanthropy play in a society like ours? For one, philanthropic capital can go where markets will not go and where states often cannot go.”
From the desk of Craig Swistun, CIM, MFA-P, Portfolio Manager, Raymond James Investment Counsel, and Wayne Hendry, Client Relationship Manager, Raymond James Investment Counsel
ISSUE 208
Looking Around
December 2 was Giving Tuesday, an annual day – the Tuesday after Thanksgiving in the United States (U.S.) – that is meant to be a counterbalance to the spending sprees of Black Friday and Cyber Monday. It focuses on encouraging people to give back through donations, volunteering, acts of kindness, or sharing their skills. Giving Tuesday, which started in New York in 2012, is now a global catalyst for year-round giving. (1)
Nonprofits (including charities) often galvanize their year-end campaigns around Giving Tuesday, bringing in donations and new supporters. Wayne’s and my inboxes were filled with appeals for support; yours probably was as well.
When you donate to a charity or cause, they can generally be used for two purposes. First, to support the existing mission and vision. Second, to assist the future expansion or growth of the organization through an endowment, which can sustain it into the future.
If you are thinking about giving, here are some tips on how to determine which one to support:
Ask yourself what kind of impact you want to have on your community.
Are you interested in international causes or those closer to home?
Identify the areas that are important to you. Are you interested in supporting the arts? Health services? The environment?
How do you want to support? Volunteer? Financial? Skills? There is a concept that charities can all benefit from your time, your treasure, and your talent!
From a financial perspective, are you in a position to “give now,” or are you thinking of legacy gifts through your estate?
Read and Watch
Want deeper insight into topics in your Weekly Update? Then, read and/or right click:
Video: Canada sees sharp drop in unemployment, but what does that mean for the economy?
An update on US consumer sentiment: Pragmatism defines the holidays
As US, EU and Japan boost defence spending, is stimulus their true intention?
Japan’s Economy Slips After Six Quarters Of Growth
China’s record trade surplus reveals its biggest strength – and hidden weakness
Once you’ve narrowed down your list, you can begin working on strategies to maximize the value of your gift. We’ve developed a framework to help you identify the causes you choose to support. Let us know if you’re interested in that level of discovery.
One way to maximize the impact you can have is to write everything down. Each of our clients has an Investment Policy Statement that governs how their investments are being managed. We also want to work with clients to develop their personal “Giving Policy Statement,” which documents how their philanthropy and giving are being managed.
Finally, it’s worth repeating that during times when outreach and appeals are overwhelming (such as Giving Tuesday):
You are under no obligation to give.
While charities do need money to support their work, you should always feel comfortable saying “no” or “not right now.”You are entitled to ask questions.
What is the funding for and what will it accomplish? Who is giving and why? Have other donors expressed their reason for supporting your causes? How will this program be sustained? When are the funds required? What is the impact you hope to have in your community?Fundamental research is important.
You can obtain information from a variety of sources, including the websites of charities you’d like to support. But feel free to contact them directly. Or speak with us and we’ll do that on your behalf.Check the charity’s registered status.
Registered charities in Canada are able to issue donation receipts, which may be used to lower your overall tax bill. Being able to deduct donations may even allow you to give more. If that’s important to you, be sure to check the charities’ status with Canada Revenue Agency before you donate. (Hint: we can do this for you, too.)Evaluate your options.
Some forms of giving are more tax-efficient than others. Many are not aware of the potential tax benefits of donating appreciated securities like stocks and bonds from an investment account instead of cash from a daily banking account. Talk to us for details and to help maximize your year-end giving.
We believe that generosity and giving are pillars of a well-established wealth management strategy. Even if you are not in a position to support causes financially, there are still things you can do to make a difference. Because charities don’t just thrive on money, they are built on change.
Looking Back
Source: CME FedWatch, as of 12/4/25, and Edward Jones
The S&P/TSX composite index (TSX) pulled back last Friday from a record high, as investors took stock of recent gains, but the move was limited, as Canadian jobs data fueled optimism about the economy. Canada's unemployment rate once again defied expectations and fell to a 16-month low in November as the economy added 53,600 jobs – the third-straight month of robust job gains. For the week, the TSX lost 0.2 per cent, as a dip in gold prices offset stronger-than-expected bank earnings. (2)
Last week, the first week of December, was good for major U.S. stock indexes, which finished higher, adding to the prior week’s gains amid investor hopes for an interest rate cut from the Federal Reserve at its upcoming meeting.
The technology-heavy Nasdaq Composite led the way (advancing 0.91 per cent), followed by the small-cap Russell 2000 Index, which rose 0.84 per cent. Although the S&P 500 Index lagged, it still posted a modest gain for the week. However, trading volumes were relatively light throughout much of the week.
On the economic front, activity in the manufacturing sector contracted for the ninth consecutive month in November, according to data from the Institute for Supply Management (ISM). Last Monday, the ISM reported that its manufacturing Purchasing Managers’ Index (PMI) declined to 48.2 per cent, down from 48.7 per cent in October (readings below 50 per cent indicate contraction, while readings above 50 per cent signal expansion).
According to ADP Chief Economist Nela Richardson, employers are trying to weather cautious consumers and an uncertain macroeconomic environment, so hiring has been choppy lately. Consulting firm Challenger, Gray & Christmas also released a report last week showing that U.S.-based employers announced more than 71,000 job cuts in November – the most for the month since 2022. The November figure brought the year-to-date total to about 1.17 million job cuts, which is the highest level since 2020.
There was some positive economic news. The Bureau of Economic Analysis (BEA) reported last Friday that the Federal Reserve’s (Fed) preferred inflation measure—the personal consumption expenditures (PCE) index—rose 0.3 per cent month over month in September, in line with August’s reading. A preliminary reading of the University of Michigan’s December Index of Consumer Sentiment showed that it improved 2.3 points from November to 53.3. The increase was largely driven by improved expectations for personal finances, but overall views remained sombre, as consumers continued to cite the burden of high prices.
Last week, the pan-European STOXX Europe 600 Index ended 0.41 per cent higher on hopes of interest rate cuts in the U.S. and U.K. Major stock indexes in Europe ended last week with mixed returns. Preliminary estimate showed that annual headline inflation in the eurozone ticked up to 2.2 per cent in November from 2.1 per cent in October, above economists’ forecasts but still close to the European Central Bank’s 2 per cent target. Also according to the latest data, euro area gross domestic product increased by 0.3 per cent in the third quarter, as a rebound in fixed investment contributed to an upward revision from the previous estimate of 0.2 per cent.
In Japan, stock indexes registered mixed performance last week, as Japanese stocks faced pressure from rising global bond yields and a speech by Bank of Japan (BoJ) Governor Kazuo Ueda, that was perceived as hawkish, increased expectations for a December rate.
Mainland Chinese stock markets advanced, as enthusiasm for domestic technology and artificial intelligence trades eclipsed data pointing to an economic slowdown in China. However, although China’s official manufacturing PMI improved to 49.2 in November from 49.0 in October, this marked the eighth straight month that the factory gauge stayed below 50, the level that separates growth from contraction. The official non-manufacturing measure of construction and services activity fell to 49.5 in November from 50.1 in October, its first contraction in nearly three years, due to weakness in the real estate and residential services sectors.
These PMI readings added to evidence that China’s economy lost momentum in the fourth quarter. Most analysts believe that China will meet its annual growth goal of about five per cent without further policy actions this year. (3)
The opinions expressed are those of Craig Swistun and not necessarily those of Raymond James Investment Counsel which is a subsidiary of Raymond James Ltd. Statistics and factual data and other information presented are from sources believed to be reliable, but their accuracy cannot be guaranteed. It is furnished on the basis and understanding that Raymond James is to be under no liability whatsoever in respect thereof. It is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Raymond James advisors are not tax advisors, and we recommend that clients seek independent advice from a professional advisor on tax-related matters.
What is Giving Tuesday?, Children’s Aid Foundation of Canada, October 7, 2025
TSX posts weekly decline as profit taking offsets jobs gain, Fergal Smith, Reuters via MSN, December 5, 2025
Global markets weekly update - Markets await final Fed meeting of the year, T. Rowe Price, December 5, 2025
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Looking to Learn?
If you want to know more about some of the topics we wrote about this week, just click on the links below:
What is Giving Tuesday? Here is everything you need to know about the annual day of charity