The Financial Post reports in its Wednesday edition that investors are expecting the S&P/TSX Composite Index in 2026 to deliver more muted returns of 5 per cent to nearly 10 per cent in 2026 after two consecutive years of double-digit gains. The Post's Gigi Suhanic writes that with one more trading day left in the year, the index was on the verge of delivering an almost 30-per-cent return in 2025, its best yearly return since 2009. Brent Joyce, chief investment strategist at BMO Private Wealth, said BMO predicts the S&P/TSX composite to end 2026 at 34,000, from about 32,000 on Tuesday, and is recommending investors be overweight on equities to take advantage of government spending, as well as defence spending, tax cuts in the United States and China opening its coffers. But he said investors will need to stay focused on earnings. "Earnings are what matters because nothing is cheap," Joyce said, adding that the current macroeconomic landscape is configured to support businesses. For example, the Bank of Canada has cut interest rates to 2.25 per cent, a level he called "quite accommodative," though it sits at the bottom of the central bank's neutral range of 2.25 per cent to 3.25 per cent.