Posthaste: Worried as stocks nosedive around you? Buy Canada, a winner in the New Energy World Order, says BofA
OK so today might not be the best day to be talk about a bullish outlook for Canadian stocks. Then again, maybe it is.
Today is shaping up to be another rocky ride with stocks and commodities around the world tumbling as investors added China’s worsening COVID outbreak to a long list of worries.The biggest reason is the “New Energy World Order” where energy security is of growing importance. Strategists Ohsung Kwon, Savita Subramanian and Stephen Suttmeier argue that Canada stands to gain in a big way because not only does it have commodities, it also has political stability.
Higher commodity prices are good for the economy, says BofA. It sees Canada achieving among the strongest GDP growth, gaining 4.2% this year and 3.1% in 2023, above the United States which they see growing 3.3% this year and 1.8% next. Canada should also be a “key beneficiary of peak globalization,” as supply chains shift to the Western Hemisphere.
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