Daily roundup of research and analysis from The Globe and Mail’s market strategist Scott Barlow
RBC Capital Markets head of global energy research Greg Pardy made only one change, removing BP PLC, from his Global Energy Best Ideas,
“In July, the RBC Global Energy Best Ideas List was up 0.5% compared to the iShares S&P Global Energy Sector ETF which was up 1.5% and a hybrid benchmark that was up 2.8% on a sequential basis. Since its inception in February 2013, the RBC Global Energy Best Ideas List is up 189.8% compared to the S&P Global Energy Sector ETF up 39.7%.
The list is now Chord Energy Corporation, ConocoPhilIips, ARC Resources, Topaz Energy, Tourmaline Oil, Canadian Natural Resources, MEG Energy, Obsidian Energy, Woodside Energy, Enerflex Ltd., Pason Systems Inc., SLB, Subsea 7, AltaGas Ltd., Pembina Pipeline Corp., Archrock Inc., Energy Transfer LP, Northland Power, Superior Plus and PG&E Corporation“No one is going to mistake Canadian growth for a hot tamale—it’s still pretty chilly out there.
In a different part of the same report, however, BMO rates and macro strategist Benjamin Reitzes wrote “the ongoing caveat for Canadian activity figures is that population growth has been providing a big lift, masking more meaningful underlying softness. Indeed, looking at GDP per employed person, there’s been a consistent decline since Sept 2022″.
“Cooling U.S. inflation data has heightened investors enthusiasm for a first Fed rate-cut in September, triggering a widespread capital reallocation within the equity market. In fact, the biggest laggards YTD enjoyed a major reversal at the expense of well-known leaders . Still, the S&P 500 managed to end the month 1.1% higher, behind Europe and Asia-Pacific equities . Overall, the MSCI ACWI increased 1.5%, with DM equities slightly outperforming.
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