Daily roundup of research and analysis from The Globe and Mail’s market strategist Scott Barlow
“The sector’s Q3/24 rally turned out to be a summer fling. Having given back a good portion of its gains in Q4 to date, the TSX REIT Index posted a +1% YTD total return , well behind the TSX Composite and S&P 500 … At the time of writing, listed real estate on both sides of the border is under pressure as bond yields rise amid a more hawkish tone from the Fed.
“We believe BCE has great assets, a strong corporate culture, and remains the industry bellwether. As external observers, here is our short wish list for Christmas which could help in turning around the situation. 1) Immunize the balance sheet from cash outlays related to future fiber expansions both at Ziply and other possible US acquisitions. 2) Dispose of assets where the rent cost could be lower than the cost of ownership .
“Zeitgeist I: ”Real rates above 2.5% and S&P trailing PE above 25x…this ain’t a great time for the Fed & the US government to lose control of the bond market.” Zeitgeist II: “Kospi, Bovespa, France, homebuilders, energy, biotech, healthcare, transports, defense, REITs…are we in a bear market?” Zeitgeist III: “Ton of wreckage under the surface, but if Mag 7 and Treasuries can hold here, lot of stuff back down at their 200wma lows that you would want to buy.
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