Daily roundup of research and analysis from The Globe and Mail’s market strategist Scott Barlow
BMO chief investment strategist Brian Belski offered four major takeaways from the second quarter of Canadian earnings reports so far,
“With 85 per cent of Canadian companies out with their results, second-quarter earnings are posting a solid 3.8-per-cent positive surprise on average. However, if Energy is excluded, the S&P/TSX is exceeding expectations by a much stronger 6 per cent on average … Here are four key takeaways from second-quarter earnings so far: 1. Stay Selective: Earnings dispersion remains wide, suggesting investors should remain highly selective. 2.
“We forecast a weaker 1.8-per-cent rise in global copper mine output in 2023 with 4.4-per-cent growth in 2024 and 3.0% in 2025 — These softer, post-disruption, near-term mine output projections mainly result from our adjustments for lower revised guidance reported by 22 listed companies and other leading unlisted producers. We forecast total 2023 copper mine production of 22.2 Mt, down 310 kt from our prior 22.5 Mt estimate. Our revised 2024 projection is 23.2 Mt, down 154 kt from 23.
“Much of the sound and fury around insufficient home building in Canada focuses on housing starts, and how they were higher in the 1970s. A deeper dive into the data shows a slightly different picture. Housing completions are running just shy of the fastest pace on record , and have been consistently strong since mid-2021. Unfortunately, that’s still insufficient to accommodate current trends in population growth.
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