Daily roundup of research and analysis from The Globe and Mail’s market strategist Scott Barlow
Scotiabank analyst Robert Hope previewed earnings reports for the dividend-heavy energy infrastructure sector and provided top picks,
“Thoughts for Q3. Overall, our estimates for Q3 are slightly below consensus, and in general, we see modest commodity pricing and softer renewable generation impacting results. Broadly speaking, we are ahead of consensus for the utility group and below for the power group. We are particularly above consensus for TRP due to a strong Bruce Power contribution, and CU / ACO due to utility growth and a strong Structures contribution.
“The BoC was extraordinarily careful to not promise a quick followup to Wednesday’s super-sized 50 bp rate cut. While Governor Macklem suggested further trims could be expected, the tone definitely lacked urgency. The Bank cited at least two upside risks to inflation: 1) still-hot wages at a time of zero productivity growth, and 2) the risk of a housing market flare-up, especially with easier mortgage rules coming into effect in December. We would offer a couple more.
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