Daily roundup of research and analysis from The Globe and Mail’s market strategist Scott Barlow
Wells Fargo analyst Christopher Harvey sees the early signs that U.S. food inflation is fading, a trend that hopefully crosses the border,
“This week’s May24 quarterly disclosures from General Mills and McCormick suggest retail food inflation has been sinking fast. GIS’s NoAm Retail year-over-year price/mix effect on sales was -1%, down from Feb24′s +3% and the year-ago +11%. Similarly, the price impact on MKC’s y/y Consumer revenue was -0.8% in the May24 quarter, down from Feb24′s +2.9% and the year-ago +8.5%.
“The Price is Right: investors “long the rich sectors” & “short the poor sectors” ; cyclical “middle class sectors” rolling over, MSCI ACWI equal-weighted index now -0.
“AI infrastructure can be comprised of three pieces: compute , networking, and external storage. As the AI trend continues, we believe chip companies – primarily the AI accelerators such as Nvidia and the memory chips – will continue to be the early primary beneficiaries, followed by networking companies like Arista which provide products connecting the AI accelerators this year.
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