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Daily roundup of research and analysis from The Globe and Mail’s market strategist Scott Barlow

CIBC analyst Shaz Merwat uncovers the Canadian companies that would benefit from a President Biden green energy plan,

“The Biden Climate Plan is an ambitious four-year, US$2-trillion climate agenda most beneficial to Canadian Engineering and Construction (E&C) companies, notably WSP and Stantec … The most progressive elements include both a target for carbon-free electricity by 2035 and putting the nation on an irreversible pathway to netzero emissions by 2050. This would be done through a wide-ranging, US$2 trillion spending package coupled with the push for renewable power and clean transportation… The embrace of renewable power and the desire to be the global leaders in the manufacture and adoption of clean vehicles should also be directionally positive for the Canadian Renewables names (Algonquin the standout) and NFI Group”

“@SBarlow_ROB CIBC: “The Biden Climate Plan is an ambitious four-year, US$2 trillion climate agenda most beneficial to Canadian Engineering and Construction (E&C) companies, notably WSP and Stantec” – (research excerpt) Twitter

“Dividend-rich Canadian and U.S. renewable energy stocks: Good under Trump, better under Biden?” - David Berman, Globe Investor

“California power outages are a canary in the mine” – Reuters


Bespoke Investment Group reported that 2020 is the worst year for financial stocks relative to the index since 1940,

“It’s been a rough run for the Financial sector of the S&P 500. The sector is trailing the broad market by more than 25% YTD. Through 161 trading days, that’s a record degree of underperformance dating back to 1940 … Even during the worst years of the global financial crisis, YTD relative performance through mid-August wasn’t this bad. It may be tempting to jump in to bank and insurance stocks because the sector has been hit so hard this year, but unfortunately underperformance YTD isn’t a great signal for performance over the rest of the year”

Domestically, the S&P/TSX Financials Index is down 11.8 per cent year to date, including dividends, compared with the broad benchmark’s -0.6 per cent mark.

" @SBarlow_ROB Bespoke: historically weak U.S. financials” – (research excerpt) Twitter


BofA Securities economist Michelle Meyer is using available real-time data to gauge the speed of the U.S. economic recovery. The three major observations are listed under the good, the bad and the ugly,

“Good: a weekly index from the New York Fed and dining data show the economy continues to grow, albeit at a much slower pace. Bad: a wide range of data measuring the degree of “mobility” show the economy leveling off. Ugly: claims remain disturbingly high, particularly given the plunge in unemployment insurance benefits.'

“@SBarlow_ROB BoA: The good, the bad and the ugly in U.S. real-time data” – (research excerpt) Twitter


Diversion: On innovation and (mostly military) incentives, “When The Magic Happens” – Collaborative Fund

Tweet of the Day: “@AndyHomeMetals Metal markets caught out by strength of Chinese stimulus” – Twitter

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