‘s global strategy team just turned positive for the first time in 18 months, signalling the tide could be turning for Canadian stocks.has outperformed the S&P 500 60 per cent of the time by 4.2 per cent over a 12-month period, said Ohsung Kwon, equity and quant strategist at BofA Securities.
With the interest rate differential between the two countries widening and economic growth differential narrowing, conditions are shaping up for the TSX to outperform.was the first G7 central bank to cut its policy rate and BofA economists expect further cuts will bring the rate to 3.75 per cent by the end of the year.
In a separate report, BofA strategists forecast weak loan growth and rising credit costs for Canadian banks, with capital priorities shifting from building to share buybacks.in Canada could give banks here an advantage over their U.S. peers, said strategists Ebrahim H. Poonawala and Gabriel Angelini.
But significantly, the Canada Cycle Indictor is rising when other BofA indicators such as the U.S. Regime, Global Wave and Industrial Momentum, are starting to weaken. “As for the Fed, today’s announcement will only reinforce its conviction that the labour market is cooling, and make it more likely to cut policy rates significantly over the coming months,” said Jocelyn Paquet, economist with National Bank of Canada.
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