RBC Capital Markets analyst Bish Koziol made three changes to the firm’s top 40 list of stock picks. The removals were all rate sensitive – BCE Inc. continued lack of China stimulus; 2) a slowdown in the US economy; 3) seasonal supply risk and 4) M&A. Looking longer term, we expect the mining cycle to be dominated by demand growth for renewable energy/EVs and onshoring in the US and EU. This cycle should lead to higher prices for copper and battery materials.
“The equity markets are pricing in the bond yield movements more closely that investors are taking more seriously the US Fed’s message of ‘higher for longer interest rates.’ As a result, the negative rate-exposed sectors, such as Real Estate, Technology and Consumer Discretionary, posted the worst sector performances in both US and Europe while Energy is the only sector with a positive return in either region, largely helped by higher oil prices.
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