Daily roundup of research and analysis from The Globe and Mail’s market strategist Scott Barlow
“The big sticking point in the latest Canadian CPI was food prices, which just won’t let go. Instead of showing any signs of easing, grocery prices jumped 2.0% m/m, lifting the annual rate back up to the 40- year high of 11.4%. To be clear, this is a global issue, as U.S. food from home prices are up by a nearly identical 11.3% y/y. Food prices in the Euro Area are up more than 16% y/y, and 17% in Britain .
“The problem children from the GFC and from climate risk have been starved of capital for 10+yrs. Tech, blockchain, green – basically, disruption writ large - have enjoyed free money, amplifying the duration risk of the S&P 500. Tech consumption crescendoed with COVID’s demand pull-forward reminiscent of Y2K. We like the capital-deprived sectors; bloated growth sectors still need to rationalize capacity after overbuild.
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