BMO Equity Research IN Tune

How will an altered political landscape in Washington affect the U.S. fundamental outlook? Camilla Sutton, BMO Capital Markets Managing Director, Head of Equity Research, Canada & UK, moderated a discussion with BMO experts across macroeconomics, financial markets, and rates to understand the current and future implications of the 2024 election. Listen to Doug Porter, Managing Director and Chief Economist; Brian Belski, Chief Investment Strategist; and Ian Lyngen, Managing Director and Head of U.S. Rates Strategy, to learn more.

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As we prepare for the upcoming US Presidential election, we spend some time with five of our BMO Capital Markets experts who run through how they see market impacts unfolding. Our guests include: Sal Guatieri, BMO’s Sr. Economist and Brian Belski, BMO’s Chief Investment Strategist; as well as three of our Equity Research Analysts Colin Hamilton, who focuses on metal commodities, Randy Ollenberger on Oil and Gas and Doug Morrow on ESG. Please note that this podcast goes in tandem with our broader department report, Navigating the U.S. Election Outcomes - Winners and Losers.

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During this podcast Doug Morrow, ESG Analyst, takes the listening through how the AI/data center build out is contributing to a new era of electricity demand, on the back of which firms like Amazon (AMZN), Alphabet (GOOGL), Meta Platforms (META) and Microsoft (MSFT) are highly focused on responsible data center construction and operation. However he sees an emerging short-term trade-off between growing their AI business and hitting sustainability targets, particularly around Scope 3 emissions and water consumption. In addition, Doug discusses where he sees the second derivative opportunities from the AI/data center build out in clean power generation, grid stabilization, alternative cooling technologies, low-carbon building materials + IT equipment and data center engineering. Essentially he believe that companies that provide these products and services are positioned to benefit as the economy looks to meet the large power/water requirements of AI while also solving for lower emissions, water security and grid stability.

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All to often, energy investors focus on the commodity but for mid-cap Oil & Gas companies, share price performance is more determined by evolving company prospects, particularly related to undrilled well inventory. The change in perception as it relates to this undrilled acreage, either by a new oil pool discovery, or advancements in fracking technology, is a much more determining (and forecastable) factor in the long-term upside potential. Our conversation with Jeremy McCrea, CFA explores the topic in more detail, along with his favorite names and other discussions points that have been topical with institutional investors today.

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To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

This episode of INTune delves into the takeaways from BMO’s 19th Annual Farm to Market Conference and stretches across the food and agriculture value chain. Equity Research Analysts Kelly Bania, Joel Jackson, Doug Morrow, and Andrew Strelzik join in a discussion on the impacts of commodity price volatility, consumer trends, ag tech, and water on equities. (20 mins)

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Click here for Doug Morrow's Report “Water Stress in the Food & Agriculture Sector: Risks, Best Practices, and Innovation Opportunities “

To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this edition of BMO’s INTune podcast series, we sit down with Doug Morrow and Devin Dodge from BMO’s Equity Research team to discuss the BMO Climate Opportunities Screen and some of the companies from our coverage that are positively exposed to the energy transition megatrend. (15 mins)

Please view our report, “Future Facing Investing: The BMO Climate Opportunities Screen”

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To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

Tamy Chen and Emily Foo join this edition of our IN Tune podcast to discuss their recent report entitled “Dollarcity 101: Resonating So Far With Runway for Growth” and how recent quarters of strong equity income growth from Dollarama’s (DOL) joint venture in LATAM called Dollarcity has brought increasing attention to this business as it could provide the second leg of multi-year growth when DOL eventually matures in Canada.

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To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

This week we have a special episode of IN Tune sharing a podcast from BMO’s Sustainability Leaders that aired on February 20, 2024. Colin Hamilton, Commodities Analyst, BMO Capital Markets, sat down with the International Council on Mining and Metals (ICMM)’s President and CEO Rohitesh Dhawan to discuss what the industry needs to do to embrace nature-positive mining (24 min).

Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/SldQc294alVqTDhXVVh6VWR0UW4xY3RRYUx5aGFsMzByQzVGekhpZCtXVXNxcU1hN1huVUkxR2xpUEQ4SmRuTGdrMXZJOC9HT2NvTFIxUzFqdytPTEE9PQ2.PDF

To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we preview BMO’s 33rd Global Metals, Mining and

Critical Minerals conference, and discuss the annual zinc treatment charge

negotiations.  11 min

Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/QkRSMEVVTDBUcG9GS3RNZDJxUTd0ZjFvUmdvSnNkMEJhSHJvd0ZOOElXVDdIdnlXbEc4ei9xMzdRUmtHUFNYcERMZTZyUGlzdmlTakx5UFBFUlgyR1E9PQ2.PDF

To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we discuss our expectations for metal and bulk commodity markets into 2024, a new era for gold, and why we see a tighter copper market than expected.

BMO clients can view our report, “CORRECTION: Q1 2024 Metals & Bulk Commodity Price Update: The Old Guard Step Up”, by visiting: https://researchglobal0.bmocapitalmarkets.com/research/e9d00408-6249-4535-80d7-25496e8af494/

Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/WDJENEJodnNFL1RyYWIrVDRTVHlPQi9OMS9tekpBVFYvZFoyc05IeXpQTElCSlo0NGFXemFHNlprVFBYejI3bjI5Smxndk1Nb29BdURLL3hUczdRZmc9PQ2.PDF

To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/