Today on the program we are joined by Equity Research Analysts, Robert Reynolds and Claire Fleming, who break down what’s shaping the industrials and materials sectors, and what’s on their radar as 2023 comes to an end. Robert who focuses on the industrial space says high rates continue to have a major impact. Themes include inventory restocking, government spending and the pace of energy transition. Port and auto strikes are also having significant impacts on industrials. He adds services and airlines have been successful this year, but there are concerns of how long leisure travel will be sustainable. Claire focuses on materials, which includes Copper and diversified mining companies, agriculture and packaging. Claire highlights some macro themes affecting packaging. She says historically it’s been one of the most defensive sub sectors given that demand tends to be more stable for consumer products. However, the destocking of physical goods trend is negatively impacting the demand for packaging. She says we could see organic growth rates improve from companies working through the related impacts of destocking.

Recorded on November 17, 2023.

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