Powell’s Best Outcome- Earnings: HR, AX, SIA, EXE, CSH
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China is either in first or second place in global GDP rankings, depending on how it is calculated. The European Union is the next largest requiring another 20+ countries combined, otherwise it takes about another 15 economies together to equal the clout of the US and China.
What happens in the US and China matters. The intensity of change is accelerating, initially driven by the spread of the COVID pandemic, and then various responses intended to fix it compared to actual outcomes. Inflation and supply chain disruption, the pending Evergrande implosion, exploding real estate values, and rising energy costs are happening at a time when central banks are short on fire power should any of these issues get off track. Commentary this week puts this into a perspective of estimating the risks for financial markets and the best action for central banks in the near term.
Earnings updates include H&R REIT(HR.UN), Artis REIT(AX.UN), Extendicare Inc.(EXE), Sienna Senior Living Inc. (SIA) and Chartwell Retirement Residences (CSH.UN). H&R and Artis were both weighted to Alberta prior to oil prices beginning a downtrend in 2014. In response H&R became more diversified, expanding into the US residential sector at an opportune time. The decline lasted until about 6 months ago, in the interim exposure was reduced to Alberta and increased in the US. Oil and natural gas prices began to strengthen about 6 months ago, oil prices have returned to 50% of the highs preceding the 2014 down stretch.
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