A roundup of what The Globe and Mail’s market strategist Scott Barlow is reading today on the Web
The reasons why weren’t included, but Citi strategists provided a useful graphic showing their top stock picks from around the world. (No Canadian picks, of course, we get neglected a lot in these reports even though Australia’s always featured).
U.S. picks include Apple Inc., Kellogg Co., General Motors Co. and HCA Healthcare. European stocks on the list include Rio Tinto, Siemens and AstraZeneca.
“@SBarlow_ROB Good graphic by Citi. Top stock picks by region” – Twitter
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Oil prices continue higher, hitting levels last seen in 2014,
“U.S. West Texas Intermediate (WTI) crude futures rose 84 cents to $70.56 per barrel. Monday was the first time since November 2014 that WTI had climbed above $70 per barrel… The increases came despite the addition of nine U.S. oil rigs in the week to May 4, bringing the count to a three-year high of 834, according to energy services firm Baker Hughes… “The growth in production in the U.S. is being counterbalanced by the simultaneous decline in Venezuela,” said Commerzbank analyst Carsten Fritsch.”
“Oil surges to fresh highs on growing supply worries” – Reuters
“@sobata416 Two interesting oil charts, courtesy of Algebris Investments” – Twitter
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The annual Berkshire Hathaway Warren Buffett lovefest happened over the weekend and Mr. Buffett and Charlie Munger had harsh things to say about cryptocurrencies,
’[Mr. Buffett’s] His grievances against bitcoin and its ilk are many. It’s a nonproductive asset. It has no intrinsic value. It’s a breeding ground for “charlatans” who take opportunities to rip off people trying to get rich in something they don’t really understand… “I like cryptocurrencies a lot less than you do,” replied Munger, 94. “To me, it’s just dementia. It’s like somebody else is trading turds and you decide you can’t be left out.””
“Charlie Munger compares cryptocurrencies to “turds” and “dementia”” – Quartz
“WARREN BUFFETT: Bitcoin is ‘probably rat poison squared’” – Markets Insider
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Unsurprisingly, Finance Minister Bill Morneau does not believe Canada is uncompetitive compared to the rest of the developed world. In his defence, the recent announcement of Toyota’s $1-billion plus domestic investment supports the position,
“‘I will constantly go back to business people and listen to them and say, you need to help me to understand what exactly are the prescriptions to ensure we remain competitive,’ Morneau said in an interview with BNN Bloomberg’s Amanda Lang on Friday. ‘But what I won’t do is accept the frame that we’re not competitive.’”
“Morneau fires back on Canadian competitiveness warnings” – BNNBloomberg
“Toyota to spend $1.4-billion upgrading two Ontario plants” – Report on Business
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Tweet of the day:
“@SBarlow_ROB MS: “If you had been able to reliably pick the key global macro variable over 2012-16, China’s credit impulse would have been your choice”” – (Morgan Stanley research excerpt) - Twitter
Diversion: “4-year-old superhero using his power to feed the homeless” – CBS News