IN Tune

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/

In this special podcast we discuss the outlook for uranium ahead of the World Nuclear Symposium in London, covering market dynamics, current sentiment towards uranium, and the demand growth potential from small modular reactors. (18 min). BMO clients can view our report, "U Kids on the Block", by visiting: https://researchglobal0.bmocapitalmarkets.com/research/d1f5bec3-dfbe-418b-9674-948f8ba6a84e/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/MmtwT0dqQzJRYklaQmQrbVBjZmJHZ1RWVVMzN2hyd2VFNzdNMmc4amVzdGNPRUNhZmFlaFpST0xsYkQvazZPTVdhQWhJNW14OHFUZERNSlVLbUhpZ3c9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

Fadi Chamoun and John Stephenson join this edition of our IN Tune podcast to discuss their recent report on FedEx and its well-received cost reduction plan. Although the plan is sizeable and recent results are favorable, they argue that the program needs to be deeper and bolder and see the risk/reward in the stock as more balanced despite the encouraging steps FDX has taken to improve efficiency. BMO clients can view our report, “FDX/UPS Comparative Analysis: Deeper & Bolder DRIVE Needed”, by visiting: https://researchglobal0.bmocapitalmarkets.com/research/8e109870-0fcb-4e7a-841a-c26227a2c822/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/SFROWlVDM1RJRWUvNXFEaWxGekoyMjFITVpFdUtsTGFJYVZLU2JTbjQxaGplbXVHd1hJT3Z3VEZuQkJpUEQ4RkhlaDlXcmxSc2RZSkYxYll1SmJQMEE9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

BMO Capital Markets' CEO & Group Head, Dan Barclay, moderates a discussion on the takeaways from BMO's 18th Annual Farm to Market Conference across the food and agriculture value chain. Equity Research Analysts, Kelly Bania, Joel Jackson, Doug Morrow and Andrew Strelzik, join Dan for an engaging discussion that includes commodity price volatility, inflation, ag tech, regenerative agriculture, food waste and how all of this impacts equities in the sector. Essentially this is a deep dive into the core themes and takeaways from our May 2023 Farm to Market Conference. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/Q0dERWYrK0RZNFVSUnBTZEZEQU5IbnlVSTNsNlU5c1BJTEFweEc2aEFmenJkNkxGL2NiUlBST2xkSkk1WmFpV0FRSzJxOWhMWE9XZFVzanQwMkxvL1E9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

Mike Markidis, MD & BMO REITs Analysts walks us through his 2023 outlook. He suggests that higher interest rates have him more cautious, particularly as the adjustment process continues and the spectre of a recession looms. Accordingly, from his perspective, investors' expectations should be more tempered in 2023. Valuation screens attractive on a P/NAV basis, but our weighted average AFFO yield spread is below the LTA. In addition, capital constraints and the potential impact of a recession on tenant demand are formidable challenges; not to mention regulatory uncertainty. Given this backdrop there are still opportunities. From a fundamental perspective industrial real estate is at the top of our pecking order followed by multi-residential. BMO clients can view our report, “2023 Outlook: Something's Gotta Give”, by visiting: https://researchglobal0.bmocapitalmarkets.com/api/v1/publication/getPublicationPdfLive/?id=27730d9f-243c-45fd-95a8-7233995c96c3&read=true&stamp=1672947432901000&sitename=Equity Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/E174D118-40BE-4460-9143-EB52AC209805.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode of IN Tune, we are joined by Doug Morrow, ESG Analyst; Rachel Walsh, Carbon Innovation Analyst; Saj Shapiro, Head, BMO Radicle; and Chelsea Bryant, Managing Director, Trading, BMO Radicle, discuss the interplay between BMO Radicle, energy transition, and the world of carbon credits. In December 2022, BMO Financial Group completed its acquisition of Radicle, expanding the bank's carbon credit development capabilities and its footprint in the environmental commodity market, and deepening its commitment to help clients understand and assess energy transition risks and opportunities. In 40 minutes we run through the basics of carbon trading and pricing, Radicle's expertise in developing offsets, trading, and advisory, as well as our panelists' outlook for 2023 carbon markets. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/DF504F7B-36E2-4E16-9A5B-75E6BDF8C863.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

The Best of BMO is our quarterly compilation of our broad macro views, as well as our best stock ideas for the next 12 months. Essentially, it is an equity idea book. In this episode, we are joined by eight of our mining analysts to delve into the details of their Best of BMO stock picks. Joining the podcast are Dave Gagliano, Alex Pearce, Jackie Przybylowski, Brian Quast, Andrew Mikitchook, Rene Cartier, Raj Ray, and Ryan Thompson. BMO clients can view our report, “The Best of BMO Q4/22”, by visiting: https://researchglobal0.bmocapitalmarkets.com/research/e8264d3e-3c7a-40c3-a722-45448d47bd32/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/387605AD-21CC-46F9-9D77-877FB4B16CDA.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this edition of our IN Tune podcast, we sit down with Doug Morrow and Juan Sanabria from BMO's equity research team to discuss the key findings from their recent note on climate change impacts on US real estate companies. Doug and Juan have analyzed the exposure of 70 US REITs to physical climate risk for their US assets in the "new normal" with ever-increasing billion-dollar climate and weather disasters. They believe that REITs will increasingly have to execute strategies in an environment that is likely to be warmer, and punctuated by more extreme weather events with insurance costs likely to further increase, and in some cases, insurance coverage availability questionable. For investors, given the increased frequency of climate events, associated costs may no longer be treated as one-time, but instead be viewed as part of doing business with significant variance by REITs, but not necessarily across sub-sectors. BMO clients can view our report, “It's Getting Hot in Here... So Let's Analyze Climate Change Risk for US REITs”, by visiting: https://researchglobal0.bmocapitalmarkets.com/research/5f4337fe-5f43-444f-b1ed-b9ab66ba423b/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/A37BB256-6348-4CD9-B0A3-665564235E1B.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

Recorded on October 31st, Sohrab Movahedi and Etienne Ricard join our IN Tune podcast to discuss their recent report "Spin Mechanics", covering Brookfield Asset Management and the anticipated transaction to spin out a 25% interest in its asset management franchise as a 'pure-play', as well as the drivers of value at BAM and BN, and the value proposition of alternative investment strategies in a higher interest rate environment. BMO clients can view our report, “Spin Mechanics”, by visiting: https://researchglobal0.bmocapitalmarkets.com/research/84eef555-31d0-4c99-b081-6ef194889177/ Episode transcript: xxx To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode of our IN Tune podcast we sit down with Doug Morrow, BMO's Director of ESG Strategy, to go over the key findings from the department's recent launch of ESG coverage for the base metals and diversified mining industries in a report entitled, “Beneath the Surface: Exploring ESG Trends and Progress in the Base Metal and Diversified Mining Industries”. We talk everything from minerals traceability to diversity, equity & inclusion, and review how investors can apply the findings in their investment process. We also preview the latest report, “It's Getting Hot in Here… So Let's Analyze Climate Change Risk on US REITs”, a collaborative effort covering how climate change effects US REITs. Where BMO's Research team worked together with the BMO Climate Institute and other parties to run a first of its kind analysis on how US real estate companies are exposed to wind, wildfire, and flooding risks that are being exacerbated by climate change. BMO clients can view our report, “Beneath the Surface: Exploring ESG Trends and Progress in the Base Metal and Diversified Mining Industries, by visiting: https://researchglobal0.bmocapitalmarkets.com/research/81336ca0-481e-4920-804d-b3b177cb3c7e/ And our report "It's Getting Hot in Here…So Let's Analyze Climate Change Risk on US REITs" by visiting: https://researchglobal0.bmocapitalmarkets.com/research/5f4337fe-5f43-444f-b1ed-b9ab66ba423b/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/0CBB1ED1-7A73-4F84-A834-CA8602602B16.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

There has been a lot of buzz around the voluntary carbon market over the past few years given increased interest in corporate carbon offsetting to help facilitate the explosion in net-zero and emissions reduction targets. We believe this market is currently in its “carpe diem” moment and that it has arrived at an important crossroad, with a need to meet increasing demand for offsets while still maintaining market integrity through products that reflect actual impact. While we believe this market is slated for impressive growth, its potential is predicated on an ability to deliver high-integrity products. In this short podcast, we touch on certain nuanced aspects of the market, including differences with compliance and voluntary markets, credit-quality criteria, and the implication of Article 6 of the Paris Agreement. BMO clients can view our report, “The Voluntary Carbon Market: International Market of Mystery”, by visiting: https://researchglobal0.bmocapitalmarkets.com/research/938af63e-12dc-4b6c-8d1f-26fd4b2fa340/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/1306A54B-83F2-403B-9DA9-E2E00B7AEAA3.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this short (16 min) podcast, we discuss the key recent changes we have made to our EV sales forecasts and battery assumptions, and the resulting impacts on various upstream battery metals including lithium, nickel, cobalt, graphite, and others. BMO clients can view our reports, "Raise EV Targets Higher and Update Key Assumptions to Varying Upstream Effect", by visiting: https://researchglobal0.bmocapitalmarkets.com/research/abe03309-3d6b-432e-8507-3ebf507894eb/ and "Changing Some EV and Lithium Assumptions, Though Conclusions Remain Same" by visiting: https://researchglobal0.bmocapitalmarkets.com/research/65f1a666-1549-4b11-9c93-009328f5f574/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/0E975775-C5A2-487E-9B85-98EBA70158BA.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

BMO clients can view our report, “Best of BMO Q322” by visiting: https://researchglobal0.bmocapitalmarkets.com/research/e165cee3-dced-46c4-942a-df8e116962ae/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/DD9845C9-AE86-457A-93FE-7D24B4201212.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

With agricultural related GHG emissions accounting for about quarter of global emissions, conversations around the role of farming in carbon and emissions management are intensifying. This includes the capacity of soil to sequester carbon by growers transitioning to farming practices such as no-till and cover cropping. Governments are starting to incentivize such transitions, and numerous food and crop input producer pilot programs to track on-farm sustainability practices have emerged. In this podcast, Joel Jackson, Chemicals and Fertilizer Analyst at BMO Capital Markets, discusses the key findings from his recent research report, which concludes that while many hope no-till farming and cover cropping could prove a benefit to growers to monetize sustainability practices and lower emissions, they may prove to be a burden unless government and food industry incentives materially increase and broaden. Even with government incentives and promises of CPG industry incentives, BMO estimates a 5- to 10- year payback for a farmer transitioning to no-till and cover cropping. Upfront equipment switching costs are sizable, there are yield penalties in initial years, and material annual cover crop seed costs. Plus, future outcomes are blurry - carbon monitoring is imprecise, carbon sequestration seems lower than projected and variable year to year, there's carbon re-emissions potential from natural occurrences or if practices are abandoned, carbon marketplaces are immature, and government policies are unclear. Episode transcript: xxx To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

BMO Capital Markets' Group Head, Dan Barclay, moderates a discussion on the takeaways from BMO's 17th Annual Farm to Market Conference across the food and agriculture value chain. Joel Jackson, Chemicals and Fertilizer Analyst, discusses his views on where we are in the ag cycle, the supply constraints on fertilizers, and the impacts of the invasion in Ukraine on his coverage of fertilizer companies. Ken Zaslow, Food and Agribusiness Analyst, takes the listener on a deep dive into how inflation is impacting his covered companies and the sector. Doug Morrow, Head of ESG Strategy, delves into the corporate value proposition of ESG, the implications of food insecurity, and how ag and food production contributes to climate change. Together, Dan and the three analysts take a deep dive into the core themes of BMO's 17th Annual Farm to Market Conference. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/4533B7E0-00AC-44FD-9DFC-DA01F656F0D9.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

Oil & Gas Thematic Analyst Jared Dziuba discusses the BMO Energy Research Team's latest IN Front report: “Outer Limits: Exploring the Cost (Opportunity) of Canada's Net Zero Pathways.'” We engage in a comprehensive discussion about the potential cost of the Canadian oil industry's net zero ambitions as it relates to carbon abatement technology deployment, and its implications on the financial health of producers and shareholders. Jared emphasizes that Canada's oil sands producers are uniquely positioned to execute on net zero ambitions given global leadership in R&D and deployment of technology including Carbon Capture, Use, and/or Sequestration (CCUS), and that while the costs are high, they are well within the free cash flow generating capacity of producers without impeding on planned growth in cash returns to shareholders. Despite this, he also explains why industry critics are irresponsible to suggest that the industry bear the full burden of costs associated with these large-scale, capital-intensive net-zero technologies aimed at achieving collective social goals despite ongoing consumer demand for oil products, given the consequence of severe erosion of shareholder returns, as well as deterioration of investor confidence and competitiveness in global energy markets. Finally, Jared points out that the ‘Pathways' alliance among the top six oil sands producers is actively fortifying action plans, and that a pending announcement of government CCUS tax incentives may provide a catalyst to finally convert ambition to action. BMO clients can view our report, “The Outer Limits: Exploring the Cost (Opportunity) of Canada's Net Zero Pathways”, by visiting: https://researchglobal0.bmocapitalmarkets.com/research/a9cb3724-ad43-43ee-989f-d0fa90dc2345/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/2248C879-B470-4BCC-BDD6-2EC77CAA6FC1.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

The Best of BMO is our quarterly compilation of our broad macro views, as well as our best stock ideas for the next 12 months. Essentially, it is an equity idea book. In this episode, we are joined by six of our analysts to delve into the details of their Best of BMO stock pick. Joining the podcast are Randy Ollenberger, Oil and Gas analyst; Jackie Przybylowski, Metals and Mining analyst; Fadi Chamoun, Transportation analyst; Peter Sklar, Consumer analyst; Tom MacKinnon, Insurance analyst; and Thanos Moschopoulos, Technology analyst. BMO clients can view our report, “Best of BMO Q1/22”, by visiting: https://researchglobal0.bmocapitalmarkets.com/research/00aecbce-aee1-4393-aad0-98005f4d7a8a/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/C13527E3-9954-43C7-9EB6-7357049918E9.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this short (10 min) Metal Matters podcast, we discuss feedback from BMO's Global Metals & Mining Conference, how supply disruptions can result in demand destruction and the turbulence in the LME nickel market. Episode transcript: research-ca.bmocapitalmarkets.com/documents/CC8ED4F0-7D47-4B21-82BE-A766225F7AEB.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

Plant-based meat was taking off and becoming a part of the consumer's diet. Then, COVID-19 hit and changed the growth trajectory. In this episode, we address 1) what happened?; 2) will plant-based meat have the same success as plant-based milk?; 3) what does the plant-based meat industry need to do to regain its footing and growth; and 4) what key adjustments and strategies are required to adapt to the new normal? Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/4AAC6D9E-536E-40FB-871E-F3FED3FFD378.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

2021 turned out to be a great year for oil and gas investors. Randy Ollenberger and Ray Kwan think that 2022 has the potential to be equally good as a multi-year bull market for energy takes hold. This podcast covers their outlooks for oil and gas prices, heavy oil differentials as well as the impact inflation and M&A can have on the associated equities. In short, Randy and Ray believe that the recent European energy crisis' impact on commodity prices and current concerns about the potential lack of spare oil production capacity may provide a glimpse of things to come following years of underinvestment, tightening environmental expectations and shifting shareholder demands. The North American oil and gas group is in its strongest financial position in the last 15-years and poised to generate record levels of free cash flow that we believe will be largely distributed to shareholders. Randy and Ray do not believe these factors are adequately reflected in market valuations. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/FDE37153-0F60-4992-97F2-205936F892EB.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

As we get ready for IFRS 17, effective January 1, 2023, for Canadian, European, and Asian insurers, investors need to understand how it will reflect drivers of value, and, most importantly, what further analysis and perhaps potential adjustments to reported items are relevant in an IFRS 17 world. This podcast discusses the key differences between IFRS 17 and the current IFRS 4, and, more importantly, highlights the need to look beyond just IFRS 17 reported earnings, BV, and ROE in assessing shareholder value and shareholder value creation. BMO clients can view our report, “Analyzing Drivers of Value in an IFRS 17 World”, by visiting: https://researchglobal0.bmocapitalmarkets.com/research/27a9e2c7-ecda-4cad-be42-3042fd29b651/ Episode transcript: research-ca.bmocapitalmarkets.com/documents/CE188984-9604-43C1-A1AE-3722C6EDC740.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

Carbon, Capture, Usage and Storage (CCUS) represents one of the best near-term opportunities to reduce C02 emissions, particularly as Canada looks to meet its 2030 and 2050 reduction targets, and we expect the Canadian Energy industry to play a large role over the next several years. Overall, we estimate CCUS represents a +$10 billion opportunity in the pipeline infrastructure alone, and much more when including the carbon capture facility itself, ancillary infrastructure, and energy services required. BMO clients can view our report, “CCUS Breathes New Life Into Cdn. Pipe Infrastructure With $10B-Plus Opportunity”, by visiting: https://researchglobal0.bmocapitalmarkets.com/research/7b3801b6-1387-40a4-89cc-c039bdcdf984/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/22763714-AECB-45C2-9C0A-DDD73170650B.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

This week on IN Tune we are sharing another episode from BMO Smarter Investing, titled "What does the economy look like for Canada, the US, and Europe in 2022?" Interest rates and the global economy in general has been quite volatile since 2020 due to uncertainties of the pandemic. We've seen businesses open back up to the public and life slowly resemble normalcy. Now with the new COVID-19 variant, Omicron, it looks that more uncertainty is on the horizon for 2022. BMO economists Sal Guatieri, Douglas Porter, Jennifer Lee, and special guest Benjamin Reitzes discuss what the economies of Canada, the US, and Europe might look like, and what to expect with interest rates for the new year. Visit BMO.com/onlineinvesting for more information and to learn how you can start investing today.  For more episodes of BMO Smarter Investing, please visit: smarterinvesting.influicity.net Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/128EE74A-7E4A-4932-844A-8D31A0D9FDFF.PDF

The rail industry is innovating on several fronts with pilot projects to assess alternative fuels for locomotion, automated track and railcar inspection as well as digital initiatives throughout the enterprise. We expect these innovations, along with the possible transition to a single-person crew, to meaningfully bend the cost curve and deliver strong growth in earnings over the next several years. Over the longer-term horizon, we see increased competitive intensity as autonomous trucking becomes commercially viable and could represent a meaningful challenge for the railroads, particularly on short- and medium-haul intermodal freight. BMO clients can view our report, “On Track: Railroads Innovating for the Long Haul”, by visiting: https://researchglobal0.bmocapitalmarkets.com/research/3a36401d-cd7e-4452-8481-b385ddb81267/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/FE0A58E1-97A0-4962-8055-0C4253213745.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

Are cryptocurrencies a scam or a new form of digital gold? Are they investments or speculative assets? We speak with BMO Technology Analyst, Deepak Kaushal, to discuss the first principles of blockchain technology, how cryptocurrencies capture value, and what the industry landscape looks like today. We also touch on the growing number of opportunities in public equity markets, important risks, and a framework for investors to consider, when they are ready to take the plunge. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/5DDBEB17-25BD-4289-B9D7-2B8A15FDABF9.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

This week on IN Tune we are sharing the first episode of a new BMO podcast, BMO Smarter Investing, titled The Rise of Inflation: Who wins and who gets hurt the most. Inflation is at an all-time high right now since the 1990s: Over 6% in the US and over 4% in Canada. BMO economists Douglas Porter and Sal Guatieri discuss what this means for interest rates, who wins and who gets hurt the most from high inflation, and where they believe inflation will be going within the years to come. Visit BMO.com/onlineinvesting for more information and to learn how you can start investing today. For more episodes of BMO Smarter Investing, please visit: smarterinvesting.influicity.net Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/FE41B26C-1FA9-4C3C-8DF6-8E61F15C3554.PDF

With the acceleration during COVID-19, online grocery is here to stay. How are the Canadian Grocers addressing this growing segment of the grocery market? How is online grocery impacting the economics of the grocery business? What will the grocers need to do to win in the future? In this episode of our podcast, BMO Consumer Analysts, Peter Sklar and Tamy Chen will dive into these topics. This episode is an extension of our recently published IN Front report and BMO Expert Event. BMO clients can view our research: Who Will Win in Canadian Online Grocery: In-Store vs. Central Fulfillment?: https://researchglobal0.bmocapitalmarkets.com/research/a776ffa1-9901-4b19-b222-34afc87258b4/ Online Grocery Fees, Profits & Outlook: Takeaways From BMO's UK Experts Event: https://researchglobal0.bmocapitalmarkets.com/research/fc8f6a70-dbf7-44b2-891e-434b0bacdef2/ In-Store vs. Central Fulfillment: The U.K. Grocery Experience and Readthroughs for Canada: Online Engagement Metrics for Empire's Highly Anticipated Voilà.ca Launch: https://researchglobal0.bmocapitalmarkets.com/research/71a1f568-318e-49b6-bdca-6076ca801899/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/39785BD2-5E0B-4F6B-B243-7ABF0D283FCA.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this short (8 min) podcast we discuss what caused the sharp move in copper last week, China's current property situation, and how the magnesium situation will bring more focus to critical metals. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/9C77E7C6-514C-4684-91E2-9A9388CC4404.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

With just over two months left in 2021, equity markets in both Canada and the US have managed to exhibit positive returns—despite continued fears and rhetoric regarding inflation, rising interest rates, and supply chain disruptions, to name a few. In this podcast we discuss our views on stock market performance during rising interest rates environments, energy sector dynamics, and growth versus value positioning. In addition, we highlight our favorite ideas and themes on a sector-by-sector basis in both Canada and the US. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/A6564C65-EAAB-4609-A86B-16386B4E2435.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this short (8 min) Metal Matters podcast we discuss feedback from LME Week, the knock-on implications from the global energy crisis, and the key conclusions from our recently published copper report. BMO clients can view our report, "Rethinking the Long-Term Copper Challenge", by visiting: https://researchglobal0.bmocapitalmarkets.com/research/52b25693-0a56-46d0-8987-30a4359d1f4f/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/C7A70448-B3ED-4CFA-A004-E8CB1725FD59.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode of our podcast, we reconnect with Doug Morrow, Director, ESG Strategy, and get his view on today's big ESG themes and an update on the research team's ESG initiative. We cover the upcoming COP 26 and concerns about greenwashing, and review key findings from some of our latest ESG research, including the GHG intensity of the S&P/TSX 60 companies, as well as the launch of our ESG Tear Sheet product for the Canadian packaging industry. BMO clients can view our reports: "ESG Matters - Assessing the GHG Intensity of S&P/TSX Companies": https://researchglobal0.bmocapitalmarkets.com/research/0c4580e9-fc69-4edb-b0cf-e64f080f54ff "Unpacking ESG in the Canadian Packaging Industry": https://researchglobal0.bmocapitalmarkets.com/research/c18a7768-a642-4ce6-97e2-2d0b84541b51 Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/D6C54755-584F-4A4B-94A5-6D5700C079BB.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this short (8 min) Metal Matters podcast, we discuss the knock-on effects of China's power rationing, central bank policy, and what we expect from the forthcoming LME Week discussions. BMO clients can view our report, "Q4 2021 Commodity Price Update - Surprises Shift From Demand to Supply", by visiting: https://researchglobal0.bmocapitalmarkets.com/research/8d79e3cb-c27a-4083-97ec-52ec01ce62df/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/31BE112F-B079-47C1-80E7-A9DCED12AE1C.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this short (9 min) Metal Matters podcast we discuss the challenges facing China on both the policy and property fronts, aluminium's recent price gains, and drivers of price divergence in iron ore and met coal. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/2E2C86DA-1933-4B6B-A50C-77EB6CE08F59.PDF To access our full disclosures, please visit:  https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

BMO Capital Markets recently increased its electric vehicle (EV) penetration forecasts to 7% this year, and 15% by 2025, with important spillover impacts into lithium, nickel, and cobalt. This podcast highlights the work of our analysts, Joel Jackson, Robin Fiedler, and Colin Hamilton, and is a deep dive into our EV forecast, the supply and demand dynamics in lithium and other raw materials, and the impact on related equities, as well as the supply complexity that the industry faces. BMO clients can view our report, “Recalibrating EV Sales, and Lithium / Nickel / Cobalt Demand Estimates Higher”, by visiting: https://researchglobal0.bmocapitalmarkets.com/research/c03825ba-8af5-4803-a7fe-c37b3b4be4a9/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/56739524-749B-4FC8-9AD2-D4ADB9FC0F37.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this short (8 min) Metal Matters podcast we discuss the upcoming World Nuclear Association and Denver Gold conferences, the electric vehicle upgrade cycle and the impact logistical constraints may have on the wider metals cycle. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/F3F967B9-82F6-4CC6-A57C-F973D8D5D164.PDF To access our full disclosures, please visit:  https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

The Canadian Investment Funds Industry is a mature and saturated marketplace. The wealth management operations of the Canadian banks, with a leading and growing market share in Canadian investment funds, an inherent distribution advantage, as well as a pricing advantage, continue to outperform the independent fund companies. In a mature and saturated marketplace where it's increasingly difficult to compete against the wealth management operations of the Canadian banks, we see challenges for the Canadian independent fund companies. We explore strategic options for the Canadian independent fund companies. For the well-positioned wealth management segments of the Canadian banks, it's most likely business as usual. BMO clients can view our IN Front report, “Canadian Wealth & Asset Management – Banks vs. Independents”, by visiting: https://researchglobal0.bmocapitalmarkets.com/research/4eafbcda-5e48-42e0-9622-9212e3ead30d/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/A171269F-A2DF-4AFB-A70E-66937B67AB12.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this 7 min Metal Matters podcast, we discuss 1) why strong free cash flow hasn't yielded many new project approvals, 2) China's steel production cuts and capacity offshoring, and 3) why the countdown to the COP26 Summit will keep the focus on metals involved with the global energy transition over the next three months. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/B52119E4-D910-43C8-9A5F-72FD7F2107FA.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

The mining industry doesn't always have a reputation for being an early adopter of leading-edge technology. But innovations will be increasingly important to offset cost inflation and improve mining efficiency and safety in the future, as new mines will generally be increasingly lower grade and higher cost. Ore sorting is one technology that is likely to make a meaningful impact on the mining industry. Pre-concentration can eliminate low grade or otherwise uneconomic material before the expensive and energy-intensive downstream processes. Metals & Mining analyst Jackie Przybylowski is joined by Anthea Bath, chief operating officer at Ero Copper, and Marie-Claude Halle, CEO and principal consultant at Unearthed Consulting Inc., to discuss the opportunities and risks of ore sorting technology. BMO clients can view our IN Front report, “Ore Sorting: Not a Quick Fix, but a Long-Term Solution”, by visiting: https://researchglobal0.bmocapitalmarkets.com/research/c3b805f4-968f-4b7c-b88c-16459ac4da58/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/F67EB2AA-18A1-4D5E-A69F-F3B66A8CFB8D.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

We recently invited Will Hess and Song Gao from PRC Macro to discuss with us their outlook for the Chinese economy in the second half of the year, and the potential implications for commodity markets as the economic growth rate starts to slow. Presentation slides: https://research-ca.bmocapitalmarkets.com/documents/752B6C7D-C872-4233-80BC-B40E12DDF1E8.PDF Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/4D76577A-BC69-4CA6-BBB2-7145C2C3AECB.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this short (6 min) Metal Markets podcast, we discuss what metals and mining producers are doing with strong free cash flow, the potential for copper supply disruptions amid Chilean labour negotiations and what would happen to commodities in the event of another China lockdown as Delta-variant cases spread. BMO clients can view our report, "Dialing up DRI Developments", by visiting: https://researchglobal0.bmocapitalmarkets.com/research/9082e43b-76e1-4d5c-9973-ddc6da064a6d/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/544C860D-9B96-4350-AF4A-317B777C8D05.PDF To access our full disclosures, please visit:  https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

Members of the Canadian and US REIT research teams discuss their recent IN Front report which addresses the rapid growth of property technology (PropTech). The team also discusses the state of the REIT landscape as we emerge from the COVID-19 pandemic and, lastly, the team offers their respective top picks in the US. BMO clients can view our report, "PropTech: The Next Frontier in Commercial Real Estate", by visiting: https://researchglobal0.bmocapitalmarkets.com/research/6414940b-1b38-4739-a131-af9d48c1b8a5/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/BD9F2140-7003-4446-9DF2-BB23302C4025.PDF To access our full disclosures, please visit:  https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this short (7 min) Metal Matters podcast, we discuss whether the recent RRR cut signals a Chinese policy change which could influence commodity markets, moving forward the first Fed hike, steel production cuts in China and why Europe's carbon border adjustment mechanism is just a stepping stone. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/132C274D-CDFC-4E2F-B7DE-4B1BF484D9D0.PDF To access our full disclosures, please visit:  https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

As equity markets head into the second half of 2021, the following podcast provides an update on our forecasts for both the US and Canadian stock markets, with particular attention on the secular bull market in the US, Canada's consistent performance, and the transition to more fundamentally driven portfolio management. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/8E7041BD-9C39-4CEB-83A4-030509E14121.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In our inaugural Metal Matters podcast, we consider China's SRB base metal sales, met coal market tightness, cost inflation and our latest commodities outlook. BMO clients can view our report, "Q3 2021 Commodity Price Update - Beyond the Inflationary Bottleneck Bonanza", by visiting: https://researchglobal0.bmocapitalmarkets.com/research/b115acb0-9b85-452b-b1c2-197536e25703/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/132C274D-CDFC-4E2F-B7DE-4B1BF484D9D0.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

Oil & Gas Thematic Analyst Jared Dziuba discusses the BMO Energy Research Team's latest IN Front report: “Survivor Canada: The Unparalleled Position of Canadian Oil in a Transition Challenge.” Against commonly held views, we engage in a thought-provoking discussion about why the Canada's oil sands business is poised to maintain long-term production, and potentially gain market share in a net zero, energy transition world. Jared points out that Canada and its oil companies have practiced ESG since before it was even a “thing,” and why they are poised to maintain a faster pace of improvement than industry. He further explains how oil sands bitumen is distinctly unique in both its extraction and makeup, which provides transition opportunities not available to other sources of oil and supports its longevity in the global supply chain. Finally, Jared suggests that there is meaningful investment opportunity in the “underdog,” as the stocks of Canadian producers have been disproportionately affected by sustainability concerns, despite our findings to the contrary. BMO clients can view our report, "Survivor Canada: The Unparalleled Position of Canadian Oil in a Transition Challenge", by visiting: https://researchglobal0.bmocapitalmarkets.com/research/0da735b3-5b1c-4496-a91b-4e15583f2ff8/ To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/A02B1E8C-0334-46FD-8AC7-AC74AE1D3083.PDF

In this podcast, Sohrab reviews the Canadian banks' second quarter results, makes the case why Canadian banks should be outperformers in the next year or so, and draws investors' attention to Outperform-rated BNS, CM, and NA. To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

BMO Capital Markets' Group Head, Dan Barclay, moderates a discussion on the takeaways from BMO's 16th Annual Farm to Market Conference across the food and agriculture value chain. Joel Jackson, Chemicals and Fertilizer Analyst, explores how farmers and crop input producers are handling higher commodity prices, how on-farm carbon management and sustainability are becoming increasingly relevant, how digital agriculture analytics tools have become table stakes, and how technology may become the solution to a host of farming stresses, including sustainability, labour shortages, and an aging farmer demographic. Kelly Bania, Food Retail Analyst, discusses the critical importance of supply chains in the food industry, the outlook for food inflation, and how membership fatigue could push more partnerships across the consumer landscape so that retailers can offer benefits beyond the basics. Ken Zaslow, Food and Agribusiness Analyst, dives into how many of the companies across the food supply chain are positioned to benefit from the current environment. In addition, he suggests that the inflation we are seeing is both broad based and demand driven, and exacerbated by supply constraints, implying it is unlikely to ease in the near term. Ken also digs into the learnings from his recent report “Mission Impossible: Assessing ESG Risks and Opportunities in the US Packaged Food Industry.” Together, Dan and the three analysts take a deep dive into trends of the future, inflation, and ESG in a 20-minute podcast that covers the core themes of BMO's 16th Annual Farm to Market Conference. To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/5615AAA7-A560-455F-AD1C-2189F65F2C57.PDF

Congested urban landscapes and overburdened ground infrastructures are about to be transformed with a new form of transportation, a scheduled or on-demand air taxi service that can whisk passengers along faster, safer, and less expensively than the alternatives. Improvements in battery technology and distributed electric propulsion and leaps in aerospace technology have given rise to electric vertical takeoff and landing (eVTOL) aircraft. We expect that the first commercial flights of these innovative new aircraft should begin in late 2023 and that the likely first use case is as a scheduled airport shuttle. The leading startups have already attracted $3.2 billion in venture capital, and major brands such as Airbus, Boeing, Hyundai, and Porsche are pursuing their own urban air mobility solutions. We estimate that the total addressable market for eVTOLs could be more than $1.25 trillion by 2035. We believe that eVTOLs can be more than competitive with cars or even pooled car services. At annual production volumes of 5,000 units or more, we estimate that a given eVTOL type can be about 390% and 190% cheaper on a per passenger mile basis than UberX and UberPool, respectively. We anticipate that eVTOL aircraft will be operated by commercial pilots meeting high safety and recurring training standards. We project eVTOL could require 66,000 additional pilots over the coming decade, expanding the current addressable market by 25%. We believe that Outperform-rated CAE will be a key beneficiary of this new dimension of transportation —urban air mobility.  BMO clients can view our report, "Ready for Takeoff: Urban Air Mobility Takes Flight", by visiting: https://researchglobal0.bmocapitalmarkets.com/research/e5011038-0b74-470e-b064-1ac1bfa4f06f/ To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/3A2B8424-475A-4683-93A6-10D523235EEC.PDF

Oil and Gas Analyst Randy Ollenberger discusses the notion of peak oil demand and what it really means. Randy explains why oil demand is likely to continue to grow over the balance of this decade before beginning a slow decline. He also examines the global supply outlook and discusses why there could be a supply shortage in the next five years. And finally, Randy provides his views on how the Canadian oil sands companies are positioned to outperform in this environment. BMO clients can view our report, "Oil Demand to 2040: Beyond the Hype", by visiting: https://researchglobal0.bmocapitalmarkets.com/research/cac7fe4e-e703-4841-8b72-473ba5b343be/ To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/CCB5AB8B-DE9F-40E5-AD39-5F0EDA34A4BF.PDF

Chemicals and Fertilizer Analyst Joel Jackson discusses the latest in ag chemicals, fertilizer, and lithium, and also summarizes his recent in-depth report on digital agriculture. With lower-than-expected crop production last year in different regions and China rebuilding its animal herds, crop prices have risen materially and raised the possibility of an ag super cycle. Joel explains why he thinks the seeds and crop chemicals producers could be best positioned to profit from this. He also lays out the bullish trajectory of the EV revolution, and how this is benefitting lithium suppliers. Finally, Joel presents why it has been difficult to get farmers to pay up for digital ag software analytics tools. BMO clients can view our report, "Digital Ag – Powerful Analytics Tools but So Far Only Table Stakes", by visiting: https://researchglobal0.bmocapitalmarkets.com/research/091a11b3-a6c3-4258-9981-69493a22147a/ To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/A8E1F017-5F17-4F35-9FAB-9A5831F0375B.PDF

We review the implications of the announcements made at China's recent NPC meeting, which saw the release of the 14th Five-Year Plan for economic development, for global metals and bulk commodity markets. Into H2 2021, China's aim for more balanced growth after an investment-heavy 2020 may see a retracing of some year-to-date gains across industrial metals. Longer term, however, the country's push for decarbonisation and rural revitalisation will help to underpin demand. To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/78DA76D6-10C0-4D12-BDF3-448B97A2B327.PDF