BMO Equity Research IN Tune

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.PDFTo 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.PDFTo 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.netEpisode 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.PDFTo 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.PDFTo 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.PDFTo 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.PDFTo 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-a642-4ce6-97e2-2d0b84541b51Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/D6C54755-584F-4A4B-94A5-6D5700C079BB.PDFTo 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.PDFTo 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.PDFTo access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/