The Daily Chase: Markets rally as China loosens quarantine; G7 pleads for more oil production
BNN Bloomberg
Investors’ attention has flipped back to China this morning, after that country’s National Health Commission cut the mandatory quarantine time for inbound travelers in half (to seven days).
SOME HOT TAKES FROM ANALYST COMMUNITY
The common denominator here is recession fear:
Scotia Analyst Konark Gupta cut his price target on Air Canada while maintaining a sector outperform recommendation. Why? In part because he thinks “industry issues” and the well-known problems at Canadian airports and passport offices are likely going to extend the recovery timeline, and as such he reckons Air Canada’s earnings “are more likely to grow than decline” next year. Gupta’s outlook is based on an assumption that there could be a recession that is slightly worse than the downturn the industry suffered through in 2003 and 2009.
