BNN Bloomberg Appearance: Key Market Insights on Earnings, Inflation & Positioning

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On May 19, 2026, Nadeem Kassam, Chief Investment Strategist and Portfolio Manager, joined Roger Petersen on BNN Bloomberg’s The Street segment for a full hour as co host, where he discussed U.S. and European Q1 earnings, Canada’s April CPI with Jimmy Jean, Strategist and Chief Economist of Desjardins Group, developments in the Strait of Hormuz, and the outlook for interest rates, along with several investment ideas.

To watch the full segment:

YouTube – BNN Bloomberg (47 minutes)

Top picks discussed on the segment can be found here:

BNN Bloomberg – The Street (5 minutes)

The key takeaway is that U.S. and European earnings came in well ahead of historical norms, led in part by strength in cyclical sectors, which should have a positive read through for Canadian Q1 earnings which begin this week with the banks. Canada’s April CPI was softer than expected; however, longer-term bond yields continue to move higher, with G7 rates at levels not seen since 2004, reinforcing a higher for longer backdrop. At the same time, geopolitical risks remain elevated, with ongoing disruption in the Strait of Hormuz.

We continue to focus on three core themes for 2026 and beyond: artificial intelligence as a durable growth driver, persistently sticky inflation supporting real assets, and rising importance of energy security, with conventional energy still playing a critical role. We highlighted several names aligned with these themes—which we own across client portfolios—including Amazon, where AWS growth has re-accelerated and free cash flow is expected to inflect higher; Canadian Natural Resources, a low-cost operator with strong reserves and a long dividend track record; and Brookfield Infrastructure Partners, which benefits from inflation-linked cash flows and consistent long-term growth.

While investor positioning recently shifted toward defensiveness during geopolitical stress, there are early signs of a gradual return in risk appetite, though rising long-term yields suggest markets are still adjusting.

If you would like to discuss how these themes apply to your portfolio, please do not hesitate to reach out.

Thank you, as always, for your continued trust.

Sincerely,

Nadeem Kassam, CFA, MBA

Chief Investment Strategist, Chief Operating Officer and Portfolio Manager
Marnoa Private Wealth Counsel
Phone: 519-707-0052
Email: [email protected]
Website: www.marnoa.ca
Connect & follow Nadeem on LinkedIn.

Marnoa Private Wealth Counsel Ltd. (“Marnoa”) is a Portfolio Manager and Exempt Market Dealer registered in the provinces of Ontario, Quebec, British Columbia, Manitoba, Alberta, and Nova Scotia.

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BNN Bloomberg Appearance: Key Market Insights on Earnings, Inflation & Positioning

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