WHAT:
Despite the worsening U.S. housing market, low consumer savings rates,
a protracted credit crunch and a soaring Canadian dollar, the Chief
Investment Officers from BMO Financial Group’s Canadian and
U.S. private banks have a positive outlook for North American equity
markets and economies in 2008.
Paul Taylor, CIO, BMO Harris Private Banking and Jack Ablin, CIO, Harris
Private Bank, view the first quarter of 2008 as a key turning point,
at which time either the U.S. economy will stall more meaningfully or
the markets will hit a low point in the cycle and growth will rebound
from there.
The potential for a U.S. consumer-led recession is the biggest risk.
Yet, the CIOs expect the Fed to orchestrate a soft landing, thereby extending
positive equity returns well into next year.
Considerations include: Geopolitical risks in the Middle East and Asia
that could easily muddy an otherwise promising equity market position,
as well as the uncertainty surrounding the foreign policy predilections
of the U.S. presidential hopefuls.
Nevertheless, Taylor and Ablin are cautiously optimistic, recommending
that investors make a modest reduction in cash and bonds in their portfolios
and selectively add greater exposure to non-North American equities.
For more commentary and analysis
on the Canadian and U.S. markets, media are invited to join us at BMO’s offices at First Canadian Place
for an interactive media briefing at 11:00 a.m. on Monday, October 29.
If you can’t make it to the briefing in-person, you can join through
a conference call that will include a Q&A session.
WHO:
Host: Graham Parsons, Executive Vice President, Global Private Banking,
BMO Harris Private Banking Paul Taylor, Chief Investment Officer, BMO Harris Private Banking, Toronto
Jack Ablin, Chief Investment Officer, Harris Private Bank, Chicago
WHEN:
Monday, October 29, 2007
11:00 a.m. ET
WHERE:
BMO Harris Private Banking offices
First Canadian Place, 10th floor
OR
Call in number: 1-866-299-6657
The call will be archived at www.bmoharrisprivatebanking.com for seven
days and a print transcript of the conference call will be available
upon request.
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