The Globe and Mail reports in its Tuesday edition that the first half of 2023 is behind us, and it has turned out better than expected. Globe columnist Gordon Pape writes that inflation has declined and, while rates will probably move a little higher, it appears the worst is behind us. Stocks have had a mixed response to the threat of recession and central bank rate increases. The S&P/TSX Capped Energy Index is down 7 per cent since the end of December and some oil stocks have posted double-digit losses this year. That has left some great companies looking attractive. Consider Canadian Natural Resources, one of the country's best managed and most productive businesses. It has posted a small gain so far in 2023. You can now buy the stock at nine times earnings and enjoy a dividend of 4.85 per cent. CNQ has raised the dividend twice in the past year. Interest-sensitive stocks also look attractive now and will be more so as rate increases wind down. Real estate investment trusts are one example. The S&P/TSX Capped REIT Index took a big tumble in 2022 when the central banks began aggressively raising rates. Central banks will start to cut rates again and the out-of-favour sectors will rebound.