Author: Consultant

In a sharp contrast to the robust growth in the United States, the Canadian economy tumbled over the summer as export shipments waned and consumer spending flattened, signs of a continuing malaise as the country grapples with higher interest rates.

Real gross domestic product fell at an annualized pace of 1.1 per cent in the third quarter, according to figures published by Statistics Canada. Canada’s economic performance increasingly diverged from that of the U.S., which posted a 5.2-per-cent expansion in the third quarter. The results were also considerably weaker than the Bank of Canada’s estimate of 0.8-per-cent growth and Bay Street’s expectations of a slim 0.1-per-cent increase.

Canada did, however, avoid two consecutive quarters of GDP decline – what some economists refer to as a “technical recession.” Statscan made sharp upward revisions to its second-quarter figures, which are now showing annualized growth of 1.4 per cent, where previously they showed a slight decline.

CIBC reported its fourth-quarter profit rose compared with a year ago and raised its dividend.

The bank says it will now pay a quarterly dividend of 90 cents per share, up from 87 cents per share.

The increased payment to shareholders came as CIBC said it earned $1.48 billion or $1.53 per diluted share for the quarter ended Oct. 31 compared with a profit of nearly $1.19 billion or $1.26 per diluted share a year earlier.

Revenue totalled $5.84 billion for the quarter, up from nearly $5.39 billion a year earlier, while the bank’s provision for credit losses amounted to $541 million, up from $436 million in the same quarter last year.

On an adjusted basis, CIBC said it earned $1.57 per diluted share in its latest quarter, up from an adjusted profit of $1.39 per diluted share a year earlier.

Analysts on average had expected an adjusted profit of $1.53 per share, based on estimates compiled by financial markets data firm Refinitiv.

This report by The Canadian Press was first published Nov. 30, 2023.

Royal Bank of Canada reported a fourth-quarter profit of $4.13 billion, up from $3.88 billion a year earlier, and raised its dividend.

The bank says it will now pay a quarterly dividend of $1.38 per share, up three cents from $1.35.

The increased payment to shareholders came as RBC reported its profit amounted to $2.90 per diluted share for the quarter ended Oct. 31, up from $2.74 per diluted share a year earlier.

Revenue totalled $13.03 billion in the bank’s most recent quarter, up from $12.57 billion in the same quarter last year, while the bank’s provision for credit losses rose to $720 million, up from $381 million a year earlier.

On an adjusted basis, RBC earned $2.78 per diluted share in its latest quarter, unchanged from the same quarter last year.

Analysts on average had expected an adjusted profit of $2.62 per share, according to estimates compiled by financial markets data firm Refinitiv.

This report by The Canadian Press was first published Nov. 30, 2023.

TD Bank Group reported its fourth-quarter profit fell compared with a year ago, but raised its dividend.

The bank says it will now pay a quarterly dividend of $1.02 per share, up from 96 cents.

The increased payment to shareholders came as TD said it earned $2.89 billion or $1.49 per diluted share for the quarter ended Oct. 31, down from a profit of $6.67 billion or $3.62 per diluted share a year earlier.

TD reported revenue totalled $13.12 billion, down from $15.56 billion in the same quarter last year, while its provision for credit losses amounted to $878 million, up from $617 million a year earlier.

On an adjusted basis, TD says it earned $1.83 per diluted share, down from an adjusted profit of $2.18 per diluted share a year ago.

Analysts on average had expected an adjusted profit of $1.90 per share, according to estimates compiled by financial markets data firm Refinitiv.

This report by The Canadian Press was first published Nov. 30, 2023

Tue Nov 28, 5:37AM CST

TORONTO — Scotiabank reported its fourth-quarter profit fell compared with a year ago as the amount it set aside to cover bad loans more than doubled.

The bank says its net income totalled nearly $1.39 billion or $1.02 per diluted share for the quarter ended Oct. 31, down from $2.09 billion or $1.63 per diluted share in the same period a year earlier.

Revenue totalled nearly $8.31 billion, up from nearly $7.63 billion in the same quarter last year.

The bank says its provision for credit losses for the quarter amounted to nearly $1.26 billion, up from $529 million a year earlier.

On an adjusted basis, Scotiabank says it earned $1.26 per diluted share in its latest quarter, down from an adjusted profit of $2.06 per diluted share a year earlier.

Analysts on average had expected an adjusted profit of $1.65 per share, according to financial markets data firm Refinitiv.

This report by The Canadian Press was first published on Nov. 28, 2023.

Updated 1:25 PM EST, Mon November 27, 2023

New YorkCNN — 

Enticed by deep discounts, Americans are expected to celebrate Cyber Monday by spending a record-setting $12 billion online shopping.

Black Friday sales were strong –- especially online –- providing the latest evidence of resilient consumer spending in the face of a host of challenges.

Despite elevated borrowing costs, three years of high inflation and increasing numbers of Americans dipping into their retirement plans, consumers continue to keep the US economy chugging.

Click Here For Details:

Record-setting holiday sales hit $12 billion | CNN Business

• Black Friday generated $9.8 billion in U.S. online sales, according to Adobe Analytics, up 7.5% from a year ago.
• The spending bump reflects consumers looking to advantage of big deal days and finding it easier to compare discounts online.
• After Cyber Monday, sales will likely taper off through the rest of the holiday season as retailers trim discounts.

https://www.cnbc.com/2023/11/25/black-friday-shoppers-spent-a-record-9point8-billion-in-us-online-sales-up-7point5percent-from-last-year.html

Monday November 27

China industrial profits

Japan machine tool orders

(10 a.m. ET) U.S. new home sales for October. The Street is expected an annualized rate decline of 4.8 per cent.

Earnings include: Calian Technologies Ltd.; OrganiGram Holdings Inc.; Zscaler Inc.

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Tuesday November 28

Germany consumer confidence

(9 a.m. ET) U.S. S&P CoreLogic Case-Shiller Home Price Index (20 city) for September. Consensus is an increase of 0.9 per cent from August and up 4.2 per cent year-over-year.

(9 a.m. ET) U.S. FHFA House Price Index for September. Consensus is a rise of 0.4 per cent month-over-month and up 5.7 per cent year-over-year.

(10 a.m. ET) U.S. Conference Board Consumer Confidence Index for November.

Earnings include: Alimentation Couche-Tard Inc.; Bank of Nova Scotia; Hewlett Packard Enterprise Co.; Intuit Inc.; Splunk Inc.; Workday Inc.

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Wednesday November 29

Euro zone economic and consumer confidence

Germany CPI

(8:30 a.m. ET) Canada’s current account balance for Q3.

(8:30 a.m. ET) U.S. real GDP for Q3. The Street is expecting an annualized rate rise of 5.0 per cent.

(8:30 a.m. ET) U.S. pre-tax corporate profits for Q3. Estimate is a year-over-year decline of 2.9 per cent.

(8:30 a.m. ET) U.S. goods trade deficit for October.

(8:30 a.m. ET) U.S. wholesale and retail inventories for October.

(2 p.m. ET) U.S. Beige Book is released.

Earnings include: Dollar Tree Inc.; Snowflake Inc.; Synopsys Inc.

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Thursday November 30

China PMI

Japan retail sales and industrial production

(8:30 a.m. ET) Canada’s real GDP and chain prices for Q3. The Street is projecting annualized rate increases of 0.1 per cent and 6.0 per cent, respectively.

(8:30 a.m. ET) Canada’s monthly real GDP for September. Consensus is a flat reading from August.

(8:30 a.m. ET) Canada’s job vacancy rate for September.

(8:30 a.m. ET) U.S. initial jobless claims for week of Nov. 25. Estimate is 225,000, up 16,000 from the previous week.

(8:30 a.m. ET) U.S. personal spending and income for October. The Street is expecting month-over-month rises of 0.2 per cent for both.

(8:30 a.m. ET) U.S. core PCE price index for October. Consensus is a rise of 0.2 per cent from September and 3.5 per cent year-over-year.

(9:45 a.m. ET) U.S. Chicago PMI for November.

(10 a.m. ET) U.S. pending home sales for October. The Street is expecting a decline of 0.9 per cent from September.

Also: OPEC+ meeting

Earnings include: BRP Inc.; Canadian Imperial Bank of Commerce; Rogers Sugar Inc.; Royal Bank of Canada; Salesforce Inc.; Toronto-Dominion Bank; VMware Inc.

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Friday December 1

China Caixin manufacturing PMI

Japan jobless rate, capital spending and manufacturing PMI

(8:30 a.m. ET) Canadian employment for November. Consensus is a gain of 0.1 per cent, or 15,000 jobs, from October with the unemployment rate rising 0.1 per cent to 5.8 per cent.

(9:30 a.m. ET) Canada’s S&P Global Manufacturing PMI for November.

(10 a.m. ET) U.S. ISM Manufacturing PMI for November.

(10 a.m. ET) U.S. construction spending for October.

(11 a.m. ET) U.S. Fed chair Jerome Powell joins a fireside chat at Spelman College.

(2 p.m. ET) Mr. Powell and Fed governor Lisa Cook participate in a roundtable discussion on tech innovation and entrepreneurship.

Also: U.S. and Canadian auto sales for November.

Earnings include: Bank of Montreal; Marvell Technology Inc.; National Bank of Canada

Last Update November 22, 2023 09:19am ET

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