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US economy adds 187,000 jobs in August while unemployment rate unexpectedly jumps | Fox Business

 Canadian Imperial Bank of Commerce (CM) on Thursday reported fiscal third-quarter earnings of $1.06 billion.The bank, based in Toronto, said it had earnings of $1.10 per share. Earnings, adjusted for non-recurring costs, were $1.14 per share.The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.25 per share.The bank and financial services company posted revenue of $10.66 billion in the period. Its revenue net of interest expense was $4.38 billion, exceeding Street forecasts.

National Bank of Canada reported its third-quarter profit edged higher compared with a year ago even as the money it set aside for bad loans in the quarter also rose. The Montreal-based bank says it earned $839 million or $2.36 per diluted share for the quarter ended July 31, up from $826 million or $2.35 in the third quarter of 2022. Revenue for the quarter totalled $2.52 billion, up from $2.41 billion in the same quarter last year. National Bank’s provision for credit losses amounted to $111 million for the quarter, up from $57 million a year earlier. On an adjusted basis, National Bank says it earned $2.21 per diluted share, down from $2.35 per diluted share in the same quarter last year. Analysts on average had expected an adjusted profit of $2.38 per share, according to estimates compiled by financial markets data firm Refinitiv. This report by The Canadian Press was first published Aug. 30, 2023.

Scotiabank reported that its third-quarter profit fell compared with a year ago as its provision for credit losses nearly doubled. The bank says its net income amounted to $2.21 billion, or $1.72 per diluted share, for the quarter ended July 31, down from $2.59 billion, or $2.09 per diluted share, a year earlier.

Revenue for the quarter totaled $8.09 billion, up from $7.80 billion.

Scotiabank’s provision for credit losses totaled $819 million in its latest quarter, up from $412 million in the same quarter last year.On an adjusted basis, the bank says it earned $1.73 per diluted share, down from an adjusted profit of $2.10 per diluted share a year ago.Analysts on average had expected an adjusted profit of $1.74 per share, according to estimates compiled by financial markets data firm Refinitiv.

This report by The Canadian Press was first published Aug. 29, 2023.

BMO Financial Group reported its third-quarter profit edged higher compared with a year ago even as the amount it set aside for bad loans grew. The bank says it earned $1.45 billion or $1.97 per diluted share for the quarter ended July 31, up from $1.37 billion or $1.95 per diluted share a year earlier.

Revenue totaled $7.93 billion, up from $6.10 billion in the same quarter last year.

BMO’s provision for credit losses totaled $492 million, up from $136 million in its third quarter last year.On an adjusted basis, BMO says it earned $2.78 per diluted share, down from an adjusted profit of $3.09 per diluted share a year earlier.

Analysts on average had expected an adjusted profit of $3.13 per share, based on estimates compiled by financial markets data firm Refinitiv.

This report by The Canadian Press was first published Aug. 29, 2023.

 Published: 8/28/2023 4:37 AM ET

Asian shares advanced on Monday as investors cheered China’s stimulus to ease market unrest and drive economic growth. Chinese authorities announced a slew of measures over the weekend to bolster the country’s equity markets and fuel an increase in spending.

The measures included a 50 percent reduction in stamp duty on stock trades and a slower pace of initial public offerings. China’s securities regulator also approved the launch of 37 retail funds. Meanwhile, investors shrugged off data showing that profits at China’s industrial firms extended a slump into a seventh month.

The dollar fell against a basket of currencies ahead of key U.S. jobs and inflation readings due this week.Gold was little changed, defying Fed Chair Jerome Powell’s hawkish tone on interest rates.

Oil prices edged higher as China’s latest stimulus measures helped to alleviate fuel demand concerns. Chinese shares climbed after authorities cut stamp duty and margin ratios for leveraged trades. The benchmark Shanghai Composite index settled 1.13 percent higher at 3,098.64.Hong Kong’s Hang Seng index rose 0.97 percent to 18,130.74. China Evergrande Group shares plummeted almost 79 percent as trading resumed following a 17-month suspension. According to its 2023 interim report, the property developer’s net loss for the six-month period stood at $5.4 billion. Japanese shares rallied, underpinned in part by the persistent weakness of the yen.
The yen hovered close to its lowest in over nine months after Bank of Japan Governor cited inflation concerns to support ultra-easy monetary policy.

The Canadian market turned in a fine performance on Monday, with stocks from various sectors moving higher on sustained buying interest.China’s stimulus to ease market unrest and drive economic growth, and firm commodity prices aided sentiment.The benchmark S&P/TSX Composite Index ended up by 189.39 points or 0.95% at 20,025.14.Materials, communications, energy, real estate and financials shares were among the prominent gainers.The Materials Capped Index climbed 2.1%. Novagold (NG.TO) surged nearly 6.5%. Iamgold Corp (IMG.TO), Wesdome Gold Mines (WDO.TO), Algoma Steel Group (ASTL.TO), Equinox Gold Corp (EQX.TO), Seabridge (SEA.TO), K92 Mining Inc (KNT.TO), Alamos Gold (AGI.TO) and Torex Gold Resources (TXG.TO) gained 4 to 5.5%.

In the energy sector, Spartan Delta Corp (SDE.TO), Peyto Exploration (PEY.TO), Canadian Natural Resources (CNQ.TO), Vermilion Energy (VET.TO), Arc Resources (ARX.TO) and Baytex Energy (BTE.TO) gained 2 to 3.3%.Among communications stocks, Rogers Communications (RCI.B.TO) rallied 2.7%. BCE Inc (BCE.TO), Cogeco Communications (CCA.TO), Quebecor (QBR.B.TO) and Telus Corp (T.TO) gained 1.2 to 1.7%.Real estate stocks Allied Properties (AP.UN.TO), Northwest Healthcare (NWH.UN.TO), Crombie Real Estate (CRR.UN.TO), Primaris REIT (PMZ.UN.TO) and Firstservice Corp (FSV.TO) gained 1.8 to 2.4%.In the financials sector, Toronto-Dominion Bank (TD.TO), CDN Western Bank (CWB.TO), goeasy (GSY.TO), Bank of Montreal (BMO.TO), National Bank of Canada (NA.TO) and Bank of Nova Scotia (BNS.TO) gained 1.1 to 2.1%.

• While acknowledging that progress has been made, the central bank leader said inflation is still above where policymakers feel comfortable.
• The speech resembled remarks Powell made last year at Jackson Hole, during which he warned that “some pain” was likely as the Fed continues its efforts to pull runaway inflation back down to its 2% goal.
• A strong economy and decelerating inflation also give the Fed room to “proceed carefully” at upcoming meetings.

https://www.cnbc.com/2023/08/25/fed-chair-powell-calls-inflation-too-high-and-warns-that-we-are-prepared-to-raise-rates-further.html

Monday August 28UK markets closed(10:30 a.m. ET) U.S. Dallas Fed Manufacturing Activity for August.Earnings include: BYD Co. Ltd. ADR; Heico Corp.–

Tuesday August 29Japan jobless rateGermany consumer confidence(9 a.m. ET) U.S. S&P CoreLogic Case-Shiller Home Price Index (20 city) for June. The Street is expecting an increase of 0.9 per cent from May but a decline of 1.4 per cent year-over-year.(9 a.m. ET) U.S. FHFA House Price Index for June. Estimate is a rise of 0.6 per cent from May and up 3.0 per cent year-over-year.(10 a.m. ET) U.S. Conference Board Consumer Confidence Index for August. Estimate is a reading of 116.5, down from 117.0 in July.(10 a.m. ET) U.S. Job Openings and Labor Turnover Survey for June.Earnings include: Baidu Inc.; Bank of Montreal; Bank of Nova Scotia; Best Buy Co. Inc.; Hewlett Packard Enterprise Co.; HP Inc.; Ngex Minerals Ltd.–

Wednesday August 30Euro zone economic and consumer confidenceGermany CPI(8:15 a.m. ET) U.S. ADP National Employment for August.(8:30 a.m. ET) U.S. real GDP for Q2. The Street is projecting an annualized rate rise of 2.4 per cent.(8:30 a.m. ET) U.S. pre-tax corporate profits for Q2 (preliminary reading). Estimate is a year-over-year decline of 6.1 per cent.(8:30 a.m. ET) U.S. goods trade deficit for July.(10 a.m. ET) U.S. wholesale and retail inventories for July.(10 a.m. ET) U.S. pending home sales for July. Consensus is a decline of 0.8 per cent month-over-month.Earnings include: National Bank of Canada; Perseus Mining Ltd.; Salesforce Inc.–

Thursday August 31China PMIJapan retail sales and industrial productionGermany employment and retail salesEuro zone CPI and jobless rate(8:30 a.m. ET) Canada’s current account balance for Q2.(8:30 a.m. ET) Canada’s Survey of Employment, Payrolls and Hours for June.(8:30 a.m. ET) U.S. initial jobless claims for week of Aug 27. Estimate is 235,000, up 5,000 from the previous week.(8:30 a.m. ET) U.S. personal spending and income for July. The Street expects month-over-month increases of 0.7 per cent and 0.3 per cent, respectively.(8:30 a.m. ET) U.S. core PCE price index for July. Consensus is an increase of 0.2 per cent from June and up 4.2 per cent year-over-year.(9:45 a.m. ET) U.S. Chicago PMI for August.Earnings include: Broadcom Inc.; Canadian Imperial Bank of Commerce; Laurentian Bank of Canada; Lululemon Athletica Inc.; UBS Group AG; VMware Inc.–

Friday September 1Japan, China and Germany manufacturing PMI(8:30 a.m. ET) Canadian real GDP for Q2. Consensus is an annualized rate rise of 1.2 per cent.(8:30 a.m. ET) Canada’s monthly real GDP for June. The Street expects a month-over-month decline of 0.2 pert cent.(9:30 a.m. ET) Canada’s S&P Global Manufacturing PMI for August.Also: Canadian and U.S. auto sales for August.Earnings include: Canadian Western Bank