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.

—

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.

—

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.

—

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.

—

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

Israel, Hamas agree on temporary cease-fire in Gaza Strip, release of 50 hostages | Live Updates from Fox News Digital

PUBLISHED WED, NOV 22 2023 8:27 AM

U.S. crude prices fell more than 4% Wednesday after the Organization of Petroleum Exporting Countries delayed a pivotal meeting on production cuts that was scheduled for the weekend.

The West Texas Intermediate contract for January dropped $3.27, or 4.2%, to $74.50 a barrel, while the Brent contract for January fell $3.32, or 4.03%, to $79.13 a barrel.

OPEC said in a statement the meeting of energy ministers is delayed until next Thursday without providing a reason. The talks have run into trouble due to Saudi dissatisfaction with other members’ production levels, delegates told Bloomberg.

Compliance is a major challenge for OPEC and its allies, called OPEC+, because many countries have an incentive to not stick with their production quotas, said Tamas Varga, an analyst with PVM Oil Associates.

“Compliance will be weak going forward,” Varga said. He pointed to Russia in particular, which needs to finance its war in Ukraine.

There was growing anticipation among traders this week that OPEC+ might implement additional production cuts, as oil has fallen precipitously from September highs amid record non OPEC production and demand concerns in China.

OPEC+ has already taken 5.16 million barrels per day off the market since 2022, which includes 3.66 bpd from the group and 1.5 million bpd in voluntary cuts from Saudi Arabia and Russia.

Despite those deep cuts, Brent has fallen below $80 a barrel in recent weeks. Goldman Sachs believes OPEC will use its pricing power to keep Brent in a range of $80 to $100 a barrel.

Most analysts view OPEC+ extending the current cuts into 2024 as the most likely scenario, though they would not rule out the possibility of deeper cuts given current market conditions.

Israel and Hamas also agreed to a four-day ceasefire Wednesday to facilitate the release dozens of hostages held in Gaza. Oil spiked in October on worries that the war could spread throughout the Middle East, though traders increasingly view a regional conflict as unlikely.

Finance Minister Chrystia Freeland released a budget update that showed the Canadian government plans $20.8 billion in net new costs over six years focused on priorities including affordable housing and the clean energy transition. However, it will stretch that spending out over time to avoid growing this year’s $40 billion deficit. There is no plan to return to a balanced budget, with the deficit projected to fall to $18.4 billion in 2028-2029. 

KEY TAKEAWAYS:

• The deficit for this fiscal year is slightly lower than what was expected in the March budget, coming in at $40 billion instead of $40.1 billion. But projected shortfalls for the next four fiscal years are all higher. While a $14 billion gap was projected for 2027-2028, now it’s expected to be $23.8 billion, falling to $18.4 billion the following fiscal year.
• Freeland said in the document her government’s fiscal anchor is “reducing federal debt as a share of the economy over the medium term,” which she argued will preserve Canada’s AAA credit rating. The debt-to-gross domestic product ratio is, however, is forecast to rise to 42.7 per cent next fiscal year before falling to 39.1 per cent in 2028-2029.
• The government plans to issue $71 billion more in bonds and treasury bills than it had originally projected in its March budget.
• It announced several new measures to boost housing supply in coming years. Starting in 2025- 2026, it will provide an additional $1 billion over three years to build more than 7,000 new affordable homes.
• Also starting in 2025-2026, it will provide an extra $15 billion in new funding for the construction of more than 30,000 new rental homes across Canada.
• It announced a new Canadian mortgage charter, which sets out expectations for how financial institutions are to work with Canadians to provide tailored relief and ensure payments are reasonable for borrowers.
• The government said the Canada Growth Fund will be the main federal entity issuing carbon contracts for difference, which backstop the future price of carbon to provide certainty for businesses. The fund will allocate up to $7 billion of its current $15 billion in capital on these agreements, and it is already negotiating with a number of project proponents.
• It provided a timeline for previously announced clean investment tax credits, promising to introduce legislation this fall on tax credits for carbon capture, utilization and storage as well as for clean technology.

https://www2.deloitte.com/ca/en/pages/future-of-canada-center/articles/federal-budget.html

PUBLISHED FRI, NOV 17 20231:32 AM EST

Gold prices held steady on Friday but registered a big weekly gain as the dollar and Treasury yields weakened amid growing expectations that the U.S. Federal Reserve is done with its monetary policy tightening.

Spot gold was steady at $1,980.13 after rising to a two-week high earlier in the session. Prices were up about 2.3% this week.

U.S. gold futures settled down 0.1% at $1,984.70.

“There is a strong potential for gold to continue to rally a bit more but prices have to move a bit lower, before the next leg-up in the rally and perhaps test the $2,000 level at the same time,” said Everett Millman, chief market analyst at Gainesville Coins.

“Data that came out this week cemented the fact that the Fed is likely done with rate hikes, helping gold. Gold’s move will depend on incoming data and market response to the data.”

This week’s data revealed the U.S. consumer price index was unchanged in October and another set of data highlighted that the number of Americans filing new claims for unemployment benefits increased more than expected last week.

The market is now pricing in interest rate cuts as early as May next year after data pointed to slowing inflation.

Lower interest rates exert downward pressure on the dollar and bond yields, enhancing the appeal of non-yielding bullion.

The dollar was on track for a steep weekly drop, while the 10-year Treasury yield also fell.

On the physical front, Indian buyers brushed off record high local prices this week making gold purchases during the Diwali festival week in the country.

Spot silver fell 0.1% to $23.72 per ounce, while platinum rose 0.4% to $895.95. Both were up 6.7% so far this week.

Palladium gained 1.4% to $1,052.56 per ounce and headed for its best week in over a year.