MAAM

September 1, 2022 Daily Market Commentary Canadian Headlines Canadian equities drop to their lowest level since late July, led by energy as oil posted a third monthly drop -- the longest losing streak in more than two years. The S&P/TSX Composite fell for the fourth day, dropping 0.9%, or 182.09 to 19,330.81 in Toronto. The [...]

August 31, 2022 Daily Market Commentary   Canadian Headlines Canadian equities tumbled in their biggest one-day drop in more than two months as slumping oil and copper prices dragged down energy and materials stocks. The S&P/TSX Composite fell for the third day, dropping 1.6%, or 323.22, to 19,512.90 in Toronto. The move was the biggest [...]

August 30, 2022 Daily Market Commentary   Canadian Headlines Bank of Montreal became another victim of the slowdown in capital markets last quarter, as a slump in equity and debt issuances reduced investment-banking fees. Capital-markets revenue fell 20% to C$1.26 billion ($974 million) in the fiscal third quarter, the Toronto-based company said in a statement Tuesday. Overall profit missed [...]

August 29, 2022 Daily Market Commentary Canadian Headlines A slump in capital-markets activity and expectations that the economy may take a turn for the worse are casting a pall over a Canadian bank earnings season that showed the lenders’ core businesses in otherwise solid shape. Five of Canada’s six largest banks posted fiscal third-quarter results [...]

August 26, 2022 Daily Market Commentary Canadian Headlines Canada’s Open Text Corp. struck a deal to buy UK software firm Micro Focus International Plc for about $6 billion including debt, building on a strategy of growth by acquisition. The Waterloo, Ontario-based company is offering 532 pence per Micro Focus share, a 99% premium to Thursday’s closing price. Open Text said [...]

August 25, 2022 Daily Market Commentary Canadian Headlines Toronto-Dominion Bank, which has struck deals this year for two major acquisitions to expand in the US, reaped the benefit of higher interest rates and continued strong loan growth last quarter. Net interest income rose 17% to C$7.04 billion ($5.45 billion) in the fiscal third quarter, the Toronto-based [...]

August 24, 2022 Daily Market Commentary Canadian Headlines Royal Bank of Canada’s capital-markets division dragged down the company’s results last quarter as slumping investment-banking activity took a toll on revenue, while a deteriorating economic outlook prompted a bigger-than-expected provision for loan losses. RBC Capital Markets’ revenue fell by a third to C$1.65 billion ($1.27 billion) in [...]

August 23, 2022 Daily Market Commentary Canadian Headlines Bank of Nova Scotia’s years-long turnaround of its Latin America-focused international unit faced a setback last quarter as the division’s lending margins contracted and non-interest revenue slipped. The unit’s total revenue came in at C$2.42 billion ($1.86 billion) in the fiscal third quarter, the Toronto-based bank said [...]