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☆ This couple bought a rundown abandoned house for $1.5 million and plan to make it their forever home: Take a look inside
▼ + stars: | 2024-04-20 | by ( Jenna Phipps | Nick Volkov | ) www.cnbc.com time to read: +6 min

Jenna Phipps and Nick Volkov bought this abandoned property in Vancouver with plans to turn it into their forever home. Jenna Phipps and Nick VolkovThe house was so dilapidated that the realtor had the couple sign a waiver before entering. The house was valued at $3.4 million CAD or $2.5 million USD with an asking price of $2.6 million CAD or $1.9 million USD. The original house was built in 1961 and had been abandoned for years before the couple bought it in 2024. Jenna Phipps and Nick Volkov

Persons: Jenna Phipps, Nick Volkov, Phipps, Volkov Organizations: CNBC, Royal Bank of Canada Locations: Vancouver, Vancouver , British Columbia, Canada

☆ Critical mineral mining is key to the green transition, but experts warn reputational risks remain
▼ + stars: | 2024-04-19 | by ( Dylan Butts | ) www.cnbc.com time to read: +5 min

Sopa Images | Lightrocket | Getty ImagesMining of critical minerals plays a crucial role in the global green transition, but the broader industry's bad reputation and other challenges present investment barriers, industry experts warn. Critical minerals include metals such as copper, lithium, nickel, cobalt and rare earth elements, and are important components in emerging green technologies such as wind turbines and electric vehicles. Speaking on a panel at Singapore's annual Ecosperity Week, which ended Wednesday, mining industry experts and investors said the growing demand from green tech makes it necessary to increase government support and capital flows into the critical mining sector. Many of the same companies that mine critical minerals also mine environmentally damaging fossil fuels like coal. One area that has seen recent strides and investments has been in the recycling of critical minerals, which cuts down the need of extraction.

Persons: Adam Matthews, Dominic Barton, Barton, Scott Clements Organizations: PT Vale, Getty Images, Global Investor Commission, Mining, Royal Bank of Canada, Rio Tinto, LeapFrog Investments, International Renewable Energy Agency, EV, World Bank, Tribeca Capital Locations: PT Vale Indonesia, China, Paris, Rio, Indonesia's Sulawesi, Rio Tinto, Western Australia

☆ Private equity finds its next bet: college admissions
▼ + stars: | 2024-04-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

Now, private equity firms are swooping in to help while taking majority stakes in exchange. Last week, the company announced that it would partner with California-based private equity firm Nexus Capital Management and move its test into a for-profit company. A company owned by private equity can obfuscate what the company actually does to the public and potentially to regulators. Private equity firms “come into industries that are already suffering from a lack of funding,” said Creeks. They’ve had a lack of funding and support and so sometimes private equity is the only viable option.

Persons: New York CNN — It’s, Janet Godwin, “, ” Goodwin, ”, we’ve, Charlie Eaton, Goodwin, Critics, Constantine Yannelis, Rebecca Winthrop, They’ve, ” Powell, Jerome Powell, Powell, Bryan Mena, Chris Isidore, United, Max Organizations: CNN Business, Bell, New York CNN, ACT Inc, U.S ., ACT, Nexus Capital Management, ”, CNN, Nexus, Higher, University of California, ” Nonprofit, Nexus Capital, Savvas Learning Company, Private Equity, Project, University of Chicago Booth School of Business, Center for Universal Education, Brookings Institution, P Global Market Intelligence, College Board, Veritas Capital, “, Bank of Canada, Wilson, Fed, United, United Airlines, Boeing, Alaska Airlines, Federal Aviation Administration Locations: New York, Iowa, California, Merced, Canada

☆ Here’s what would happen to the US economy if there are no rate cuts this year
▼ + stars: | 2024-04-16 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

That’s why Fed Chair Powell conveyed on Tuesday the central bank won’t be cutting interest rates any time soon. How would the US economy handle more months of painstakingly high interest rates? Investors are banking on cutsWhen Fed officials initially penciled in three rate cuts at the end of last year, markets hit new highs. But the longer the Fed leaves interest rates higher means more pain could be inflicted on households and businesses, said Goldstein. But not everyone thinks cracks in the economy will widen if the Fed doesn’t cut rates this year.

Persons: Powell, ” Powell, paring, Itay Goldstein, Tesla, Goldstein, ”, Brian Rose, David Mericle, Goldman Sachs Organizations: New, New York CNN — Federal Reserve, Bank of Canada, Tiff, Investors, Dow, Nasdaq, University of Pennsylvania’s Wharton School of Business, CNN, Fed, Treasury, UBS Global Wealth Management Locations: New York

☆ Watch Fed Chair Powell speak live during a policy forum in Washington
▼ + stars: | 2024-04-16 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

[The stream is slated to start at 1:15 p.m. Please refresh the page if you do not see a player above at that time.] Federal Reserve Chair Jerome Powell speaks Wednesday to the Wilson Center's Washington Forum on the Canadian Economy, in what will likely be his last policy speech before the next central bank meeting. The appearance comes with markets expecting the Fed to keep its benchmark borrowing rate steady until at least September. Recent higher than expected inflation readings have forced investors to recalibrate expectations that the Fed would lower interest rates steadily this year.

Persons: Jerome Powell, Wilson, Powell, Read Organizations: Bank of Canada, Tiff, Wilson, Fed, CNBC, YouTube Locations: Canadian, Canada

☆ Geopolitical strife is roiling Wall Street. Here’s what investors are watching
▼ + stars: | 2024-04-16 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Those what-ifs could further roil gas and oil prices. But if there’s further conflict, he said, “you’d see a much higher premium for oil prices. If there’s a de-escalation of tensions between Israel and Iran, they said, oil prices should come down over the next few weeks. But if there’s an escalation in conflict, they expect that oil prices could jump to more than $100 per barrel, they wrote in a note Monday. Retail sales rose 0.7% in March from the prior month, a slower pace than February’s upwardly revised 0.9% gain, the Commerce Department reported Monday.

Persons: New York CNN —, JPMorgan Chase, Jamie Dimon, ” Dimon, Jerome Powell, We’ll, Christine Lagarde, Andrew Bailey, Dave Sekera, Israel doesn’t, ”, “, Moody’s, there’s, Chris Isidore, Pete Muntean, Sam Salehpour, Read, Bryan Mena, Claire Tassin Organizations: CNN Business, Bell, New York CNN, Dow, JPMorgan, International Monetary Fund, IMF, Bank, Bank of Canada, Seven, European Central Bank, Bank of England, Morningstar, Nvidia, AMD, Wall Street Journal, Federal Reserve Bank of New, Boeing, Federal Aviation Administration, Alaska Airlines, Commerce Department, Morning, Amazon Locations: New York, Russia, Ukraine, China, United States, Washington ,, Iran, Israel, Federal Reserve Bank of New York

☆ Biden’s manufacturing industry is expanding, but that could be bad for inflation
▼ + stars: | 2024-04-07 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

But a resurgence in the industry could complicate the Federal Reserve’s ongoing inflation fight, either delaying the first interest rate cut or resulting in fewer cuts this year, some economists say. Interest rates have been at a two-decade high since July, after the Fed raised rates aggressively over the prior year and a half. The economy picking up further strength would spook Wall Street because of what it means for interest rates — and some manufacturers say they’re optimistic about the future. The Bank of Canada announces its latest interest rate decision. China’s National Bureau of Statistics releases March inflation data.

Persons: Joe Biden, ”, Tom Barkin, “, Mary Daly, ” Daly, Jerome Powell, Neel Kashkari, ” Kashkari, ” Richard de Chazal, Blair, they’re “, Amazon’s, It’s, Ramishah Maruf, Amazon, haven’t, Read Organizations: Washington CNN, Institute for Supply Management, Congress, Fed, ” Richmond Fed, ” San Francisco Fed, Minneapolis, Dow, Blair Equity Research, Amazon, Fresh, Delta Air Lines, US Labor Department, Index, Bank of Canada, Federal Reserve, National Bureau of Statistics, Constellation Brands, European Central Bank, JPMorgan Chase, Citigroup, State, National Statistics, The University of Michigan Locations: Richmond , Virginia, ” San, Las Vegas, India, Wells Fargo, Progressive, BlackRock

☆ 2024 is the year of the rate cut pivot — here's when the world's central banks will budge
▼ + stars: | 2024-03-13 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +6 min

EIU also expects the Bank of Japan will exit its negative interest rate policy in the second quarter. Markets currently expect the Fed to start with a 25-basis-point rate cut in June. Euro zoneThe European Central Bank last week also held its policy rate at a record high of 4%, signaling that it won't cut rates before June. JPMorgan said in a research note that the Turkish central bank may cut its policy rate in November and December, keeping its year-end policy rate forecast of 45%. IndonesiaIndonesia's central bank kept its benchmark policy rate at 6% in its recent meeting.

Persons: EIU, Jerome Powell, LSEG, Nomura, Perry Warjiyo, CNBC's JP Ong, BOK, Goldman Sachs, Goohoon Kwon, Kwon Organizations: Getty, Economist Intelligence Unit, Bank of Japan, United, United States U.S, Federal, Fed, European Central Bank, ECB, Swiss National Bank, UBS, Bank of Canada, Bank of, JPMorgan, Reserve Bank of, ANZ, New Zealand Auckland Savings Bank, Bank, Bank Indonesia, BMI, Fitch Solutions, U.S, Oxford Economics, Macquarie Locations: Czech, China, Japan, United States, Switzerland Swiss, Bank of Canada, Turkey, Turkish, Reserve Bank of Australia, New, Indonesia, South Korea, Asia

☆ Dollar falls with Treasury yields on views of looming U.S. rate cuts
▼ + stars: | 2024-03-07 | by ( ) www.cnbc.com time to read: +3 min

Against the yen , the dollar bottomed at a roughly one-month trough of 148.94 in early Asian trade on Thursday. The euro and sterling held near one-month highs struck in the previous session and last bought $1.0902 and $1.2738 respectively. Market bets for imminent cuts also kept U.S. Treasury yields under pressure, with the two-year yield which typically reflects near-term rate expectations — last at 4.5640%. All of that left the greenback pinned near a one-month low against a basket of currencies. The New Zealand dollar rose 0.05% to $0.6133, while the Australian dollar edged 0.11% higher to $0.6572.

Persons: bitcoin, Jerome Powell, Carol Kong, Powell, Simon Harvey Organizations: U.S, Federal, Treasury, Commonwealth Bank of Australia, Fed, Canadian, Bank of Canada, BoC, Wednesday, New Zealand

☆ A bigger pool of American workers could continue to slow inflation even further
▼ + stars: | 2024-03-03 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Now, as the Federal Reserve faces the final stretch of its historic inflation battle, a bigger pool of workers could slow inflation even further. That then begs the question: How much more can better labor supply slow inflation? The US Labor Department releases January figures on job openings, quits, hires and layoffs. The US Labor Department reports the number of new applications for jobless benefits in the week ended March 2. China’s National Bureau of Statistics releases February inflation data.

Persons: Mary Daly, “, ” Sarah House, Michael Gapen, That’s, Jack Bantock, ’, ”, Richard Felton, Thomas, ’ ”, Patrick Harker, Ross, Nordstrom, Michael Barr, Campbell Soup, Foot, Jerome Powell, Loretta Mester Organizations: DC CNN, Federal Reserve, San Francisco Fed, National Association for Business Economics, Labor, CNN, Bank of America, White House’s Council, Economic Advisers, English Premier League, Chelsea, Burnley, Philadelphia Fed, Target, P Global, Institute for Supply Management, US Commerce Department, Abercrombie, Fitch, Financial Services, The Bank of Canada, US Labor Department, Broadcom, Costco, Eagle Outfitters, Potbelly, Banking, Housing, Urban Affairs, European Central Bank, Cleveland Fed, National Bureau of Statistics Locations: Washington, San, Wells, United States, London, JD.com, Kroger, Burlington, DocuSign

☆ Goldman Sachs says the soft landing for the economy is 'on track'
▼ + stars: | 2024-01-29 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Declining inflation rates and consistent growth should create a solid background for stocks and other risky assets, even though some bouts of volatility are likely, according to Goldman Sachs. Broadly speaking, a "soft landing [is] on track," the firm said in a client note in which Goldman market experts said they expect the Federal Reserve soon to make a nod toward an easing in monetary policy that also will be market-positive. "The broad data still points firmly in the direction of easing inflation pressure and resilient growth, especially in the US," wrote Dominic Wilson, senior advisor in Goldman's Global Markets Research Group. But we still think it makes sense to fade those pullbacks and expect US equities and credit to make new highs, as they have been." "This week's FOMC meeting will need to remove the tightening bias to keep March alive, as the [Bank of Canada] did last week, but is unlikely to preview a March cut," Wilson wrote.

Persons: Goldman Sachs, Goldman, Dominic Wilson, Wilson, Michael Bloom Organizations: Federal Reserve, Markets Research, Gross, Bank of, CME Locations: Bank of Canada

☆ Dollar hovers near 6-week high on Fed view; yen edges up after BOJ
▼ + stars: | 2024-01-24 | by ( ) www.cnbc.com time to read: +4 min

The Japanese yen , though, ticked higher as expectations rose for a stimulus exit as soon as March, following hawkish comments from the Bank of Japan on Tuesday. "We have seen ECB (European Central Bank) officials push back on rate cut expectations as well, in line with the Federal Reserve." The dollar declined 0.17% to 148.085 yen, after swinging from as low as 146.99 and as high as 148.70 on Tuesday. The Bank of Canada meets on policy on Wednesday, and is expected to leave its key overnight rate unchanged at a 22-year high of 5%. Traders have unwound bullish positions built up in anticipation of U.S. approval of the country's first spot bitcoin exchange traded fund (ETF).

Persons: Mary Daly, Christopher Waller, James Kniveton, Christine Lagarde's, Sterling, Kazuo Ueda, China's, cryptocurrency, Bitcoin Organizations: Federal Reserve, Bank of Japan, U.S, San Francisco Fed, ECB, European Central Bank, Bank of England, Bank of Canada, Bloomberg, Traders Locations: U.S

☆ Treasury yields pull back as big economic data releases come into view
▼ + stars: | 2024-01-24 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

ET, the yield on the benchmark 10-year Treasury note was down by around 3.7 basis points at 4.1050% and the yield on the 30-year Treasury bond slipped 3.7 basis points to 4.3418%. U.S. Treasury yields were lower on Wednesday morning as investors brace themselves for two key pieces of economic data in the second half of the week. Two significant pieces of economic data are on the slate this week: a preliminary fourth-quarter gross domestic product growth figure is due on Thursday, followed by the Commerce Department's closely watched personal consumption expenditures price index for December on Friday. Both data points will inform the Federal Reserve as it maps out when and by how much to begin cutting interest rates, which will be a key factor in determining the path of markets and the economy this year. Auctions will be held for $60 billion of 17-week Treasury bills, $61 billion of 5-year notes and $28 billion of 2-year FRNs (floating-rate notes).

Persons: Jim Reid, Bullard, Reid, that's Organizations: Treasury, U.S, Commerce, Federal Reserve, Deutsche Bank's, Global, Bank of Canada, European Central Bank, St Louis Fed, PMI

☆ Markets tried to fight the Fed on rate cuts. It didn’t work
▼ + stars: | 2024-01-21 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

Now there’s roughly a 50/50 chance that the Fed could either cut rates or hold them steady in March, according to futures. A few developments this past week tempered investors’ optimism, and now the possibility of a rate cut in March could be completely thrown out the window, according to economists. He echoed other Fed officials who’ve recently said that beginning to cut rates in March is just not realistic. In addition to officials’ comments, recent economic data also doesn’t bode well for a March rate cut. Markets are expecting twice as many rate cuts this year than what Fed officials themselves estimated in their latest economic projections released in December.

Persons: ’, Christopher Waller, ”, who’ve, Loretta Mester, “, Mary Daly, it’s, Daly, bode, Waller, ” Bill Adams, ” Daniel Altman, Jerome Powell’s, Donald Trump, Christine Lagarde, couldn’t, Jamie Dimon, Trump, Joe Biden, Bank of America’s Brian Moynihan, OpenAI’s Sam Altman, Johnson, Lockheed Martin, Levi Strauss, Booz Allen Hamilton, CNN’s Elisabeth Buchwald Organizations: CNN Business, Bell, DC CNN — Federal Reserve, Fed, Brookings Institution, ” Cleveland Fed, Bloomberg, ” San Francisco Fed, Fox Business, Commerce Department, Labor Department, Employers, Comerica Bank, CNN, Biden, Trump, Economic, European Central Bank, ”, JPMorgan, Bank of America’s, United Airlines, The Bank of Japan, Netflix, General Electric, Procter, Gamble, Johnson, Verizon, Lockheed, Haliburton, Tesla, IBM, Bank of Canada, Global, American Airlines, Southwest Airlines, Alaska Airlines, Co, Visa, Intel, Mobile, Comcast, Capital, US Commerce Department, Chicago Fed, US Labor Department, American Express, Colgate, Palmolive, Booz, National Association of Realtors Locations: Washington, ” San, East, Iran, Davos, Switzerland, Iowa, Swiss, United States

☆ A 27-year-old freelance writer increased his income by more than 50% in one year. He explains how GPT-4 and other tools help him bring in six-figures working just 3 hours a day.
▼ + stars: | 2023-12-19 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

Read previewIn 2022, Vancouver-based freelance writer Tony Dong made CA$149,000 working about 30 hours per week. "I was kind of stuck, and the choice was between working more hours and billing more or working more efficiently," the financial writer told Business Insider. AdvertisementThanks to GPT-4 and other tools, Dong managed to increase his income by more than 50% in 2023 — he's on track to earn CA$238,000 (about $180,000) as of December 2023 — while working fewer hours. His process looks very similar to how it did in 2022 — he was also using AI tools last year. At the end of the day, "your job as a writer is to make the editor's job as easy as possible."

Persons: —, Tony Dong, Dong, he's, GPT, It's, I'm, they're Organizations: Service, Bank of, Business, . News, USA, Google, Microsoft Locations: Vancouver, GPT, Grammarly

The moon rises over the Toronto city skyline as seen from Milton, Ontario, Canada, January 23, 2016. REUTERS/Mark Blinch/File Photo Acquire Licensing RightsTORONTO, Dec 4 (Reuters) - Canadian banks had a mixed fourth quarter but a common theme underlining all the reports was the rise in bad loan provisions, signalling that lenders were strapping in for a shaky economy. Impaired loans related to residential mortgages, real estate and construction were also higher from the prior quarter, indicating that the banks were also being cautious when considering underwriting new loans. He noted that despite the mixed results, the banks reported healthy capital levels, giving investors assurance that the banks remain resilient. Reuters Graphics($1 = 1.3559 Canadian dollars)Reporting by Nivedita Balu in Toronto; Editing by Mark PorterOur Standards: The Thomson Reuters Trust Principles.

Persons: Mark Blinch, Verecan, Colin White, Dave McKay, Mike Archibald, Nivedita Balu, Mark Porter Organizations: REUTERS, Rights, Reuters, Bank of Canada, BOC, Royal Bank of Canada, CIBC, National Bank, Scotiabank, BMO, RBC, Reuters Graphics Reuters, AGF Investments, Reuters Graphics, Thomson Locations: Toronto, Milton , Ontario, Canada

☆ National Bank of Canada's fourth-quarter profit jumps on capital markets strength
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

The National Bank of Canada logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie/File Photo Acquire Licensing RightsDec 1 (Reuters) - National Bank of Canada (NA.TO) reported a rise in fourth-quarter profit on Friday, as a strong performance at its capital markets unit helped offset the hit from bigger provisions. NBC's adjusted net interest income, the difference between what banks earn on loans and pay out on deposits, slumped about 35.1% to C$825 million. Its financial markets segment, however, posted an adjusted net income of C$289 million, up 42%, driven by strength in capital markets and global markets businesses. The bank's adjusted net income rose to C$867 million ($641.13 million), or C$2.44 per share, for the three months ended Oct. 31, from C$738 million, or C$2.08 per share, a year earlier.

Persons: Chris Wattie, Arasu Kannagi Basil, Shilpi Majumdar Organizations: National Bank of Canada, REUTERS, Thomson Locations: Ottawa , Ontario, Canada, Montreal, Bengaluru

☆ BoC to cut rates starting in Q2 2024, house prices seen flat in 2024: Reuters poll
▼ + stars: | 2023-11-30 | by ( Mumal Rathore | ) www.reuters.com time to read: +4 min

Governor of the Bank of Canada Tiff Macklem walks outside the Bank of Canada building in Ottawa, Ontario, Canada June 22, 2020. But Macklem also said "right now, it is not time to start thinking about cutting interest rates." Interest rate futures are pricing the first rate cut in March, earlier than the poll prediction. "Accompanying labour market weakness should put downward pressure on inflation and prompt the Bank of Canada to cut the policy rate around of the spring of 2024," they wrote. That was despite several government measures announced in the latest Fall Economic Statement to boost housing supply and help lenders dealing with homeowners at risk amid high interest rates.

Persons: Blair Gable, Macklem, It's, Avery Shenfeld, Robert Hogue, Sebastian Mintah, Mumal Rathore, Ross Finley, Tomasz Janowski Organizations: Bank of Canada, REUTERS, Reuters, BoC, U.S . Federal, Barclays, CIBC Capital Markets, of Canada, RBC, Desjardins, Moody's, Thomson Locations: Ottawa , Ontario, Canada, BENGALURU, stagnate

TD said it would be challenging to meet its medium-term adjusted earnings growth target range of 7%-10% in the new fiscal year. It reported adjusted earnings of C$1.83 per share, 7 Canadian cents shy of estimates. RBC reported adjusted earnings of C$2.78 per share, comfortably beating expectations of C$2.62, according to LSEG data. CIBC also beat profit expectations as it set aside smaller-than-expected loan provisions and is slashing costs through a 5% reduction in its workforce, or about 2,400 jobs. The lender, Canada's fifth biggest, reported adjusted earnings of C$1.57 per share, compared with expectations of C$1.53.

Persons: Mark Blinch, Gabriel Dechaine, Kelvin Tran, Victor Dodig, Dave McKay, Niket, Balu, Arasu Kannagi Basil, Shinjini Ganguli, Kirsten Donovan, Mark Porter Organizations: Royal Bank of Canada, REUTERS, Canadian Imperial Bank of Commerce, RBC, National Bank, CIBC, TD Bank, Bank Nova Scotia, Bank of Montreal, Scotiabank, Tuesday, Thomson Locations: Toronto, dealmaking, PCLs, Canada, United States, U.S, Bengaluru

OTTAWA, Nov 30 (Reuters) - The Canadian economy unexpectedly contracted at an annualized rate of 1.1% in the third quarter, data showed on Thursday, avoiding a recession but showing growth stumbling ahead of next week's interest-rate decision. The economy avoided slipping into a technical recession - defined as two consecutive quarter-on-quarter contractions - because second-quarter GDP data was revised up to a 1.4% gain from an initial report of a 0.2% decline, Statistics Canada said. The BoC has remained on the sidelines since July after lifting its benchmark interest rate to a 22-year high of 5% to tame inflation. "The bottom line is that the economy is still sputtering along," said Royce Mendes, head of macro strategy at Desjardins Group. Real GDP most likely edged up 0.2% in October after a 0.1% gain in September, Statscan said.

Persons: Doug Porter, Royce Mendes, Bipan Rai, Statscan, Ismail Shakil, Steve Scherer, Dale Smith, Divya Rajagopal, Fergal Smith, Mark Porter Organizations: OTTAWA, Bank of Canada's, Statistics, BMO Capital Markets, Canadian, U.S ., BoC, Desjardins Group, Bank of Canada, Bank, CIBC Capital Markets, Thomson Locations: Canadian, Statistics Canada, North America, Ottawa, Toronto

☆ Canada's TD Bank's fourth-quarter profit falls on higher provisions
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +1 min

Nov 30 (Reuters) - TD Bank Group (TD.TO) reported a fall in its fourth-quarter profit on Thursday, as Canada's second-largest lender set aside more rainy-day funds to cover for potential sour loans. Peer Scotiabank (BNS.TO), which kicked off the Canadian banks' earnings season on Tuesday, also earmarked higher funds to prepare for potential loan losses, dragging its profit down. TD's net interest income - the difference between what banks earn on loans and pay out on deposits - fell nearly 1.8%, to C$7.49 billion. The lender's personal and commercial business posted a 1% decrease in net income, while the U.S. retail unit dipped 17%. The bank's adjusted net income fell to C$3.51 billion ($2.58 billion), or C$1.83 per share, for the three months ended Oct. 31, from C$4.07 billion, or C$2.18 per share, a year earlier.

Persons: Arasu Kannagi Basil, Shilpi Majumdar, Pooja Desai Organizations: Bank Group, Bank of Canada, PCL, Scotiabank, Thomson Locations: U.S, Bengaluru

A sign for The Bank of Nova Scotia, operating as Scotiabank, in Toronto, Ontario, Canada December 13, 2021. The lender said earnings in the 2024 fiscal year to Oct. 31 would be impacted by "slowing economic growth across its markets and increasing regulatory capital requirements" but it would also benefit from interest-earning assets. "We expect a challenging environment will persist for consumers and businesses," Chief Risk Officer Phil Thomas told analysts, citing muted Canadian economic growth, continued inflationary pressures and uncertain prospects for rate cuts. Finance chief Raj Viswanathan said deposit and loan growth were also expected to moderate from 2023 levels, noting savings levels have started coming down in Canada with inflation at multi-year highs, leaving consumers with less cash in hand. Its efforts to streamline operations resulted in a restructuring charge of C$258 million, Scotiabank said.

Persons: Carlos Osorio, Phil Thomas, Raj Viswanathan, Mike Rizvanovic, Scott Thomson, Niket, Balu, Krishna Chandra Eluri, Tomasz Janowski Organizations: The Bank of, Scotiabank, REUTERS, Bank of Nova, Finance, Bank of Canada, Thomson Locations: The Bank of Nova Scotia, Toronto , Ontario, Canada, Bank of Nova Scotia, Bengaluru, Toronto

☆ 3 things to watch in the stock market as Street aims to extend winning streak
▼ + stars: | 2023-11-25 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

(Treasury yields tend to move inversely to stock prices; as yields fall investors seeking better returns move money back into the stock market). The chipmaker once again came into its quarterly print with super-high expectations on the Street, but once again exceeded them . For this reason, we put more emphasis on monthly economic releases, such as the aforementioned personal spending report. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

Persons: Dow, Estee Lauder, Einstein, Jim Cramer's, Jim Cramer, Jim, Locker, Jeff Greenberg Organizations: Nasdaq, Federal Reserve, Treasury, Nvidia, Apple, TJX, Bank of Nova, Elbit Systems, Intuit, Hewlett Packard Enterprise, Hormel, Kroger, KR, Academy Sports, TD Bank, Royal Bank of Canada, Dell Technologies, Bank of Montreal, BMO, Jim Cramer's Charitable, CNBC, Universal, Getty Locations: Bank of Nova Scotia, AMBA

With the Canadian economy showing signs of a slowdown, money markets are pricing in the first interest rate cuts since March 2020 as soon as April, which would bring down mortgage costs. Still, more home buyers took out fixed-rate mortgages in September compared with a year ago, eschewing variable rate mortgages where the interest rate varies based on current market rates. Since then, the central bank has raised the key interest rate to a 22-year high of 5% in July. The share of fixed rate loans among five-year and three-year mortgages rose to 68% in August compared with 32% a year ago. In the first three weeks of November, 79% of mortgage seekers in Canada opted for a fixed mortgage, said Hanif Bayat, CEO of financial data firm Wowa Leads.

Persons: you've, Macklem, Sophie Tremblay, Hanif Bayat, Wowa, Carolyn Rogers, Rogers, Ryan Sims, William Coyle, Nivedita Balu, Denny Thomas, Deepa Babington Organizations: TORONTO, Bank, Bank of Canada, Montreal, NEW, National Bank analysts, BoC, The Mortgage Group Inc, Bank of, Thomson Locations: Canada, Niagara, Huntsville, Toronto

☆ Bank of Canada says rates may now be at peak, excess demand now gone
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +3 min

Governor of the Bank of Canada Tiff Macklem walks outside the Bank of Canada building in Ottawa, Ontario, Canada June 22, 2020. The Bank of Canada (BoC) - seeking to control soaring inflation - hiked rates 10 times between March of last year and July 2023, pushing them up to a 22-year high of 5.00%. "Higher interest rates are squeezing many Canadians, but these rates are relieving price pressures," Macklem said. "To return to low inflation and stable growth in the years ahead, we need these higher interest rates and slow growth in the short term," he added. Some 60% of mortgage holders have yet to renew their home loans at higher rates, the BoC says.

Persons: Blair Gable, Steve Scherer, David Ljunggren OTTAWA, Macklem, David Ljunggren Organizations: Bank of Canada, REUTERS, BoC, Saint, Saint John Region Chamber of Commerce, CBC, Reuters, Thomson Locations: Ottawa , Ontario, Canada, Saint John, Atlantic, New Brunswick, Reuters Ottawa

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