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☆ Laurentian Bank's shares fall after media report that potential top bidders bowed out
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

TD is also not bidding for Laurentian, the report added. The reported move comes weeks after Laurentian, Canada's ninth-largest bank, said it was reviewing strategic options. A spokesperson for Laurentian Bank declined to comment on the report, when contacted by Reuters, saying the bank's "strategic review is still under way" and the "board of directors is actively examining the options available." TD Bank did not immediately respond to a Reuters request for comment. Shares of Laurentian, which jumped 27% after reports of a sale earlier this month, have gained about 35% so far this year.

Persons: Rania Llewellyn, Jaiveer Singh, Balu, Shailesh Kuber, Matthew Lewis Organizations: Laurentian Bank of Canada's, Bank of Nova, Dominion Bank, Scotiabank, Globe and Mail, Laurentian, TD, U.S, Barclays, Canada's, Globe, Laurentian Bank, Reuters, TD Bank, Thomson Locations: Laurentian, Montreal, Bank of Nova Scotia, Toronto, Quebec, Bengaluru

☆ Rate convergence keeps Canadian dollar shackled to U.S. counterpart
▼ + stars: | 2023-07-27 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

Money markets are pricing in a peak interest rate of about 5.25% for the Bank of Canada over the coming months, not much less than the 5.42% terminal rate that is priced in for the Fed. Canadian GDP data for May, due on Friday, could guide expectations for additional BoC rate hikes. The Canadian dollar was trading 0.2% lower at 1.3227 to the greenback, or 75.60 U.S. cents, after moving in a range of 1.3159 to 1.3236. "The Canadian dollar still looks cheap relative to where it should be," Osborne said, pointing to recent convergence of Canadian and U.S. yields, improved risk appetite and higher commodity prices. The Canadian 5-year yield touched its highest since December 2007 at 4.030% before dipping to 4.019%, up 13.9 basis points on the day.

Persons: Price, Shaun Osborne, Osborne, Fergal Smith, Nick Zieminski Organizations: greenback, Canadian, Bank of Canada, Federal Reserve, European Central Bank, Scotiabank, Fed, BoC, Thomson Locations: TORONTO, U.S

Macklem came under a rare attack last year from opposition politicians for misjudging inflation and locking in to a rigid forward guidance. "We are turning the corner on inflation," Macklem told reporters in January when the BoC became the first major central bank to announce a pause. The central bank's tightening campaign is a major concern for Canadians who loaded up on cheap mortgages and took on credit card and other debt in recent years. "Now maybe you're getting a certain maturity of the central bank that says, 'We're not going to do that again,'" Holt said. He assured Canadians during the pandemic that rates would rise only in 2023 when it expected the economic slack to be absorbed, but the central bank began hiking rates in March 2022 as inflation spiked.

Persons: Derek Holt, Macklem, Holt, Marc Chandler, Steve Scherer, Fergal Smith, Denny Thomas, Matthew Lewis Organizations: OTTAWA, Bank of Canada, BoC, Scotiabank ., Canadian Real Estate Association, Bannockburn Global Forex, Thomson Locations: Bannockburn, Ottawa, Toronto

Unlike the U.S., where home buyers can snag a 30-year mortgage, Canadian borrowers must renew their mortgages every five years at the prevailing interest rates. MORTGAGE DELINQUENCIES LOWLatest data released during the quarterly earnings showed mortgage delinquencies for all banks were low. Of the big six banks in Canada, Bank of Nova Scotia (BNS.TO) and National Bank of Canada (NA.TO) do not offer mortgage extensions, meaning the payment owed by the consumer goes up for each hike the BoC announces. Bank of Montreal (BMO.TO), CIBC (CM.TO) and TD Bank (TD.TO) each allow for negative amortization as rates rise. So it is working counter to what the Bank of Canada is trying to accomplish," Briggs added.

Persons: Greg Taylor, Desjardins, Mike Rizvanovic, Rizvanovic, Darcy Briggs, Briggs, Nivedita Balu, Josie Kao, David Gregorio Our Organizations: TORONTO, Bank, Purpose Investments, Bank of Nova, National Bank of Canada, BoC, RBC, Scotiabank, National Bank, Bank of Montreal, CIBC, TD Bank, Desjardins . Royal Bank of Canada, BMO, Franklin Templeton, Bank of Canada, Thomson Locations: U.S, Canada, Bank of Nova Scotia, Franklin Templeton Canada, Toronto

After a five-month pause, the BoC raised its overnight rate in June, saying monetary policy was not sufficiently restrictive. "If new information suggests we need to do more, we are prepared to increase our policy rate further," BoC Governor Tiff Macklem told reporters after the decision. The BoC's overnight target rate was last at 5.00% in March and April of 2001. Twenty of 24 economists surveyed by Reuters had expected the central bank to lift rates by a quarter of a percentage point. Money markets had seen a more than a 70% chance of a rate hike before the announcement.

Persons: Derek Holt, Andrew Kelvin, Steve Scherer, Ismail Shakil, Fergal Smith, Divya Rajogopal, Nivedita Balu, Paul Simao, Mark Porter Organizations: OTTAWA, Bank of Canada, Wednesday, BoC, Scotiabank, Reuters, TD Securities, Thomson Locations: Canada, Toronto

[1/2] U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. Markets are now focusing their attention on U.S. consumer prices data due out on Wednesday, which will provide more clarity on the progress the Fed has made in its fight against stubbornly high inflation. The pound has been rallying on a stronger economy and aggressive repricing of expectations for tighter BoE policy, according to Danske Bank FX analyst Kirstine Kundby-Nielsen. "There have been no signs of relief in the labour market data and markets continue to price in more. Given the rising inflation backdrop in Japan, the market is starting to become more wary that perhaps a policy tweak could come."

Persons: Rick Wilking, Shaun Osborne, Kirstine Kundby, That's, Kundby, Nielsen, Moh Siong Sim, Samuel Indyk, Rae Wee, Edmund Klamann, Alex Richardson, Chizu Organizations: REUTERS, Federal, Scotiabank . Markets, Sterling, Bank of England, Danske Bank, Nielsen, Swiss, greenback, Swiss National Bank, Singapore, Bank of Japan, New Zealand, Reserve Bank of New, Thomson Locations: Westminster , Colorado, U.S, Norwegian, Swedish, Swiss, Japan, Reserve Bank of New Zealand

U.S. interest rate expectations have been a key driver of the dollar since the Fed began its tightening cycle last year. A survey from the New York Federal Reserve on Monday showed waning near-term inflation expectations among Americans, who said last month they were expecting the weakest near-term inflation gains in just over two years. Sterling , meanwhile, hit a near 15-month high of $1.2913 after British wage growth hit a joint record high, heaping pressure on the Bank of England to tighten policy further to bring inflation under control. The pound has been rallying on a stronger economy and aggressive repricing of expectations for tighter BoE policy, according to Danske Bank FX analyst Kirstine Kundby-Nielsen. Elsewhere, the euro rose 0.1% to $1.1012, the Australian dollar steadied at $0.6680, while the New Zealand dollar fell 0.2% to $0.6198.

Persons: Rick Wilking, Shaun Osborne, Sterling, Kirstine Kundby, That's, Kundby, Nielsen, Moh Siong Sim, Samuel Indyk, Rae Wee, Shri Navaratnam, Edmund Klamann, Alex Richardson Organizations: REUTERS, Federal, Fed, Scotiabank . Markets, New York Federal Reserve, Bank of England, Danske Bank, Nielsen, Singapore, Bank of Japan, New Zealand, Thomson Locations: Westminster , Colorado, U.S, . U.S, Japan, China's

OTTAWA, July 7 (Reuters) - Canada's economy added far more jobs than expected in June, data showed on Friday, a result analysts said probably seals the deal for another Bank of Canada (BoC) interest rate hike next week. The unemployment rate in June increased for the second consecutive month and is now at its highest level since February 2022, though still below a pre-pandemic 12-month average, Statscan said. The June jobs report is the last major economic figure to be released before the BoC's rate announcement on Wednesday. Growth has remained resilient despite nine rate increases totaling 450 basis points since March of last year. The net jobs addition in June, the largest since January, were driven by full-time work.

Persons: Jobs, Statscan, Derek Holt, Royce Mendes, Ismail Shakil, Steve Scherer, Dale Smith, Emelia Sithole, Mark Porter Organizations: OTTAWA, Bank of Canada, BoC, Statistics, Scotiabank, Desjardins Group, Reuters, Canadian, Employment, Thomson Locations: Statistics Canada, Ottawa

SL Green announced on Monday that it had sold the building at 245 Park Avenue to a U.S. subsidiary of Japanese real estate developer Mori Trust Co Ltd at a $2 billion valuation, sending its stock up nearly 20%. The transaction is a "significant milestone" for SL Green given that it represents nearly half of the planned asset sales for 2023 and more than covers the company's share of redevelopment costs, said BTIG analysts, who reiterated their "buy" rating. Analysts at Scotiabank, who rate SLG a "sector underperform", hiked their price target for the company's shares, calling the transaction "positive." SL Green's stock jumped 11% on Tuesday to a high of $31.35 per share. SL Green took control of 245 Park Avenue last year after lenders seized the building from HNA Group.

Persons: Angelo Gordon, Chibuike Oguh, Lisa Shumaker Organizations: YORK, Green Realty, SL Green, Mori Trust, Barclays, Green, Scotiabank, Grand, Ares Management, Societe Generale, HNA Group, Thomson Locations: New York City, U.S, Manhattan, New York

☆ Allied to sell UDC portfolio to KDDI Corp for C$1.35 bln
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

June 21 (Reuters) - Allied Properties Real Estate Investment Trust (AP_u.TO) on Wednesday said it has entered into an agreement to sell its urban datacenter portfolio to Japanese telecommunications provider KDDI Corporation (9433.T) for C$1.35 billion ($1.02 billion). The portfolio comprises Toronto's 151 Front Street West and 905 King Street West, along with a leasehold interest in 250 Front Street West. Allied will use around C$1 billion of the sale proceeds to retire debt and the balance to fund its upgrade and development activity over the remainder of 2023 and into 2024, the company said. Scotiabank, CBRE and Aird & Berlis LLP are advisers to Allied for the transaction, while BofA Securities, Borden Ladner Gervais LLP and Nishimura & Asahi are acting as advisers to KDDI. ($1 = 1.3222 Canadian dollars)(This story has been corrected to change to Canadian dollar from U.S. dollar throughout and adds conversion)Reporting by Pratyush Thakur in Bengaluru; Editing by Dhanya Ann Thoppil and Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: Berlis, Borden Ladner Gervais, Pratyush Thakur, Dhanya Ann Thoppil, Pooja Desai Organizations: Real, Investment Trust, KDDI Corporation, King Street, West, Scotiabank, BofA Securities, Borden Ladner Gervais LLP, Nishimura, Asahi, Thomson Locations: CBRE, Bengaluru

As widely expected, the BOJ maintained its -0.1% short-term interest rate target and a 0% cap on the 10-year bond yield set under its yield curve control (YCC) policy. The yen fell broadly following the decision and hit a fresh 15-year low of 154.70 per euro and was set for the biggest weekly decline against the single currency in three years. Reuters GraphicsFED FACES GRIM DATAThe ECB's monetary policy decision came a day after the U.S. Federal Reserve left interest rates unchanged, snapping a string of 10 consecutive rate hikes. Production at U.S. factories almost stalled in May as manufacturing struggled under the weight of higher interest rates, while U.S. import prices similarly fell last month. Against a basket of currencies , the dollar index edged up 0.03% to 102.17, after slipping to a one-month low on Thursday.

Persons: we're, Kazuo Ueda, Hirofumi Suzuki, Goldman Sachs, Christine Lagarde, Shaun Osborne, Joice Alves, Rae Wee, Philippa Fletcher, Sohini Organizations: LONDON, Bank of Japan, European, Bank's, U.S, ECB, Sterling, Bank of England, Reuters Graphics, U.S . Federal Reserve, Fed, Labor Department, Scotiabank, Thomson Locations: SINGAPORE, United States, Europe, Toronto, London, Singapore

☆ Euro advances, surges to 15-year peak vs yen, after ECB lifts rates
▼ + stars: | 2023-06-15 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +4 min

[1/2] Euro and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. The ECB lifted rates by 25 basis points (bps), as expected, to 3.5%, the highest in 22 years. "There were hawkish elements in the latest ECB press conference, in particular the upwardly revised 2025 inflation forecasts. Versus the yen, the euro rose 1.2% to 153.52 , hitting 153.68 yen, the highest since September 2008, following the ECB decision. We have assumed for some time that the rate-cycle peak would be a negative for the dollar peak yields will bolster risk-taking and encourage investors to deploy capital away from the U.S.

Persons: Dado Ruvic, Mark Wall, Christine, Lagarde, Jerome Powell, Shaun Osborne, Gertrude Chavez, Dreyfuss, Samuel Indyk, Rocky Swift, Shweta Agarwal, Emelia, Jonathan Oatis Organizations: U.S, REUTERS, YORK, European Central Bank, ECB, Deutsche Bank, U.S . Federal Reserve, Bank of, Scotiabank, U.S ., Reuters, U.S . Labor Department, Thomson Locations: Bank of Japan, Toronto, New York, London

OTTAWA, June 7 (Reuters) - The Bank of Canada on Wednesday hiked its overnight rate to a 22-year high of 4.75%, and markets and analysts immediately forecast yet another increase next month to ratchet down an overheating economy and stubbornly high inflation. Noting an uptick in inflation in April and the fact that three-month measures of core inflation remained high, the Bank of Canada (BoC) said that "concerns have increased that CPI inflation could get stuck materially above the 2% target." However, Canada Finance Minister Chrystia Freeland said the economic rebound from the COVID-19 pandemic and Russia's invasion of Ukraine has been stoking price increases. "To bring demand lower, which is the bank's goal to achieve their 2% inflation target, we just simply need more tightening." The BoC said it would continue to assess economic indicators going forward to see if they "are consistent with achieving the inflation target."

Persons: Derek Holt, Paul Beaudry, Canada's, Pierre Poilievre, Justin Trudeau, Chrystia Freeland, Andrew Kelvin, Steve Scherer, David Ljunggren, Fergal Smith, Divya Rajagopal, Nivedita Balu, Mark Porter Organizations: OTTAWA, Bank of Canada, Wednesday, Canadian, Scotiabank, BoC, Conservative Party, Liberal, Canada Finance, TD Securities, Thomson Locations: British Columbia, Ukraine, Canada, Toronto

NEW YORK, May 22 (Reuters) - A U.S. judge on Monday dismissed long-running litigation by investors who accused HSBC Holdings Plc (HSBA.L) and Bank of Nova Scotia (BNS.TO) of conspiring to fix silver prices. U.S. District Judge Valerie Caproni in Manhattan said the investors lacked legal standing to pursue federal antitrust claims under the Sherman Act, or claims under the federal Commodity Exchange Act. Investors had accused HSBC, Scotiabank and Deutsche Bank AG (DBKGn.DE) of manipulating silver prices from 2007 to 2013, saying they had "smoking gun" evidence of a price-fixing conspiracy among those banks and several other silver market makers. The judge also said the investors were not "efficient enforcers" of their private antitrust claims, unlike people who might have sold silver at the Fix price. The cases is In re London Silver Fixing Ltd Antitrust Litigation, U.S. District Court, Southern District of New York, No.

OTTAWA, May 16 (Reuters) - Canada's annual inflation rate rose in April for the first time in 10 months, data showed on Tuesday, adding pressure on the central bank to raise interest rates again after having paused its tightening campaign since January. Annual inflation unexpectedly rose to 4.4% in April, Statistics Canada said. Higher rent and mortgage interest costs contributed the most to the annual inflation rate in April, Statscan said. The higher interest rate environment may have contributed to rising rents by stimulating higher rental demand, the agency said. Excluding food and energy, prices rose 4.4% compared with a rise of 4.5% in March.

☆ Panthers beat Maple Leafs to grab commanding 2-0 series lead
▼ + stars: | 2023-05-05 | by ( Frank Pingue | ) www.reuters.com time to read: +3 min

Mandatory Credit: John E. Sokolowski-USA TODAY SportsTORONTO, May 4 (Reuters) - The Toronto Maple Leafs were considered Stanley Cup favourites when the second round began but now have their backs to the wall and are staring at a 2-0 series deficit following a 3-2 loss to the Florida Panthers on Thursday. The Maple Leafs, who will play the next two games on the road, now face an uphill climb as NHL teams that have won the first two games of a best-of-seven playoff series have advanced 86% of the time. To be down 2-0 is not what we want but it's a long series and there's lot of hockey left," said Toronto forward Ryan O'Reilly. "We knew they were going to come out with a big push and they came out good," said Panthers forward Sam Bennett. But the Panthers roared back from a 3-1 series deficit to eliminate Boston and are now surprisingly in complete control while the Maple Leafs are reeling.

May 4 (Reuters) - Canada's Enbridge Inc (ENB.TO) said on Thursday it has reached a 7-1/2-year toll agreement with oil shippers for its Mainline crude pipeline system, one of North America's biggest, after scrapping earlier plans for long-term contracts. The agreement means that, if approved, Enbridge would continue to ration space on a monthly basis. Enbridge spent years trying to convince shippers and then the Canada Energy Regulator (CER) to sell space on the Mainline under long-term contracts. Some Canadian oil producers objected, while companies with refineries were in favor of contracts. The new agreement covers 70% of Mainline deliveries, with the remaining 30% covered by a pre-existing agreement.

☆ Dollar gains, euro dips after cautious ECB
▼ + stars: | 2023-05-04 | by ( Karen Brettell | ) www.reuters.com time to read: +3 min

SINGAPORE, May 4 (Reuters) - The dollar gained against the euro after the European Central Bank eased its pace of rate hikes, a day after the Federal Reserve hiked rates by 25 basis points and indicated that it may pause further increases. The Fed on Wednesday dropped from its policy statement language saying that it "anticipates" further rate increases would be needed. The dollar index was last up 0.30% on the day at 101.52. The greenback was last down 0.17% against the Norwegian crown at 10.73 after Norway's central bank raised interest rates by 25 basis points as expected. ========================================================Currency bid prices at 10:18AM (1418 GMT)Reporting by Rae Wee Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ Panthers stun Maple Leafs to draw first blood in playoff series
▼ + stars: | 2023-05-03 | by ( Frank Pingue | ) www.reuters.com time to read: +3 min

Mandatory Credit: Dan Hamilton-USA TODAY SportsTORONTO, May 2 (Reuters) - The Florida Panthers spoiled the Toronto Maple Leafs' long-awaited return to the second round of the Stanley Cup playoffs on Tuesday with a 4-2 victory in the opener of their best-of-seven series. From the moment Toronto sealed their place in the second round there has been a palpable buzz all around the city. The Leafs' win over Tampa Bay in the first round had snapped a 19-year playoff series win drought, which was the longest active such streak in the NHL, but the Panthers brought Leafs' fans crashing down to Earth at Scotiabank Arena. So I think those are the kind of things that just happened a step quicker tonight than it was in the previous series. The Panthers doubled their lead eight minutes into the second period when Sam Bennett tipped in Aaron Ekblad's shot from the point.

☆ Aerosmith to ‘Peace Out’ after 50 years with farewell tour
▼ + stars: | 2023-05-01 | by ( Lisa Respers France | ) edition.cnn.com time to read: +1 min

CNN —Aerosmith is heading into retirement with a farewell tour. The group announced Monday that they will have a 40-date North American tour, featuring special guests The Black Crowes. “It’s not goodbye it’s PEACE OUT!,” Aerosmith said in a joint statement. “Get ready and walk this way, you’re going to get the best show of our lives.”They also shared that drummer Joey Kramer will not be joining them. Aerosmith recently wrapped their Las Vegas residency, “Aerosmith: Deuces Are Wild” at Dolby Live at Park MGM.

☆ NHL roundup: Lightning rout Leafs in Game 1
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +3 min

Mandatory Credit: John E. Sokolowski-USA TODAY SportsApril 19 - Brayden Point scored twice and the visiting Tampa Bay Lightning defeated the Toronto Maple Leafs 7-3 Tuesday night in the opener of their best-of-seven, Eastern Conference first-round playoff series. Tampa Bay scored the game's first three goals, then scored four straight in the second and third periods to put the game away. Lightning defenseman Victor Hedman left the game in the second period with an injury and did not return. Fox matched his career high for points in a playoff game. Morgan Geekie and Eeli Tolvanen also scored goals for the Kraken, who won their inaugural playoff game against the reigning Stanley Cup champions.

☆ Lightning strike to shock Leafs in Stanley Cup opener
▼ + stars: | 2023-04-19 | by ( Steve Keating | ) www.reuters.com time to read: +3 min

[1/4] Apr 18, 2023; Toronto, Ontario, CAN; Tampa Bay Lightning defenseman Ian Cole (28) goes to check Toronto Maple Leafs forward Mitchell Marner (16) during the first period of game one of the first round of the 2023 Stanley Cup Playoffs at Scotiabank Arena. Mandatory Credit: John E. Sokolowski-USA TODAY SportsTORONTO, April 18 (Reuters) - The Toronto Maple Leafs' bid to end their 56-year Stanley Cup drought got off to a woeful start on Tuesday as the Tampa Bay Lightning rolled to a 7-3 win in the opener of their best-of-seven first round series. The Lightning have reached the Stanley Cup finals for the last three seasons, hoisting the trophy twice, and they showed the Maple Leafs how its done with a Game One master class that oozed poise and discipline. Toronto's comeback was short circuited when Michael Bunting was called for an illegal check, gifting Tampa Bay a five-minute powerplay that produced three goals. The teams traded goals in the third, Ross Colton counting for Tampa Bay and Calle Jarnkrok for Toronto.

☆ TSX futures gain on oil boost; big US banks jump
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +1 min

April 14 (Reuters) - Futures for Canada's commodity-heavy stock index edged up on Friday, tracking a rise in crude prices, while upbeat earnings from big U.S. banks supported optimistic investor mood. June futures on the S&P/TSX index were up 0.2% at 7:00 a.m. Wall Street futures slipped as most growth and technology stocks were down in premarket trading, while robust earnings from big U.S. banks, including JPMorgan Chase & Co (JPM.N) and Wells Fargo & Co (WFC.N), limited losses for futures tracking S&P 500 (.SPX). The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) rose on Thursday to its highest closing level in nearly six weeks, buoyed by strength in gold miners. In company news, Scotiabank downgraded oil and gas company Cenovus Energy Inc (CVE.TO) to "sector perform" from "sector outperform."

BENGALURU, April 6(Reuters) - The Bank of Canada will keep its key interest rate steady at 4.50% through 2023, according to most economists polled by Reuters, with an even smaller minority now expecting an interest rate cut by year-end than a poll taken a month ago. In March, the BoC was the first major central bank to stop its aggressive hiking cycle and is on what it calls a conditional pause. So all 33 economists polled March 31-April 6 said it will hold its overnight rate at 4.50% on April 12. A majority of forecasters, 23 of 31, said the rate would remain unchanged for the rest of 2023. Only seven expected at least one 25-basis-point rate cut by end-year, down from 13 in a survey taken about a month ago.

☆ Fact Check-Scotiabank poster announcing all accounts are transitioning to ‘digital bank accounts’ is altered
▼ + stars: | 2023-04-04 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

An image supposedly showing a poster for Canada’s Scotiabank announcing that all accounts will be automatically transitioned to “digital bank accounts” has been altered. The image is digitally altered, however, and Reuters found no press release published by the bank that all accounts will automatically be transferred to digital ones (here). “I can confirm this is not an authentic Scotiabank poster and the claims in it are false,” Katie Raskina, manager of media relations and issues management at Scotiabank told Reuters. An online search reveals iterations of the same poster without the sentence in italics and dated May 10, 2021 (here). Text was later digitally added to the poster to make it appear as if the bank announced that it will soon automatically transition all bank accounts to digital ones.

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