TSX Falls as Financial Shares Drag Canada Markets
Canada's S&P/TSX composite index closed down 103.93 points to 20,970.98 as financial stocks weighed on the benchmark while U.S. markets showed mixed results led by Nvidia gains. Dow fell 157.85, S&P 500 down 7.04, Nasdaq up 13.94. Traders await fresh U.S. inflation data and Fed policy signals.
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J Zechner Associates
Banks brace for higher credit losses as rates bite
Canadian bank chiefs warn elevated rates restrain business and consumer demand and raise loan provisions. RBC chief executive Dave McKay says credit loss provisions will peak this year with commercial lending strained, while mortgage renewals face about a 20 percent payment rise offset by wages and savings.
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RBC Capital Markets Canadian Bank
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ABC
Bank execs warn rate cuts may dampen lending this year
Scotiabank CEO Scott Thomson expects higher loan loss provisions but a steadier path after 2023 restructuring. National Bank’s Laurent Ferreira warns markets overestimate rate cuts amid geopolitical and inflationary pressures. negative GDP in early 2024 quarters. BMO's Darryl White notes clients delay borrowing until rates lower, reducing near term activity. Thomson cites uncertainty delaying business decisions across CFOs and CEOs.
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Canada posts smaller trade surplus as imports rise
Statistics Canada reports merchandise trade surplus narrowed to 1.6 billion in November from October's revised 3.2 billion. Imports rose 1.9 percent led by energy products up 11.6 percent and refined petroleum goods up 18.8 percent, while exports fell 0.6 percent driven by declines in unwrought metals and transport equipment. In volume terms, imports gained 1.6 percent while exports edged down 0.1 percent.
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