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TSX Rises; Upbeat Big Bank Earnings; Canadian Q3 GDP Contracts

Published Nov 30, 2023 15:12
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By Ketki Saxena

Investing.com – The TSX rose today as the heavyweight financial subindex gained on upbeat earnings from RBC (TSX:RY) and CIBC .

Wall Street meanwhile traded mixed, as markets digested mixed commentary from the week’s slew of Fed bank speakers.

PCE meanwhile came in at 0.2%, in line with market expectations and after a 0.7% gain in September.

Toronto Stock Market News

Toronto Dominion Bank (TSX:TD) posted earnings of $2.89 billion or $1.49 per diluted share for the quarter ended Oct. 31, down from $6.67 billion or $3.62 per diluted share a year earlier. TD set aside $878 million in the quarter for bad loans, up $261 million from last year. TD also announced that it will cut 3% of staff or around 3,100 employees.

Canadian Imperial Bank Of Commerce (TSX:CM) posted a profit of $1.48 billion or $1.53 per diluted share for the quarter ended Oct. 31, compared to $1.19 billion or $1.26 per diluted share a year earlier. The bank's provision for credit losses grew to $541 million from $436 million in the same quarter last year.

Royal Bank of Canada (NYSE:RY) reported a profit of $4.13 billion, or $2.90 per diluted share for the quarter ended Oct. 31, compared to $3.88 billion or $2.74 per diluted share a year earlier. The bank's provision for credit losses rose to $720 million from $381 million this time a year ago.

For all earnings, view our earnings calendar.

Toronto Stocks Moving Markets Today

Top Gainers on the TSX Today:

  • Ivanhoe Mines (OTC:IVPAF)
  • Dundee Precious Metals Inc (TSX:DPM)
  • Energy Fuels (TSX:EFR) Inc

Top Losers on the TSX Today:

  • BRP (TSX:DOO) (NASDAQ:DOOO) Inc
  • Osisko Mining Corp (TSX:OSK)
  • Canfor (TSX:CFP) Corporation

For all Toronto Stocks Moving Markets today, view our Canada Markets Page.

In Canadian Economics

Statistics Canada reports that the Canadian economy shrank in Q3, as household spending stayed flat and exports declined. The Q3 annualized reading showed a 1.1% decline, significantly lower than the 0.2% advance that had been expected. On a quarterly basis, the reading declined 0.3%, contracting from a 0.3% gain in Q2. On a monthly basis, GDP edged up 0.1% MoM in September.

Statistics Canada data shows that employees receiving pay and benefits from their employer increased by 22,100 in September, following a decline of 16,500 in August . Job vacancies declined by 40,700 or 6.1% to 632,200 in September.

For all Canadian economic releases, view our economic calendar.

All currencies Canadian Dollar unless noted otherwise.

TSX Rises; Upbeat Big Bank Earnings; Canadian Q3 GDP Contracts
 

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