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.
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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.