Earnings
April 25, 2018 - RUS
New! Russel Metals Inc. Price Target Update .....
April 24, 2018 - OSB
New! Norbord Inc. - 2017 Earnings & 2018 Price Target Update .....
April 21, 2018 - BNS
Bank of Nova Scotia - Fiscal Q1-2018 Earnings Update .....
April 20, 2018 - CM
Canadian Imperial Bank of Commerce -Fiscal 2018 Earnings Update .....
April 19, 2018 - BMO
Bank of Montreal - Fiscal Q1-2018 Earnings Update .....
April 18, 2018 - TD
Toronto-Dominion Bank, Fiscal Q1-2018 Earnings Update .....
April 17, 2018 - RY
Royal Bank - Fiscal Q1-2018 Earnings Update .....
April 15, 2018 - PZA
Pizza Pizza Royalty Corp. 2017 Earnings & Price Target Update .....
Recommendation Changes
PZA, DRG.UN, MIC(US), VET, BRE, more...

Fed Data Dependent - Updates: KEG, SMU,AQN, CHW, GRT, Preferred Shares

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Low volatility for markets and interest rates has temporarily changed in anticipation of the Canadian and US central banks increasing interest rates by 25 basis points, sometime in the near future. Each is likely to provide guidance regarding how they assess the future for further increases. A data dependent approach is anticipated.

Since 10 US year bond yields last peaked at 3% in January 2014 when the US central bank initiated talking about raising rates, the trend has been to lower yields in the bond market. This is contrary to what the US central bank has been advising will happen. Over the past two weeks there has been a noticeable jump in 10 year bond yields of about 25 basis points on average, but still well below the higher yields following the unexpected outcome of the US election and lower than the 3% high in January 2014. The increase in comparable bond yields is having a direct impact on share prices including the preferred shares where the two basic types of preferred shares move in opposite directions that depend directly on changes to the 5 year Government of Canada Bond yields. The economic comments this week focus on changes to the 10 year benchmark bond yields over the past two weeks and since January 2014 for perspective, and also on changes to prices for the three categories of preferred shares including recommendations.

Earnings updates include The Keg Royalties Income Fund (KEG.UN), Summit Industrial REIT (SMU.UN), Algonquin Power and Utilities Corp.(AQN), Chesswood Group Limited (CHW), and Granite REIT(GRT.UN). Included with the interest rates comments is a preferred share value analysis and recommendations.

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