Mid-Term Turmoil - Earnings: TD, BNS, CM, INO, IVQ
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Canada has become a focal point around which US mid-term elections and global environmental issues are spinning. The uncertainty from these two developments is expected to increase market volatility ahead. The best anchor for financial markets remains having central banks holding the line on raising interest rates. Yields on US 10 year bonds were essentially unchanged for another week.
The major issues arising during the US midterm elections are the future of NAFTA, the Mueller inquiry, and the condition of US government finances. In Canada, a surprise judicial decision has put the expansion of the TransMountain Pipeline project into jeopardy, at a very inopportune time. These are all economically significant issues, and are occurring together. A power shift to the Republicans or the Democrats in the US mid-terms could have meaningful different consequences. Commentary this week attempts to provide a clearer understanding of these events.
With the increasing uncertainty, the earnings forecast part of earnings updates, gains in importance. Updates include TD Bank(TD), Bank of Nova Scotia(BNS), Canadian Imperial Bank of Commerce(CM), Invesque Inc.(IVQ.U) and Inovalis REIT(INO).
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