More certainty needed on trade talks and major projects, bank CEOs say
CEOs of Canada's largest banks are calling for more certainty in trade negotiations and major project investments to support the economy. Despite concerns over trade and economic uncertainty, these banks reported higher second-quarter profits. The executives noted a shift in interest from international investors towards Canadian opportunities.
- ▪Bank of Nova Scotia, Bank of Montreal, and National Bank of Canada reported higher second-quarter profits that exceeded analysts' expectations.
- ▪Scotiabank's CEO observed a significant change in tone from international investors, with increased interest in Canadian market opportunities.
- ▪The Canadian economy faces challenges such as modest GDP growth, persistent inflation, and unemployment, which could be alleviated by clarity on trade negotiations.
Opening excerpt (first ~120 words) tap to expand
Open this photo in gallery:Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce and Toronto-Dominion Bank in Toronto’s financial district in 2024.Fred Lum/The Globe and MailShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountThree chief executive officers of Canada’s biggest banks are cautioning that businesses and consumers need greater certainty on trade negotiations and major project investments as Ottawa seeks to bolster the economy amid geopolitical tensions. Bank of Nova Scotia BNS-T, Bank of Montreal BMO-T and National Bank NA-T of Canada posted higher second-quarter profits on Wednesday that beat analysts’ expectations, bucking concerns over trade and economic uncertainty.
…
Excerpt limited to ~120 words for fair-use compliance. The full article is at The Globe and Mail.
Discussion
0 commentsMore from The Globe and Mail
