The European Union set out plans on Wednesday to cut how much retail investors pay banks and insurers for financial products to encourage investment and make its capital market deeper and more efficient.
Bank of Montreal and Bank of Nova Scotia on Wednesday reported smaller-than-expected profit for the second quarter, due to higher expenses and as the Canadian banks were forced to set aside more rainy day funds amid an uncertain banking environment.
Abercrombie & Fitch Inc raised its annual sales on Wednesday, banking on steady demand for its clothes and accessories even as inflation eats into household budgets.
Canada’s main stock index futures edged lower on Wednesday tracking a somber mood across markets on prolonged U.S. debt deal talks, while subdued earnings from two major domestic lenders also weighed on sentiment.
Negotiators for Democratic President Joe Biden and Republican Speaker Kevin McCarthy were expected to reconvene on Wednesday morning, a source familiar with the matter said, seeking a deal to raise the United States’ $31.4 trillion debt ceiling and avoid a catastrophic default.
Canada’s main stock index will rally less than previously expected in 2023 as higher borrowing costs cool the domestic economy and signs China’s recovery is slowing reduce prospects for its resource shares, a Reuters poll found.
Kohl’s Corp on Wednesday reported a surprise profit as the department store operator’s efforts to reduce excess inventory and slash costs under a newly appointed CEO started paying off, sending its shares up 12%.
HSBC is reviewing a possible exit from as many as 1 in 5 of the countries the lender operates in to sharpen its focus on Asian expansion, Chief Financial Officer Georges Elhedery told Reuters in his first interview since taking the role.
