Futures tracking Canada’s stock market were little changed on Thursday as major bank earnings continued to roll in. CIBC, TD Bank, and RBC all reported earnings per share and revenue above expectations, extending this week’s broadly positive run of bank results.
On the geopolitical front, Qatar’s prime minister is set to visit Tehran on Thursday to advance mediation efforts following an escalation in tensions between the US and Iran. The two countries have traded accusations after Washington vowed to increase economic pressure on Tehran by imposing sanctions on Iran’s trading partners.
Oil prices rebounded, driving bond yields higher as renewed concerns about energy costs weighed on credit-sensitive equities.
In trade developments, and against the backdrop of ongoing tensions with the US, Canada on Wednesday removed seafood and fish products from its list of retaliatory tariffs on American imports. That move came a day after Ottawa announced new levies on roughly $20 billion worth of US goods. The US, for its part, imposed 50% tariffs on $20 billion of Canadian imports on Saturday, including automobiles and auto parts.
BRP is scheduled to report earnings today.
