The S&P/TSX Composite Index slipped slightly on Thursday, holding just above the 36,500 level. A rebound in oil prices rekindled inflation worries, countering the generally upbeat series of bank earnings released this week.
Crude prices advanced after the United States and Iran exchanged accusations following Washington’s pledge to ratchet up economic pressure on Tehran by imposing sanctions on its trading partners, reigniting concerns over higher energy costs.
Royal Bank of Canada (RBC) fell more than 1% even as it reported third-quarter profit of C$6 billion, up from C$5.4 billion a year earlier, supported by robust performance in wealth management, capital markets, and commercial banking. Canadian Imperial Bank of Commerce (CIBC) slipped 0.5% despite beating analyst expectations, helped by stronger-than-anticipated results in its capital markets and retail banking divisions. In contrast, Toronto-Dominion Bank (TD) rose more than 0.5% after posting a 38% increase in net income, driven by solid contributions from its US operations and a sharp rise in wholesale banking profit.
