Analysts predict that this week's bank earnings will mark the final quarter before lower interest rates encourage increased mortgage renewals and higher consumer spending in Canada. The release of Canada's unemployment rate for November by Statistics Canada is also anticipated, with implications for the Bank of Canada's rate decision on December 11.
Analysts anticipate this week's release of bank earnings to be the last quarter before lower interest rates encourage more Canadians to return to the real estate market, leading to a wave of mortgage renewals and increased consumer spending . Despite growing profits, banks have also increased provisions for consumer debt they consider risky. In the U.S., UnitedHealth and CVS Health removed leadership photos from their websites following a shooting.
Statistics Canada will release November’s unemployment rate, a key report before the Bank of Canada's rate decision on December 11. TD, Canada’s second-largest lender, scrapped its mid-term outlook due to anti-money laundering failures, leading to a penalty of over US$3 billion. The bank needs to revamp its risk and compliance team and governance structure, and upgrade its technology platforms
Bank Earnings Lower Borrowing Rates Consumer Spending Mortgage Renewals TD Bank Anti-Money Laundering Unemployment Rate Bank Of Canada
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