{"id":186681,"date":"2020-08-27T22:39:05","date_gmt":"2020-08-27T22:39:05","guid":{"rendered":"https:\/\/stockchase.com\/discover\/?p=186681"},"modified":"2020-08-27T22:39:05","modified_gmt":"2020-08-27T22:39:05","slug":"optimism-with-canadian-banks-and-abbot-test","status":"publish","type":"post","link":"https:\/\/stockchase.com\/discover\/optimism-with-canadian-banks-and-abbot-test\/","title":{"rendered":"Optimism with Canadian banks and Abbot test"},"content":{"rendered":"

The TSX couldn’t return to morning highs and closed -0.35% on Thursday, despite good news that Canada’s current account deficit<\/a> had shrunk from $13.22 billion in Q1 to $8.63 billion in Q2. However, TD and CIBC concluded bank<\/a> earnings week by beating the street in Q3 profit. Strong earnings growth in the capital markets business offset weakness in virtually every other division. Looking ahead with some trepidation, bad loans may haunt the banks as government assistance and loan deferral programs wind down, but the banks assure investors that they are ready to cover those losses.<\/p>\n

Despite the good report, TD<\/a> rose only 0.05% though CIBC<\/a> climbed 1.91%. Up 10.1%, Tricon Residential<\/a> was Toronto’s biggest gainer after announcing a $300 million investment<\/a> from Blackstone REIT<\/a>, and Air Canada<\/a> traded at the heaviest volume, up 4.18%. Financials, real estate and telcos shone, while materials and tech lagged.<\/p>\n

On Wall Street, the U.S. Fed said it would let inflation rise above 2% to support employment levels and would keep interest rates low. The Dow responded by rallying 0.57% and the S&P by 0.17%, though the Nasdaq gave back some recent gains closing at -0.34%. American Airlines<\/a> climbed 3.87% on heavy volumes though AMD<\/a> slipped 2.58% as the tech rally took a day off. In COVID news, Abbot Labs<\/a> soared 7.85% after the U.S. FDA granted emergency approval for its $5, 15-minute COVID<\/a> test, which is the size of a credit card and may very well ease the woeful state of testing in America.<\/p>\n

🏛 Toronto Dominion<\/a> +0.05%
\n🏛 Canadian Imperial Bank of Commerce<\/a> +1.91%
\n🏛 Tricon Capital Group<\/a> +10.1%
\n🏛 Blackstone Group LP<\/a> +4.18%
\n🛫 Air Canada<\/a> +4.18%
\n🛫 American Airlines Group<\/a> +3.87%
\n💿 Advanced Micro Devices<\/a> -2.58%
\n💊 Abbott Labs<\/a> +7.85%<\/p>\n","protected":false},"excerpt":{"rendered":"

The TSX couldn’t return to morning highs and closed -0.35% on Thursday, despite good news that Canada’s current account deficit had shrunk from $13.22 billion in Q1 to $8.63 billion in Q2. However, TD and CIBC concluded bank earnings week […]<\/p>\n","protected":false},"author":12,"featured_media":174836,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"cwp_meta_box_check":"No","cwp_rev_product_name":"","cwp_rev_product_image":"","wppr_links":[],"cwp_rev_price":"","wppr_options":[],"wppr_pros":[],"wppr_cons":[],"footnotes":""},"categories":[178],"tags":[],"class_list":["post-186681","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily"],"wppr_data":{"cwp_meta_box_check":"No"},"_links":{"self":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts\/186681","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/comments?post=186681"}],"version-history":[{"count":0,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts\/186681\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/media\/174836"}],"wp:attachment":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/media?parent=186681"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/categories?post=186681"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/tags?post=186681"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}