Bank of Nova Scotia is betting on the market for no-frills, high-interest banking with a proposed C$3.13 billion ($3.16 billion) purchase of the Canadian unit of ING Groep NV in its biggest acquisition.
U.S. stocks rose, sending the Standard & Poor’s 500 Index to a two-year high, as a potential extension of tax cuts boosted shares and American International Group Inc. said it will repay its Federal Reserve credit line.
Toronto-Dominion Bank became the fifth Canadian lender to report third-quarter earnings that topped analysts’ estimates even as the country’s biggest lenders warn of a slowdown in consumer lending next year.
Treasuries slid, sending the 10-year yield to a six-month high, while the Standard & Poor’s 500 Index closed at the highest level since 2008 amid speculation the potential extension of U.S. tax cuts will spur growth. Copper rose to a record on signs the global recovery will stoke demand.
Toronto-Dominion Bank may continue to make acquisitions in the U.S. after increasing its bet there with the $6.3 billion purchase of Chrysler Financial Corp., capping a record quarter for U.S. takeovers by Canadian lenders.
Toronto-Dominion Bank is increasing its bet in the U.S. with the $6.3 billion purchase of Chrysler Financial Corp., capping a record quarter for U.S. takeovers by Canadian lenders as some European rivals retreat.