Darko Mihelic News
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Canadian stocks rose for a second day amid better-than-estimated U.S. economic data and as European shares rebounded on gains in Italian bonds.
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Bank of Montreal reported first- quarter profit that beat analysts’ estimates as higher earnings from investment banking and the U.S. offset a slowdown in consumer lending in Canada. The bank raised its dividend 2.8 percent.
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Canada’s banks, recognized as the world’s strongest after a year of record profits and rising share prices, will begin to show the effects of a slackening in domestic consumer lending when they report first-quarter results next week.
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Canadian Imperial Bank of Commerce, the country’s fifth-largest lender, may take a C$211 million ($202 million) debt writedown that would lower third-quarter profit, according to Cormark Securities Inc. analyst Darko Mihelic .
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In 15 years of managing money at Mawer Investment Management Ltd., Jim Hall has avoided one name among Canada’s five main banks: Canadian Imperial Bank of Commerce.
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Bank of Canada Governor Mark Carney ’s plea for households to cut debt, which surpassed the U.S. for the first time in 12 years, is starting to get through to homeowners like Gary Taitt. That may crimp earnings at the country’s biggest banks.
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Canadian stocks rose, paring a weekly decline, after European nations other than the U.K. agreed to adopt tougher budget rules to save the euro currency.
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Canadian Imperial Bank of Commerce, the country’s fifth-biggest lender, said first-quarter profit topped analysts’ estimates, led by consumer lending and wealth management. The company may sell its FirstLine Mortgages broker.
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Canadian stocks rose for the first time in six days as oil and metal prices gained after Japan pledged to buy European bonds to ease the sovereign-debt crisis.
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Canadian bank stocks have soared relative to their global peers, prompting investors to rethink their stakes in the world’s safest financial-services firms.
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