Royal Bank of Canada is putting its leadership in the hands of David McKay, whose consumer-lending experience is a departure from the investment-banking background that propelled Gordon Nixon to chief executive officer 12 years ago.
Royal Bank of Canada, Toronto- Dominion Bank and Canadian Imperial Bank of Commerce joined the country’s other lenders in topping analysts’ estimates for third-quarter earnings, lifted by record profits in domestic consumer lending and wealth management.
Canadian stocks rose from a five-week low as telephone companies jumped the most in a two weeks amid speculation that Janet Yellen won’t rush to withdraw stimulus when she takes over as Federal Reserve chairman.
Canadian stocks rose, capping a fourth straight week of gains for the benchmark index, as an increase in metals prices boosted materials producers and China planned to remove the floor on lending rates.
Canadian stocks fell for a fourth day, the longest streak in two months, after data showed U.S. jobs and factory orders rose less than forecast and investors weighed the U.S. Federal Reserve’s stimulus plans.
Hedge funds cut bets on a gold rally by the most since February after the Federal Reserve laid out plans for reducing stimulus and this year’s drop in the value of exchange-traded products extended to $55 billion.