Bank Earnings Begin on Turnaround Tuesday for Markets

Canada Earnings

Stocks and currencies have reversed course overnight. Coming off a Monday of 0.4% to 0.9% losses for US large cap indices and a 1.3% drop for the small cap Russell 2000, US index futures are up 0.1% to 0.4% this morning. Overseas, the DAX is up 0.6%, the FTSE is up 0.3%, the Hang Seng gained 0.2%, and the Nikkei was steady.

Bitcoin is up 2.3%, erasing some of yesterday’s losses, while Gold is down 0.9% giving back some of yesterday’s gains, indicating that fear among investors may be starting to subside. The US has generally stabilized and has rebounded against the Yen.  Commodities are soft today with Copper down 0.5% and Crude Oil down 0.3%.

Canadian bank earnings week is off to a mixed start. Boosted by stronger banking and wealth management results, the Bank of Nova Scotia beat the Street on earnings ($1.93 vs Street $1.84, excluding restructuring charges) and revenues ($9.80B vs Street $9.43B). The provision for credit losses, however, was worse than expected ($1.11B vs Street $1.08B). Bank earnings continue tomorrow with results due from RBC and National Bank.

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