The following is a glance at the news moving markets in Canada and globally.
– Statistics Canada (StatCan) reported on Thursday that the country’s economy expanded at an annualized rate of one per cent in the fourth quarter of 2023. The agency cited a rise of exports as the primary reason for the economic growth, while housing and business investment were lower. In December, real gross domestic product (GDP) was flat while StatCan provided a preliminary estimate of 0.4 per cent growth in January. The Bank of Canada (BoC) will announce its next interest rate decision on March 6.
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– In a state of the nation address on Thursday, Russian President Vladimir Putin threatened nuclear conflict with Western nations if they send troops to fight in Ukraine. The remarks come days after French President Emmanuel Macron said that sending soldiers into Ukraine could not be ruled out. Putin claimed that Western nations are “selecting targets” for striking Russian territory and reminded that Russia has weapons which can strike the West if needed. Putin is all but guaranteed to be re-elected as president next month.
– Three Canadian banks reported a profit for the first quarter on Thursday. Toronto-Dominion (TD) Bank earned C$2 per share, ahead of analysts’ average estimate of C$1.94. Canadian Imperial Bank of Commerce (CIBC) saw revenue increase by 10 per cent compared to last year with earnings at C$1.81 per share on an adjusted basis. Laurentian Bank of Canada reported a first quarter profit of C$37.3 million, down from C$51.9 million from one year ago, while earning 91 cents per diluted share on an adjusted basis.
