Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Aug. 25 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
– Prices at the fuel pump could rise again as the OPEC+ alliance is poised to cut crude oil production. Reports on Thursday said Iraq and Kuwait threw their support behind Saudi Arabia’s call to reduce output come the alliance’s September meeting. However, should the United States and key European powers reach an agreement with Iran, the latter’s oil exports will return to the global market. The U.S presently has sanctions against Iranian oil over the latter’s nuclear program.
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– Although the Toronto-Dominion Bank saw its third quarter profits decline, the bank staved off more dire expectations. At C$3.21 billion, TD saw its profits fall nine per cent from the previous Q3. The main driver in the bank’s profits was its U.S. retail business in rising seven per cent at US$1.12 billion.
– Also beating expectations was the Canadian Imperial Bank of Commerce, which said its Q3 profits were down three per cent from a year ago. CIBC recorded profits of C$1.67 billion as its commercial and wealth management unit improved by 21 per cent year over year.
– The U.S. Federal Reserve is set to host its annual Jackson Hole policy symposium in Wyoming. The two-day symposium begins on Thursday and will be highlighted by Friday’s address from Fed chair Jerome Powell. His speech will indicate the direction the U.S. central bank is likely to take regarding interest rates. There are some analysts who believe Powell has become too hawkish in boosting interest rates to combat rising inflation.
