Compiled by MarketsFarm
WINNIPEG, May 25 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
- Two more of Canada’s major banks reported their second quarter profits were lower than the same time last year. On Thursday, the TD Bank Group said its Q2 profit for 2023 was C$3.35 billion compared to C$3.81 billion the year before. Also, the Royal Bank of Canada announced its Q2 profit was C$3.65 billion versus C$4.25 billion a year ago. A third bank, the Canadian Imperial Bank of Commerce, reported an increase in its Q2 profit of C$1.69 billion, up from C$1.63 billion in Q2 of 2022. On Wednesday, the BMO Financial Group and Scotiabank said their Q2 profits were down from those in 2022.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
- Germany’s Federal Statistical Office said on Thursday that the country’s gross domestic product contracted 0.3 per cent during the first quarter of 2023. Prior to that the German economy shrank 0.5 per cent in the last quarter of 2022, which suggests it’s in a recession. However, analysts pointed to increased employment and the easing of inflation, while interest rates remain high.
- Florida governor Ron DeSantis announced his bid to be President of the United States on Twitter Spaces on Wednesday. DeSantis joined a large field of candidates for the Republican Party nomination that includes former President Donald Trump, former U.S. ambassador to the United Nations Nikki Haley, South Carolina senator Tim Scott, and three others. Although having entered the race later than the main contenders, DeSantis is believed to have a sizeable campaign chest and is running second to Trump in opinion polls.
