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Buyers have more choice in Canada’s slowing fall housing market
RBC analysis of the October resale market argues higher interest rates have the fall housing market “stuck in a low gear” Buyers are still finding they have more options to choose from, leading to a “rebalancing of market conditions.”
It might be time to go 'bargain hunting' for small cap stocks, strategist says The Russell 2000 just had its best week in more than two years. RBC capital markets head of US equity strategy Lori Calvasina sees opportunity for small caps. The group of stocks has more debt set to mature in the next five years.
StatCan to release data on how Canada’s job market did in October Statistics Canada is set to release its October labour force survey Friday morning. RBC says it expects the economy added a modest 15,000 jobs last month, and that the unemployment rate ticked higher to 5.6 per cent.
Canada Parliament panel asks Ottawa to reject RBC, HSBC... The finance committee of Canada's House of Commons lower chamber has asked Ottawa to reject RBC's C$13.5 billion acquisition of HSBC's domestic unit. The committee's report late Wednesday comes weeks after the Competition Bureau approved the transaction. The deal has gathered opposition.
Canada needs to nearly double immigration rate in the long run: RBC Canada will hold its target of annual newcomers steady at 500,000 people starting in 2026. Immigration Minister Marc Miller tabled the Immigration Levels Plan in Parliament. A report by RBC economist Cynthia Leach said that while the labour market will not feel the pinch in the short term, Canada needs immigrants.
RBC to pay $6 million penalty to settle US SEC charges... RBC to pay $6 million penalty to settle US SEC charges for internal accounting violations. SEC said RBC's accounting controls from 2008 through 2020 failed to ensure that the bank accurately accounted for its internally developed software project costs.
Finance committee MPs ask federal government to reject RBC-HSBC deal | CBC News Competition Bureau has approved the transaction, but deal has attracted opposition. RBC said it expects to close the deal by late 2023. The last time a deal of this size was attempted in Canada was in the early 1990s.
Finance committee calls for feds to block RBC-HSBC deal on competition concerns The House of Commons finance committee has called on the Finance Minister to block RBC's $13.5-billion takeover of HSBC Canada. The committee says there are already very few financial institutions in the Canadian banking sector. The takeover has already been approved by the Competition Bureau, but still requires approval from Finance Minister.
Statistics Canada set to release GDP report for August RBC says it expects the economy shrank in the third quarter, which would mark a second consecutive quarterly contraction. The Bank of Canada’s most recent projections suggest the economy will remain weak for the rest of the year and into 2024.
MARKET REPORT: NatWest feels broker heat over gloomy prospects Analysts at Citi, Barclays, RBC, Berenberg and JP Morgan slashed their target prices on the stock. Jefferies lowered its rating to ‘underperform’ from ‘buy’ NatWest slid 2.1 per cent, or 3.85p, to 178.15p.
Poll: Canadians 'Losing Sleep' Worrying About Money, Especially Young Adults A recent Royal Bank of Canada (RBC) survey found that many Canadians have trouble sleeping due to money worries. The younger the respondents, the more anxious they were in many cases. Compared to the national average, people in Western Canada and the Atlantic provinces consistently reported feeling more stressed out financially.
Bank layoffs in Canada: Here's what it could mean, according to experts Last week, Desjardins laid off nearly 400 employees and Scotiabank announced it would cut 3 per cent of its global workforce. RBC's planned cuts come as a cost-saving strategy following the weight of high expenses in the third quarter. For the banking industry, factors such as rising interest rates and less than favourable third-quarter results are leading to cuts.
Home resales fall by 1.9 per cent across Canada, new listings on the rise: RBC Home resales fell by 1.9 per cent across Canada in September. It's the third month in a row that resale rates have dropped, according to a new report by RBC. In September, the number of listings surpassed pre-pandemic levels for that time of year by 10 per cent.
Earnings season off to strong start despite 'uncertain macro' environment ahead After two quarters of declines, EPS for S&P 500 companies is up 1% compared to the same quarter last year. RBC Capital's head of US equity strategy Lori Calvasina described the start of earnings season as "solid" Despite challenges such as sticky inflation and a higher for longer stance from the Federal Reserve, RBC raised its S-P 500 EPS forecast.
Stock market crash: 3 reasons the next recession is still coming Piper Sandler's Michael Kantrowitz sees a recession ahead for the US economy. He says unemployment claims data often looks benign before revisions make a trend more obvious. According to RBC, the average recessionary bear market is a stock drawdown of 32%.
ANALYSIS | Is the carbon tax an easy scapegoat for high food prices? | CBC News Affordability arguments in favour of killing the tax ignore the impact climate change has on food prices. In June, economists at RBC reported that, while food price inflation was expected to slow, a return to pre-pandemic prices was unlikely.
A 47-year mortgage? They're out there — and even longer ones could be coming | CBC News Banking regulator says about $250B worth of home loans are either currently or soon to be negatively amortized. RBC and Scotiabank do not originate mortgage products with negative amortization.
Calgary police seek information on suspects believed to have deposited counterfeit cheques Calgary police are asking for help identifying two people believed to be responsible for depositing counterfeit cheques netting more than $86,000 this year. On June 1 and 2, the two people entered four separate Royal Bank of Canada (RBC) locations and attempted to deposit four fraudulent cheques. One of the suspects is described as a man with a medium build, had short, dark hair and a beard.
Canada's RBC injects capital into unit City National to strengthen liquidity Royal Bank of Canada said it had injected capital into City National. Bank did not disclose how much capital it has injected into the unit. RBC had said it planned to cut about 1,800 jobs to reduce costs.
Canada's RBC injects capital into unit City National to... Canada's RBC injects capital into unit City National to strengthen liquidity. RBC had said that it planned to cut about 1,800 jobs to reduce costs.
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