S&P/TSX Composite Index

PM Mark Carney To Pitch Canada As An Investment Hub at New York's Economic Club Today

TSX Now Up More Than 40 Pts; Had Lost 400 Plus Pts Over Last Two Full Days, Since Monday's Record Close

TSX Down Another 100 Plus Pts, Adding to 400 Plus Pts Lost Over Last Two Full Days, Since Monday's Record Close

S&P Futures Down 0.25% and Nasdaq 100 Futures Down 0.5%

TSX Closer: The Index Falls for a Second Day After Monday's Record Close Amid Rise In Canadian Credit Stress

The Toronto Stock Exchange closed lower on Wednesday, falling for a second session following Monday's record close, on more profit taking and weak commodity prices, while one analyst said Bank of Nova Scotia's (BNS.TO) credit outlook "becomes more cautious" after it reported fiscal second-quarter earnings and a pair of economists noted credit stress is "rising, not breaking" in Canada.The resources-heavy S&P/TSX Composite Index closed down 241.82 points, or 0.7%, to 34,412.05, adding to the near 170 points lost Tuesday. Most sectors were lower, led by Energy, down 2.35% on lower oil. Base Metals eased about 0.2%, not helped by a drop in the gold price. Among gainers, both Industrials and Telecom rose by about 0.7%, respectively.The Financial sector lost near 0.3% on a day when the trio of Scotiabank, Bank of Montreal (BMO.TO) and National Bank (NA.TO) each reported their respective fiscal Q2 results. Canadian Imperial Bank of Commerce (CM.TO), Royal Bank of Canada (RY.TO) and Toronto-Dominion Bank (TD.TO) will each report theirs Thursday.On Scotiabank, National Bank noted it reported Q2 core cash EPS of $2.02 versus a National Bank estimate of $1.87 and consensus of $1.93. Among key takeaways, National Bank said although Scotiabank beat its, and consensus, expectations, it has a "mixed view" of the quarter. On the positive side, National Bank said the Canadian P&C business delivered its best quarter in a long time, an important "deliverable" vis-a-vis Scotiabank's double-digit EPS growth target for the year. But on the negative side, National Bank said Capital Markets results missed consensus expectations and the bank's guidance range. More importantly, it added, credit losses were higher than expected, which resulted in the adoption of more conservative second half credit performance guidance. National Bank has kept a sector-perform rating and C$106 target on Scotiabank's shares.Still on credit stress in Canada, the National Bank Economics and Strategy Group noted total debt in insolvency reached its highest level since the 2009 financial crisis in the first quarter, according to data from Equifax. Economists Daren King and Matthieu Arseneau said this increase may seem alarming and raises concerns about the financial health of Canadian households. But, they asked, is the situation really as concerning as it seems?To gain a clearer picture, the National Bank duo analyzed data from the Office of the Superintendent of Bankruptcy, which tracks the total number of insolvency filings (bankruptcies and consumer proposals) across the country. They noted this data also shows that the number of insolvencies reached its highest level since the financial crisis in the first quarter. However, King and Arseneau said, two adjustments are necessary to correctly interpret the trend in insolvencies. The first concerns seasonality, since the first half of the year is historically associated with a higher volume of insolvencies. The second involves accounting for the strong population growth observed since 2009, as the Canadian population has increased by approximately 25% over this period.According to the pair, once the data is seasonally adjusted and expressed on a per capita basis, the insolvency rate remains well below the peak reached in the wake of the financial crisis and is even below its pre-pandemic level of 2019. They said the upward trend observed since 2022 therefore reflects a normalization from an exceptionally low pandemic trough rather than a widespread breakdown in household credit. This does not mean, however, that the situation should be downplayed, they added."The rise in the insolvency rate over the past year reflects a more fragile labour market, high interest rates, and a still-high cost of living, particularly for housing, food, and energy, which continue to put pressure on many households. However, the data does not support the narrative of systemic credit risk suggested by some media headlines. The most accurate interpretation remains more nuanced: financial strains are increasing, but their magnitude remains moderate by historical standards for now," King and Arseneau said.Of commodities, West Texas Intermediate crude oil plunged 5.6% on expectations the United States and Iran are nearing a deal to reopen the Strait of Hormuz and end the largest-ever energy supply shock. WTI crude oil for July delivery closed down US$5.21 to settle at US$88.68 per barrel, the lowest since April 20, while July Brent oil was down US$5.30 to US$94.28.Also, gold fell to a two-month low, even as the dollar dipped and oil prices weakened ahead of an expected peace deal to end the war on Iran, easing inflation worries. Gold for July delivery was down US$52.60 to US$4,482.40 per ounce, the lowest since March 26.

TSX Down 100 Points With Energy The Biggest Decliner

The Toronto Stock Exchange is down 103 points with most sectors lower.The biggest decliners are energy (-1.4%), on lower oil prices, and healthcare (-1.3%).Limiting losses are gains in telecoms (+1.6%) and industrials (+0.6%).In stocks, BMO (BMO.TO), Scotiabank (BNS.TO) and National Bank (NA.TO) beat consensus estimates on EPS and revenue. The banks also delivered better than expected PCLs, against analyst expectations of marginally higher provisions. All three banks also announced dividend increases.In other news, Prime Minister Mark Carney said today that Canada has entered negotiations to procure GlobalEye, an airborne warning and control system (AEW&C) created by Sweden's Saab. The radar system is integrated into Bombardier's (BBD-B.TO) Global 6500, transforming the corporate jet into a surveillance aircraft. In a statement, Bombardier said it is entering into talks with Saab to lead the modification program and lead Canada's industrial role in potential exports of this solution.

TSX Now Down Nearer 90 Pts, Was Even Lower Early Wednesday; But Adding to 170+ Pts Lost Tuesday When It Fell From a Record Close

S&P Futures Up 0.3%

TSX Closer: The Index Falls From a Record Close Ahead of Canada's Banks Earnings Season

The resources-heavy Toronto Stock Exchange closed lower on Tuesday, falling off the record high set a day earlier on some profit taking and weaker commodity prices, while nagging economic concerns continue to weigh, with Canada's big banks facing rising insolvencies amid a weak housing market and National Bank saying Ottawa's trade-diversification target has a scale problem.The S&P/TSX Composite Index fell 177.02 points, or 0.5%, to 34,653.87. Most sectors were higher, led by the Battery Metals Index, up 5.5%, and Base Metals, up 2%, despite a lower gold price. Decliners were led by Info Tech, down 1.6%, and Health Care, down 1.3%.Financials was also down 0.5% ahead of the start of bank earnings season on Wednesday.Profits at Canada's largest banks are expected to have increased despite trade tensions, the Middle East conflict and broader economic uncertainty, but now face tougher tests as more consumers struggle to pay debts and a subdued housing market weighs on their core domestic business, according to a Reuters preview.The big banks; Royal Bank of Canada (RY.TO), Toronto-Dominion Bank (TD.TO), Bank of Montreal (BMO.TO), Bank of Nova Scotia (BNS.TO), Canadian Imperial Bank of Commerce (CM.TO) and National Bank of Canada (NA.TO), which together control more than 90% of the market, are expected to report strong second-quarter earnings starting on Wednesday, helped by trading revenue and their capital markets businesses, Reuters said."Banks have been beating expectations consistently for the past two years, With credit losses stubbornly elevated and margin expansion potentially stalling this quarter, the onus falls on the capital markets business to deliver, yet again," National Bank analyst Gabriel Dechaine is cited as saying.On the economy, National Bank said Statistics Canada's 2025 goods exporter data underscore the scale problem embedded in Ottawa's ambition to double non-U.S. exports within the next decade. The bank cited a chart that shows Canada counts nearly 48,000 goods exporting enterprises, but 82% of them employ fewer than 50 workers despite accounting for only 14.3% of total goods exports, while firms with 500 or more employees represent a tiny fraction of exporters but close to 60% of export value."This is not a marginal complication. Diversification is not simply a matter of redirecting shipments away from the U.S. market; it requires financing, compliance capacity, distribution networks, foreign-market intelligence, currency-risk management and the ability to withstand a long sales cycle before new relationships become profitable," National Bank said."For smaller firms, the constraint is structural because many are embedded in North American supply chains built around proximity, recurring customer relationships, integrated logistics and production specifications that are not easily replicated overseas."National Bank added: "The irony is that Ottawa's target may be easier to meet in aggregate than in substance. Canada can raise non-U.S. export values through commodities and other scale-intensive sectors where global demand is deep and output is more readily redirected across markets. But that path does less for the employment-intensive parts of the export base, where supply-chain links are stickier and diversification costs are proportionally higher. The result is a policy tension that could be masked by headline GDP. A resource-led export pivot may improve the arithmetic of diversification while smaller exporters face higher costs, thinner margins and greater risk of lost capacity. If building scale is part of the desired outcome, then trade policy cannot be separated from the domestic incentives that shape firm size, including the small-business tax kink highlighted in our MCIA/RBI work."Of commodities, gold edged lower by midafternoon Tuesday even as the dollar and yields fell as fresh U.S. strikes on Iran heightened concerns over the progress of peace talks between the two countries. Gold for July delivery was down US$16.90 to US$4,539.50 per ounce.Also, West Texas Intermediate crude oil closed lower on uncertainty around geopolitical tensions across the Middle East. WTI crude oil for July delivery closed down US$2.71 to settle at US$93.89 per barrel, while July Brent oil was last seen up US$3.40 to US$99.54.

Market Chatter: Toronto Power Outage Affects Wide Swath of Financial District

More than 400 customers in Toronto remain without power after a fire at a transmission station caused outages in the downtown core, according to utilities Toronto Hydro Corp. and Hydro One Ltd., Bloomberg is reporting Tuesday.The disruption began after 11:30am local time, affecting more than 1,200 customers in a dense area populated with office towers, hospitals, academic institutions and shops, the report said. A single customer may include several tenants and occupants, it added, while noting power has since been restored to nearly 900 customers, according to Toronto Hydro's outage map."While we don't have a confirmed estimated time of restoration, we have been able to work with Hydro One to restore power to some impacted customers," Toronto Hydro said in a social media post. Fire crews are clearing a transmission station site, Hydro One said in its own social media post, and it will assess damage afterward.(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

TSX Down 200 Points at Midday With Most Sectors in The Red

The Toronto Stock Exchange is down 200 points at midday with most sectors lower.The worst performers are healthcare and technology, down 2.4% and 1.8%, respectively.Miners and energy, up 1.2% and 1.4% respectively, are the biggest gainers.Tuesday's losses on the TSX come as Canadians got another reminder that economic pressures persist.A new report from Equifax Canada says insolvency volumes have risen to the highest level since 2009 amid escalating financial strain on homeowners. The firm's first-quarter market pulse report on consumer credit trends says systemic risks persist even while Canadians are staying financially disciplined to cope with economic challenges. Insolvency volumes for the quarter were up 18.8% year-over-year, indicating that many consumers "may have reached a financial inflection point," it said.

TSX Down 150 Pts After Hitting Record Highs on Monday

Lode Gold Resources and Apex Resources Among Latest TSX Venture Co To Adopt Semi-Annual Reporting

S&P Futures Up 0.6% and Nasdaq 100 Futures Up 1%

TSX Closer: Index Posts Record Highs Even As RBC and National Bank Both Try and Put the Oil Price Shock In Context

The resources heavy Toronto Stock Exchange raced to fresh record intraday and closing highs after rising for a fourth straight session on Monday, even as a sharply lower oil price prompted both RBC and National Bank to try and put the related market shock in context.Today the TSX closed up 359.53 points or 1% at 34,830.89 with most sectors higher. After climbing above 34,840 early in the session, the index then succumbed to some likely profit taking, but then it recovered from nearer 34,700 mid-afternoon.According to Dow Jones Market Data, FactSet the TSX going in to Monday was month-to-date up 1.49% and year-to-date up 2,758.60 points or 8.70%.Base Metals led gainers (up 2.3%) as gold traded higher by midafternoon Monday with the U.S. dollar falling on hopes the United States and Iran are nearing a deal to end the three-month war that has caused the largest-ever energy supply shock. Gold for July delivery was up $49.60 to US$4,606.00 per ounce in electronic trade, with markets closed for the Memorial Day holiday.But Energy was down 3.3% as oil traded sharply lower midafternoon Monday, falling more than 6% as peace negotiations between Iran and the U.S. continue, raising hopes for a deal that will reopen the blockaded Strait of Hormuz. West Texas Intermediate crude oil for July delivery was last seen down US$6.21 to US$90.39 per barrel in electronic trade, with markets closed for the Memorial Day holiday, July Brent oil was down US$7.40 to US$96.14.RBC today moved to put the oil price shock in context, and noted lots of focus on the nominal price of oil (Brent/WTI). The bank said nominal prices matter for inflation, but added the real oil price (i.e. cost per barrel divided by the price level or equivalently the CPI adjusted price of oil) matters for real GDP growth.Among observations, RBC noted the current real price of oil is around the average since 2006. "Oil is neither low nor high." It also noted that to reach the real oil price high in 2022, the nominal price needs to rise to US$131 (+25% compared to current WTI); to reach the average real oil price between 2011-14, the nominal price of oil needs to reach $143 (+38%); and to hit the 2007-2008 average real oil price, the nominal price needs to hit $164 (+58%).In looking at what does it potentially mean, RBC said, yes, the nominal price will cause headline inflation and maybe cause a rise in core inflation.According to RBC, economies generally managed growth "just fine" since 2006 with a similar real oil price as now, and demand destruction is probably a long way off. The bank noted oil intensity, the volume of oil required to generate one unit of gross domestic product (GDP), has been steadily falling over the past 40 years (down 50% since the mid-70s) and particularly in the past 20 years due to improvements in technology & transportation. "Thinking about it another way, the U.S. consumes roughly the same amount of barrels now as in the mid-70s, but real GDP is higher by a magnitude of 3.5x. So, an oil shock has been having a smaller impact on demand/consumption/GDP over time," RBC added.For policymakers, RBC said "the inflation consequences are real while the demand implications are murkier." To protect against the worst outcome (inflation), policy might need to be tightened, even if reluctantly, the bank added. "Now if a US-Iran deal caused oil to fall materially, the calculus would shift significantly less hawkish. This is a generic conclusion on central bank reaction functions."Elsewhere, Ethan Currie and Taylor Schleich over at National Bank noted economic data in Canada has "stumbled out the gate" so far in 2026, both in absolute terms (for example, the year-to-date employment decline) and relative terms (compared to consensus expectations).Indeed, last week, Canada's economic surprise index reached its lowest level since the fall of 2022, they said. "Back then, the Bank of Canada was bludgeoning the economy with rate hikes, after an oil supply shock that began earlier in the year contributed to an inflation surge. Sound familiar?," the National Bank added.But when it comes to the economic and inflation environment in 2026, this time is different, allowing the Bank of Canada to take a more patient policy approach, according to the National Bank duo.

Asian Television Network International Latest TSX Venture Co To Adopt Semi-Annual Reporting

TSX at a Record High, Up 340 Points at Midday

The Toronto Stock Exchange is at a record high at midday, gaining 340 points, as hopes rise that a deal to end the U.S.-Iran was could be near, and oil prices fall.The best performers are the materials and technology sectors, both up 2.2%. Energy is also higher, up 0.9%.Telecoms, down 0.03%, is the sole decliner.On the economics front, Statistics Canada said on Monday that the advance results for April indicate wholesale sales, excluding oil, oil products, and other hydrocarbons and excluding oilseed and grain, edged up 0.1% month over month. The increase partly reflects higher sales in the building material and supplies subsector, noted the country's statistical agency.

Increasing Number of TSX Venture-listed Cos Announcing Adoption Of Semi-Annual Reporting; Co Tickers Attached

Increasing Number of TSX Venture-listed Cos Announcing Adoption Of Semi-Annual Reporting; Co Tickers Attached

ArcWest Exploration Among Latest To Announce Adoption Of Semi-Annual Reporting

Comet Lithium Among Latest To Announce Adoption Of Semi-Annual Reporting