Mixed Bank Earnings, Looming Recession Fears, Business Bankruptcies Surge in Canada; First Quantum’s Panama Mine Contract Deemed Unconstitutional
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Canada's Big Six banks reported mixed fourth-quarter earnings results, with RBC, National Bank, and CIBC topping forecasts while TD, BMO, and Scotiabank fell short. TD announced job cuts to control costs.
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Canada narrowly avoided a technical recession but still faces a "bumpy landing" ahead as consumer spending and exports decline.
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Business bankruptcies in Canada have spiked over 60% this year compared to last, far surpassing the more moderate increase in the U.S.
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Panama's top court ruled First Quantum's contract to operate a major copper mine there is unconstitutional, jeopardizing the company's future operations.
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Some new home buyers are offering discounts to escape deals they can no longer finance, reselling preconstruction contracts for less than they paid.