|Bid||74.12 x 0|
|Ask||74.14 x 0|
|Day's Range||73.92 - 74.39|
|52 Week Range||71.22 - 77.96|
|Beta (5Y Monthly)||0.95|
|PE Ratio (TTM)||11.86|
|Earnings Date||Feb. 26, 2020|
|Forward Dividend & Yield||2.96 (3.99%)|
|Ex-Dividend Date||Jan. 07, 2020|
|1y Target Est||78.57|
TORONTO , Jan. 20, 2020 /CNW/ - TD Asset Management Inc. ("TDAM") today announced the January cash distributions for the TD Exchange-Traded Funds (the "TD ETFs") listed below. Unitholders ...
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(Bloomberg Opinion) -- Every year for the past decade I have been making a list of what I got wrong. This act of contrition allows me to own my mistakes, recognize my fallibility and learn from the experience. I hope you find some value in doing the same exercise.Let’s get to the errors:No. 1. Trading commissions: Last February, I cited a Morningstar survey that found that “fees fell 8 percent in 2017, the largest one-year decline ever reported.” It seemed, according to data on fees, that the point of diminishing returns had been reached. “The race to zero may be reaching its natural limits,” I wrote.Boy, did Charles Schwab Corp. prove me wrong.Although commission-free trading has been around awhile, it was either a niche product or offered as a teaser for other products. After investment giant Schwab said in October that it would offer commission-free trading, everyone from Fidelity to Vanguard to TD Ameritrade followed suit.One caveat: There is no free lunch, and free trading means that offsetting fees may be hidden or buried in the fine print. I continue to believe that, at least in finance, cheap is better than free. No. 2. University endowments underperform: Each October, many college endowments release their investment performance data for the past fiscal year. I wrote about the Ivy League endowments and how they had failed to beat benchmark returns.But I made an assumption that the benchmark these endowments were being compared against was a globally diversified portfolio. I was wrong. As it turns out — buried in a footnote of the research I relied on — the benchmark used for the study was a domestic portfolio. This is not a good comparison because the endowments invest globally. It stands to reason that they would look like laggards in a period of U.S. market outperformance versus the rest of the world. The lesson learned: The footnotes matter — a lot.No. 3. Brexit: I have been saying that the British will eventually come to realize that Brexit is a self-destructive and needless exercise and eventually would reverse the referendum mandating that the U.K. leave the European Union. I said it here, here and here.The election as prime minister of Boris Johnson, an opportunistic Brexiteer, pretty much means that the exit is going to be fast-tracked in a way that his predecessor, Theresa May, could never manage. There is no need to wait for it to be official: I was wrong about Brexit. The only argument left is whether the U.K. will leave the EU with or without a deal setting the terms of the departure.No. 4. Fiduciary rule: I have long argued that the brokerage industry owes consumers a higher level of care than now on offer and that putting client interests first should be the standard. In other words, rules should require brokers to serve as fiduciaries rather than as the glorified used-car salesmen that they historically have been.Despite opposition from the brokerage industry to any rule change, investors have been voting with their dollars and hiring financial advisers that conform to this better standard. It is all but inevitable, I wrote, that this fiduciary standard would be adopted by the industry, albeit with a nudge from the government.But I underestimated what the deeply motivated and deep-pocketed brokerage industry can accomplish in a deeply corrupt Washington. For now, rules requiring the adoption of the fiduciary standard are on hold.No. 5. Facebook didn't flip the 2016 election: I made a mistake on the long-running debate about the role of a weaponized Facebook in the 2016 election, arguing that very few people change their minds based on social media. Mostly, I argued, social media is a giant echo chamber and that people aggressively avoid ideas that challenge their established opinions.Given how close the 2016 election was — decided by a tiny share of the votes cast in three or four states — I am willing to admit that maybe Facebook content did persuade a few people to change their votes or stay home. Theoretically, this could have swung the election. And while I was predisposed to discount the role of social media in 2020, I now believe it could matter a lot. Let’s hope the 2020 election isn’t so close that the role of social media even matters.To contact the author of this story: Barry Ritholtz at firstname.lastname@example.orgTo contact the editor responsible for this story: James Greiff at email@example.comThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Barry Ritholtz is a Bloomberg Opinion columnist. He is chairman and chief investment officer of Ritholtz Wealth Management, and was previously chief market strategist at Maxim Group. He is the author of “Bailout Nation.”For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
TD Announces Results of Conversion Privilege of Non-Cumulative 5-Year Rate Reset Preferred Shares, Series 5 (NVCC)
(Bloomberg) -- Oil erased some of the losses that followed the U.S. inventory report after the U.S. and China inked the first phase of a broader trade pact on Wednesday.Futures in New York settled 0.7% lower after falling as much as 1.5% earlier. China agreed to buy $52.4 billion of additional U.S. energy products as part of a landmark trade deal signed by the world’s two top economic superpowers. But a bearish US government report that showed swelling fuel inventories held back further gains from the newly minted deal.Oil rebounded from a low because of the signing of the initial U.S.-China trade deal, said Bart Melek, head of global commodity strategy at TD Bank in Toronto. “This agreement could pave the way for global demand to improve after nearly two years into the dispute.”Still, U.S. crude futures remained under pressure as traders focused on the nearly 15-million-barrel rise in U.S. petroleum inventories to the highest in four months, a sign of weak demand. At the same time, domestic oil production hit a fresh record.Additionally, the Organization of Petroleum Exporting Countries increased its forecasts for growth in output from non-members this year. This comes as tension between the U.S. and Iran is fading since the killing of an Iranian general earlier this month, easing concerns about supply from the Middle East.West Texas Intermediate crude for February delivery settled 42 cents lower to $57.81 a barrel on the New York Mercantile Exchange, after earlier falling to as low as $57.36.The prompt WTI futures spread remained in contango, a relationship normally suggesting oversupply. The February contract traded as low as a 7-cent discount to March.Brent futures for March settlement fell 49 cents to $64 a barrel on the ICE Futures Europe exchange. The global benchmark crude traded at a $6.16 premium to WTI for the same month.The EIA report shows U.S. gasoline stockpiles rose 6.68 million barrels last week, while distillate supplies increased 8.17 million barrels. In particular, the dip in distillate demand is counter seasonal, and likely due to recent warmer weather in the Northeast. U.S. crude production hit 13 million barrels a day. The rise in fuel stocks and production overshadowed the 2.55-million-barrel decrease in oil stockpiles.\--With assistance from James Thornhill, Elizabeth Low and Grant Smith.To contact the reporter on this story: Sheela Tobben in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: James Herron at email@example.com, Mike Jeffers, Christine BuurmaFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- With a trade deal nearly signed and China’s economy on steadier footing, the path for China’s yuan to strengthen is now wide open.The currency on Tuesday touched its highest since July in the offshore market, after punching through 6.9 per dollar for the first time in more than five months on Monday. The latest leg up came from news of the Trump administration removing China from its designation as a currency manipulator.China’s currency has now recouped about a third of the losses it sustained against the dollar since mid-June 2018, when U.S.-China trade tensions soared as President Donald Trump pressed ahead with waves of tariff hikes. The exchange rate has also benefited lately from rising confidence that China has arrested an economic slowdown.Some now predict the currency will touch 6.8 per dollar within three months -- a level not seen since May last year.“Having a stronger currency is one way to show good will,” said Mitul Kotecha, a senior emerging-markets strategist at Toronto-Dominion Bank in Singapore. “Signs of a gradual, as opposed to rapid, slowdown in China’s economy and limited decline in China rates will provide support to the currency.”With Chinese Vice Premier Liu He expected to seal the partial Sino-American trade deal in Washington Wednesday, the Trump administration said Monday China had made “enforceable commitments” not to devalue the yuan and had agreed to publish exchange-rate information. The U.S. Treasury still kept China on a monitoring list for foreign-exchange practices.The yuan has also been advancing more broadly, climbing the past four sessions against a basket of trading partners’ currencies. The strengthening has helped bolster sentiment in stocks, with the CSI 300 Index closing at its highest level in almost two years Monday. Shares of Chinese companies also surged in Hong Kong.China’s currency weakened past the key 7 per dollar level for the first time in a decade in August, when tensions between the two nations escalated. The yuan’s slide last year reignited one of Trump’s favorite criticisms of China: that Beijing weakens its currency to aid exporters.Now, investor optimism over the economy and trade has kept the currency on the strong side of 7 for more than two weeks. With technical indicators flashing bullish signals, multiple measures of expected volatility are hovering near their lowest in about five months, signaling a reluctance among traders to hedge against swings. The yuan has gained more than 4% since September’s nadir.Why the U.S. Labeled China a Currency Manipulator: QuickTakeSome yuan watchers are advising caution. Cliff Tan, head of global markets research for East Asia at MUFG Bank Ltd., says expectations of fiscal stimulus may be running too high. Khoon Goh, head of Asia research at Australia & New Zealand Banking Group Ltd., says the yuan’s strength is temporary, as it’s partly related to corporate spending and exporter conversion before the Lunar New Year.Analysts started revising their 2020 forecasts for the yuan last month, following news that Beijing and Washington reached an agreement. Evidence that a slowdown in the world’s second-largest economy may not be as bad as feared has also helped, with recent data showing that China’s manufacturing sector continued to expand in December.Expectations that authorities will add to policies supporting growth -- while staying clear of large-scale monetary stimulus -- are also boosting sentiment for the yuan.The median forecast of analysts surveyed by Bloomberg is for the yuan to end 2020 at 6.95.“The yuan’s outperformance since last week has reflected the improving risk sentiment, thanks to signs of the economy bottoming out,” said Tommy Xie, an economist at Oversea-Chinese Banking. “There’s some speculation that China may get a better trade deal than expected.”(Adds context on losses since trade war escalated, in third paragraph.)To contact Bloomberg News staff for this story: Livia Yap in Shanghai at firstname.lastname@example.org;Qizi Sun in Beijing at email@example.comTo contact the editors responsible for this story: Sofia Horta e Costa at firstname.lastname@example.org, Christopher AnsteyFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
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TORONTO — Some of the most active companies traded Friday on the Toronto Stock Exchange:Toronto Stock Exchange (17,234.49, down 1.08 points.)Aurora Cannabis Inc. (TSX:ACB). Health care. Down 27 cents, or 11.16 per cent, to $2.15 on 14.1 million shares.Encana Corp. (TSX:ECA). Energy. Down 15 cents, or 2.57 per cent, to $5.68 on 7.95 million shares.The Toronto-Dominion Bank. (TSX:TD). Financials. Down 19 cents, or 0.26 per cent, to $73.00 on 6 million shares.Enbridge Inc. (TSX:ENB). Energy. Up six cents, or 0.12 per cent, to $52.17 on 4.4 million shares.Manulife Financial Corp. (TSX:MFC). Financials. Up 15 cents, or 0.55 per cent, to $27.63 on 4.4 million shares.Continental Gold Inc. (TSX:CNL). Materials. Up one cent, or 0.18 per cent, to $5.43 on 4.2 million shares. Companies in the news:Corus Entertainment Inc. (TSX:CJR.B). Up 35 cents or 6.3 per cent to $5.93. Corus Entertainment Inc. is calling on the newly elected federal government to give the domestic media industry more freedom to invest where it wants in order to thrive in a world that's increasingly dominated by foreign multinationals. Chief executive Doug Murphy said Friday after Corus released its latest quarterly report, that there's an opportunity to create a more robust ecosystem in Canada to transform how television is sold to consumers and advertisers. He noted that a government-appointed advisory panel is scheduled to release recommendations this month as part of a years-long effort by the Trudeau Liberals to chart a new path for the long term.CIBC (TSX:CM). Up 16 cents to $107.79. CIBC says it has hired former Conservative MP Lisa Raitt as vice-chair of global investment banking. The bank says she will focus on developing and fostering senior level client relationships and business development globally as part of CIBC's Capital Markets team. Raitt, who lost her re-election bid for the Ontario riding of Milton in the last federal election, will start January 27. She becomes the latest high-profile MP to move over to Canada's banking sector.Restaurant Brands International Inc. (TSX:QSR). Down 49 cents to $81.65. Tim Hortons says it has appointed Hope Bagozzi as its new chief marketing officer, the latest of several recent management shuffles at the coffee-and-donut chain. It says she joins after a 15 year career with McDonald's Canada, where she led the national marketing team. Tim Hortons parent company Restaurant Brands International appointed Axel Schwan, the previous chief marketing officer, as regional president of Tim Hortons for Canada and the U.S. in October. RBI said in December that Tim Hortons president Alex Macedo would be leaving the company in March of this year.TMX Group Ltd. (TSX:X). Up 62 cents to $110.60. TMX Group Ltd. says chief executive Lou Eccleston is stepping down immediately following allegations against him related to conduct prior to his time at the company. Business Insider in November reported that Eccleston was accused in court records and filings of inappropriate behaviour involving female employees while he was a senior executive at Bloomberg in New York. TMX's board of directors said Friday that an investigator found no evidence that Eccleston engaged in sexual harassment or sexual misconduct while employed at TMX, which owns the Toronto Stock Exchange and other market operators. It said Eccleston believes "it is in the best interests of TMX Group, including its employees and stakeholders, for him to retire early."This report by The Canadian Press was first published Jan. 10, 2020.The Canadian Press
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TORONTO , Jan. 10, 2020 /CNW/ - TD Asset Management Inc. ("TDAM") today announced the final annual 2019 reinvested distributions for the New TD Exchange-Traded Funds (the "TD ETFs") ...
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(Bloomberg) -- Investors and analysts returning to work this week after the festive break found an unwanted item on their desks: a geopolitical puzzle with a bevy of players, complex rules and no clear solution. They’ve spent every minute since trying to figure it out.As the market turmoil sparked by the U.S. killing of an Iranian military leader eases, Wall Street is mapping out scenarios that range from retaliation by Tehran through proxies to tit-for-tat escalations.The threat appeared to intensify Tuesday after Iran said it is evaluating 13 possible ways to inflict a “historic nightmare” on America, while dozens were killed in a stampede at the general’s funeral.“The market is underestimating the risk,” said Fabrizio Fiorini, the chief investment officer at Pramerica Sgr Spa in Milan. “Investors are forgetting that equity is discounting a perfect alignment of planets in terms of monetary and fiscal stimulus and economic rebound and political stability. What happened in Iraq is suggesting that the planets are not aligned.”Here’s a look at some of the scenarios money managers and strategists are considering, in their own words:BlackRockBase case: Iranian retaliation is likely; energy infrastructure in the region is particularly vulnerable.Status quo: We prefer U.S. Treasuries to lower-yielding peers as portfolio ballast and like inflation-protected securities against inflation risks.Escalation: We believe markets are underestimating political risks, especially in the Gulf, North Korea and in cyberspace.Morgan Stanley Wealth ManagementBase case: Tensions are high and risk is elevated, but Iran and the U.S. have constraints that likely limit escalation.Status quo: Possible near-term Iranian retaliation includes attacks against Israel using Hezbollah, proxy escalations in northern Iraq and cyberattacks. Iran could pursue a more aggressive strategy, but the regime remains mindful of U.S. military power. Meanwhile, election-year politics likely limit U.S. engagement.Escalation: The primary threat to oil prices is an Iranian escalation that draws catastrophic U.S. reprisal. Middle East military escalation historically meant higher oil prices, but as we wrote in The New Economics of Oil, even a major escalation would likely drive prices for only a short time.Nomura InternationalBase case: The more likely scenario involves a retaliation from Iran, but not enough to spark an outright war with the U.S.Status quo: Even if we assign relatively a high probability (of around 80%) to the scenario of no severe escalation and maintain our view that the positive themes of U.S.-China trade, improving global data and a bottoming of the semiconductor down-cycle continue, the risk-reward of holding our current level of positive Asia risk has fallen from what it was a few weeks ago. Thus, we reduce some of our outright short USD/Asia FX positions.Escalation: The risk that the situation in the Middle East could intensify is undeniable and, if this occurs, it could lead to a further rise in crude oil prices and risk reduction. The sensitivity of major currencies to crude oil prices and global stock prices since October 2019 indicates that JPY appreciation is likely to become evident when crude oil prices rise during risk-off periods. Thus, in the short term, JPY long positions are effective as a hedge against the worsening situation in the Middle East.RabobankBase case: A nervous waiting game is likely to continue as investors brace themselves for Iran’s retaliation. It is worth noting that gold is trading only modestly below the recent high and USD/JPY is struggling to gain a better upside traction following its recent fall.Status quo: An indication that geopolitical risk remains elevated is Brent crude holding well above the pre-Iran crisis level. The sharp spike in oil does not bode well for energy importers. In the CEEMEA space Turkey and South Africa are particularly vulnerable as domestic factors are a major source of risk as well.Escalation: Geopolitical tensions may escalate substantially in the coming days as Iran is reportedly assessing 13 scenarios to revenge the killing of Qassem Soleimani.TD SecuritiesBase case: The reality is nobody can say with any confidence how the U.S.-Iran tensions will evolve. As such, the TD securities team would be keeping an open mind to changing the crude oil view should tensions escalate into 2020.Status quo: For now, the recent oil spike is being faded as we take at face value Iran’s “promise” to stick to military targets and keep any retaliation proportional.Escalation: The risk of increasing geopolitical tensions and a potential negative supply shock originating from the oil market could well mean that gold can move north of $1,600 should tensions escalate further, which also would help to send the rest of the precious metals complex to new multi-year highs.\--With assistance from Yakob Peterseil, Cecile Gutscher and Anchalee Worrachate.To contact the reporter on this story: Sam Potter in London at email@example.comTo contact the editors responsible for this story: Sam Potter at firstname.lastname@example.org, Sid Verma, Yakob PeterseilFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.