|Bid||57.09 x 2200|
|Ask||57.10 x 900|
|Day's Range||56.80 - 57.21|
|52 Week Range||53.44 - 59.55|
|Beta (5Y Monthly)||0.91|
|PE Ratio (TTM)||12.63|
|Forward Dividend & Yield||2.24 (3.94%)|
|Ex-Dividend Date||Jan. 08, 2020|
|1y Target Est||64.12|
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(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Where the euro goes next may be all about investor positioning.The common currency has slipped to the lowest since 2017 versus the dollar, yet this hasn’t deterred asset managers from accumulating the largest net long position on record. The move is more in line with the view of hedge funds, who are the most negative on the euro in three years, according to the latest Commodity Futures Trading Commission data.And while the increased bearishness of these leveraged funds should be expected given their flexibility to quickly respond to short-term fluctuations, the positioning across institutional investors may have taken some by surprise. The direction for the euro may therefore come down to who adjusts their exposure from multi-year extremes first.The common currency has come under pressure in both the spot and options markets on concerns over the coronavirus outbreak’s effect on the euro-area economy and the potential for a response through monetary stimulus by the European Central Bank. Options gauges signal traders are the most bearish on its short term prospects in five months, while they hold neutral bets over the longer term.Technically, there are signs the euro could see a relief rally in the short term, yet it remains on a bearish path in the medium term. It traded as much as 0.2% stronger Monday at $1.0851, rising for the first day in four.NOTE: Asset managers are institutional investors, including pension funds, insurance companies and mutual funds. Leveraged funds are typically hedge funds and other speculative money managersNOTE: Vassilis Karamanis is an FX and rates strategist who writes for Bloomberg. The observations he makes are his own and are not intended as investment adviceTo contact the reporter on this story: Vassilis Karamanis in Athens at firstname.lastname@example.orgTo contact the editors responsible for this story: Dana El Baltaji at email@example.com, Neil ChatterjeeFor 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.
Thinking of adding a bank stock to your portfolio? Find out whether BMO (TSX:BMO)(NYSE:BMO) or TD (TSX:TD)(NYSE:TD) is the right stock for you.
(Bloomberg) -- The Federal Reserve Bank of New York will shrink its repurchase-agreement operations more than analysts expected, starting with Friday’s overnight offering, a sign officials are comfortable removing liquidity without upending funding markets.The central bank on Thursday announced a new schedule for both overnight and 14-day term repo operations through March 12. Starting next week, the term offerings will drop by $5 billion, to a maximum of $25 billion, and those starting March 3 will shrink again, to a maximum of $20 billion. The bank’s daily overnight operations, meanwhile, will drop by $20 billion, to a limit of $100 billion.This marks the second straight month the Fed is reducing liquidity injections. It said in mid-January that it would reduce term operations by $5 billion starting in February. These operations have been oversubscribed this month, but analysts say the demand from dealers hasn’t indicated renewed stress in funding markets, or concern about bank reserves. Instead, the strong bidding is seen as simply underscoring that the rates dealers can get in these operations are lower than prevailing market rates.“This decrease is a bit faster than expected,” said Gennadiy Goldberg, a senior U.S. rates strategist at TD Securities. “Given the functioning of the money markets recently, they’re probably feeling a bit more confident they can take away some of the repo support more quickly without market disruptions.”The newly scheduled offerings will provide liquidity through March 26. The Fed has been conducting repos and Treasury-bill purchases in a bid to keep control of short-term rates and bolster bank reserves. The efforts have calmed markets since the September spike that took overnight repo rates as high as 10%, and helped quell concern about a potential cash crunch at the end of 2019.The repo market has also experienced little volatility around other calendar events, such as Treasury auction settlement dates, when the market is prone to indigestion due to the influx of collateral.Fed Chairman Jerome Powell reiterated in congressional testimony this week that the central bank stands ready to adjust the operations as conditions warrant. Powell said last month the Fed would continue term and overnight repo operations at least through April.The Fed also said Thursday that it planned to continue buying $60 billion of Treasury bills each month for reserve management.To contact the reporter on this story: Alexandra Harris in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Benjamin Purvis at email@example.com, Mark TannenbaumFor 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) -- Oil posted the biggest gain in almost six weeks as signs that the spread of Asia’s coronavirus may be slowing boosted investor confidence that crude’s sell-off has peaked.Futures in New York climbed 2.5% on data from China that showed a drop in suspected coronavirus infections. The positive sentiment was largely undeterred by a government report showing U.S. crude stockpiles posted the largest build since November.“Markets are pricing in that we may have hit peak coronavirus fear,” said Daniel Ghali, a commodities strategist at TD Securities. “Investors that were bearish are thinking they want to start to take their foot off the pedal.”Prices have also drawn some support from signals that OPEC and its partners may intervene to shore up the market. The coalition slashed its estimate for demand growth in the first quarter by 440,000 barrels a day, as the coronavirus hits fuel consumption in China. In a meeting with Energy Minister Alexander Novak, Russia’s key oil producers voiced support for the idea of extending OPEC+ output cuts into the second quarter, but made no final decision.Saudi Arabia has been the strongest advocate for production cuts of an additional 600,000 barrels a day. Russia has remained noncommittal, saying more time was needed to study the proposal.The Energy Information Administration reported that nationwide crude inventories rose 7.46 million barrels last week, more than double the 3.2 million-barrel increase forecast by analysts in a Bloomberg survey. The report also showed a surprise gasoline draw of 95,000 barrels.Gasoline futures surged 4.4%, the biggest rise increase since September, after a fire broke out overnight at Exxon Mobil Corp.’s Baton Rouge oil refinery in Louisiana, halting production at the fifth-biggest fuel-making plant in the U.S.West Texas Intermediate crude for March delivery gained $1.23 to settle at $51.17 a barrel on the New York Mercantile Exchange.Brent for April settlement climbed 3.3% to settle at $55.79 a barrel on the ICE Futures Europe exchange in London, putting its premium over WTI at $4.38.The market’s structure also showed signs of strengthening with the discount on front-month Brent contracts versus the second month narrowing to 12 cents, suggesting fears of a supply glut may be easing.Still, discounts have held for Brent contracts for the majority of 2020, a pattern known as contango that typically reflects oversupply.“We’ve seen a lift because in the very near term, it’s all about the virus,” says Judith Dwarkin, chief economist at RS Energy Group. “Until we’re out of the woods the market will be laser focused on slowing demand growth and if OPEC waits to implement cuts until April, it may be too late to deal with the bulge in supply.”To contact the reporter on this story: Jackie Davalos in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: David Marino at email@example.com, Mike Jeffers, Reg GaleFor 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) -- The virus-induced rally in U.S. Treasuries could be brief as China stimulus and a recovery in U.S. growth rein in demand, according to BNP Paribas SA.Yields for the 10-year bond may drop to a 2016 low before rising as high as 1.95% in the next three months, said Shahid Ladha, head of G-10 rates strategy at BNP. While the coronavirus outbreak will hurt China’s economy, the rapid gains in Treasuries suggest that the market has gotten ahead of itself, he said.“It’s gone quite far in the U.S. especially with broad U.S. risky assets looking up,” Ladha said at an interview in Singapore. Convexity hedges -- where investors seek to compensate for a drop in rates by buying longer-dated bonds -- may have exacerbated the fall in yields, he said.Benchmark yields have fallen 35 basis points this year to 1.57% as investors priced in slower global economic growth and easing by central banks due to the coronavirus outbreak. The pace of the decline has stoked debate over how far the rally can go.As the death toll mounts in China, measures to contain the virus have hurt retailers and shuttered factories. The People’s Bank of China has announced stimulus to counter the fallout, including providing special re-lending funds. Officials have stressed that there’s ample policy room to deal with a crisis.“The market will try at some point to look beyond onto the considerable investment and upside that comes after, as did happen in Hong Kong, China in 2003,” Ladha said, referring to the SARS outbreak. “You try to learn from history.”Dovish FedTreasury 10-year yields fell to as low as 1.32% in 2016. TD Securities and J.P. Morgan Asset Management have predicted that subdued price pressures and dovish Federal Reserve policy may pave the way for further gains in the bonds.But, Ladha noted that the strength of the U.S. economy and decent inflation levels are likely to limit the drop in yields. Data last week showed American employers ramped up hiring in January and wage gains rebounded, bolstering the case for the Fed to keep interest rates on hold for the rest of the year.Here are some of Ladha’s other investment views:Firm favors local-currency Asian government bonds including Singapore, Thailand and ChinaAsian central banks are poised for more easing, which will provide “some insulation” from the virus-induced economic slowdownInvestors seeking hedges are better off selling expensive equities than buying “rich” TreasuriesRise in 10-year Treasury yields will likely be capped at around 2.25% this year amid global demand for positive-yielding debt(Adds yield forecast in last bullet)To contact the reporter on this story: Ruth Carson in Singapore at firstname.lastname@example.orgTo contact the editors responsible for this story: Tan Hwee Ann at email@example.com, Liau Y-Sing, Nicholas ReynoldsFor 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.
Here’s why the big bank stocks popped last week. Should you buy RBC (TSX:RY)(NYSE:RY) stock, TD Bank (TSX:TD)(NYSE:TD) stock, or their smaller but still large peers?
(Bloomberg) -- The lesson for investors backing higher Treasury yields this week was clear: A good growth story is no match for the virus-related fears gripping the market.It will be tough for the U.S. economy to serve up numbers much stronger in the coming days than what investors just saw. Yields did climb more than 15 basis points from the week’s lows on surprisingly healthy manufacturing and services data, but the move had lost stamina by the time of Friday’s robust payrolls report. The world’s borrowing benchmark rate is stuck around 1.6% and probably tilted lower barring assurances from health authorities that the deadly coronavirus is under control.While inflation dominates the coming week’s economic news, Treasury investors probably aren’t going to worry about any pickup in price pressures until the Federal Reserve does. And testimony from Chairman Jerome Powell is unlikely to signal any change in the central bank’s patient stance -- he’s far more likely to highlight rising global risks.“It’s clear there’s a downward bias in yields, and until we have some scare in inflation I think that stays,” said David Kelly, chief global strategist at J.P. Morgan Asset Management. “The coronavirus may dampen global commodity prices, so if anything it takes a little wind out of the sails of inflation.”As for data that may dent Treasuries in the coming week, retail sales and consumer sentiment are forecast to show the foundations of the record U.S. expansion remain intact. And while a heavy freight of supply might normally pressure yields higher, Priya Misra at TD Securities reckons the current appetite for government securities can easily absorb the combined $84 billion of 3-, 10- and 30-year debt ahead next week.Cap on YieldsMisra, global head of rates strategy at TD, says that until the Fed shifts to a more hawkish stance, the 10-year yield is capped at 1.7%, leaving it more room to fall than to rise.Equities markets may bring more suspense, as indexes near all-time highs could be vulnerable to disappointments in the coming crop of earnings, Misra says.“I look at profit margins and they’re declining -- if we get an earnings scare, I think this story unravels,” she said.The apparently blithe mood in stocks -- at least until Friday’s declines -- may be more consistent with the strength in Treasuries than it seems, if it’s based on the assumption of Fed support, in Misra’s view. That would also gel with the rates market’s pricing for more than a full rate cut as soon as September. The Federal Reserve Board said this week that the outbreak presented a “new risk” to the economic outlook for the U.S.“The reason equities can do well is the Fed has essentially told us if things are bad they’ve got our back, and if things are good they’ll let it run,” Misra said. “I think we’re pricing in this Fed put.”What to WatchTraders will also be watching the results from Tuesday’s New Hampshire Democratic primary for the latest read on which candidate is ascendantThe New York Fed will release new schedules on Feb. 13 for Treasury purchases and repo operationsHere’s the economic calendar:Feb. 11: NFIB small business optimism; JOLTS job openingsFeb. 12: MBA mortgage applications; monthly budget statementFeb. 13: Consumer price index; jobless claims; real average earnings; Bloomberg consumer comfortFeb. 14: Import/export prices; retail sales; industrial production; capacity utilization; Bloomberg U.S. economic survey; business inventories; University of Michigan sentimentFed speakers are everywhere, and the chairman’s on Capitol Hill:Feb. 10: Governor Michelle Bowman; San Francisco Fed’s Mary Daly; Philadelphia Fed’s Patrick HarkerFeb. 11: Daly; Powell addresses the House Financial Services Panel; Vice Chairman Randal Quarles; St. Louis Fed’s James Bullard; Minneapolis Fed’s Neel KashkariFeb. 12: Harker; Powell before Senate Banking PanelFeb. 13: Senate panel holds hearing for Fed nominees Judy Shelton, Christopher Waller; New York Fed’s John WilliamsFeb. 14: Cleveland Fed’s Loretta MesterThe first coupon sales for the quarter are on the way:Feb. 10: $45 billion of 13-week bills; $39 billion of 26-week billsFeb. 11: $30 billion 56-day cash management bills; $38 billion of 3-year notesFeb. 12: $27 billion of 10-year notesFeb. 13: 4-, 8-week bills; $19 billion of 30-year bonds\--With assistance from Alexandra Harris.To contact the reporter on this story: Emily Barrett in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Benjamin Purvis at email@example.com, Mark Tannenbaum, Nick BakerFor 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.
The 2019 RRSP Contribution deadline is less than a month away. TD Bank and Brookfield Renewable Partners are two stocks worth considering.
MONTREAL , Feb. 7, 2020 /CNW Telbec/ - Surrounded by personalities from the financial industry, Sylvie Demers, Chair, Quebec Market, TD Bank Group, took home top honours last night at a gala event celebrating ...
(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. India’s central bank resorted to unconventional policy tools again, as it shored up efforts to bring borrowing costs down and boost demand in an economy on course for its weakest expansion since 2009.The Reserve Bank of India offered to inject as much as $14 billion cash through one- and three-year funding operations, akin to the long-term repos put in place by the European Central Bank. It also relaxed bad-loan norms for some small borrowers and eased reserve requirements for select lending on Thursday, while keeping the benchmark interest rate at a decade-low of 5.15% following a recent spike in inflation.“It has to be kept in mind that the central bank has several instruments at its command that it can deploy to address the challenges the Indian economy faces in terms of sluggishness in growth momentum,” Reserve Bank of India Governor Shaktikanta Das told reporters in Mumbai.The injection of more durable and long-term cash comes weeks after the RBI announced its own version of “Operation Twist” -- where it is buying long-dated government securities and selling short-term bonds. That has helped in better transmission of the central bank’s 135 basis points of rate cuts last year, Das said.The six-member Monetary Policy Committee also kept the door open for further monetary policy easing, by retaining its accommodative stance.“Das has done a Draghi again,” Arvind Chari, head of fixed income at Quantum Advisors Pvt Ltd. in Mumbai, told BloombergQuint, referring to the European Central Bank’s long-term repo operations that started in 2014. He has in the past likened Das’s comment on sticking to an easing bias for “as long as it is necessary” to the “whatever it takes” sentiment spelled by Mario Draghi, the former head of the ECB.Going BeyondIn December, Das resorted to ‘Operation Twist’ with the aim of keep borrowing costs in check after a shock spike in inflation forced the MPC to pause on rate cuts. With inflation now at 7.35%, the central bank’s ability to use the regular rate instrument to lower borrowing costs has diminished.While the MPC said it “recognizes that there is policy space available for future action,” the outlook for inflation is “highly uncertain at this juncture.”High inflation has already pushed India’s real rates -- adjusted for inflation -- deep into negative territory, making it less attractive to investors chasing high-yielding assets in emerging markets.“The RBI is keen to experiment with a wider toolkit, especially as its hands are tied in the short term, given the spike in inflation,” said Mitul Kotecha, senior EM strategist at TD Securities in Singapore. “The use of unconventional measures such as LTRO offers a way to try to enhance the monetary transmission mechanism and fine-tune policy, lowering shorter term yields, without having to cut rates.”The bond markets cheered the move, with yields on the two-year notes dropping by 18 basis points to 5.82% and that of the 3-year notes declining by a similar margin. Yield on the benchmark 10-year bonds was down by 5 basis points.Mild RecoveryThat drop in bond yields should translate into lower borrowing costs and help underpin the green shoots emerging in the economy.Growth in the year starting April is expected to rebound to 6% from an estimated 5% in the current fiscal year, according to the RBI. That matches the lower end of the government’s 6%-6.5% forecast and comes amid early signs of a growth turnaround in the economy.What Bloomberg’s Economists Say:“Looking ahead, we expect the RBI to keep its accommodative hold at its next review in April. Beyond that, inflation is likely to ease back into the 2-6% target range, which would open up room for a rate cut in June.”\-- Abhishek Gupta, India economistTo read more, click hereThe RBI flagged downside risks to growth from the coronavirus, saying the pandemic may “impact tourist arrivals and global trade.” That comes at a bad time for India where recent high-frequency data show that the manufacturing and services sectors are rebounding after a slump. A global slowdown could impact exports which have been rather sluggish.Central banks across Southeast Asia signaled strong policy action this week to counter a hit to their economies from the viral outbreak. The Bank of Thailand cut its benchmark interest rate to a record-low, while the Philippines also lowered borrowing costs. Singapore signaled there was room for the currency to ease and Bank Indonesia Governor Perry Warjiyo said the central bank will keep policy accommodative this year.(Updates with economist’s comments below the 13th paragraph)To contact the reporters on this story: Anirban Nag in Mumbai at firstname.lastname@example.org;Kartik Goyal in Mumbai at email@example.comTo contact the editors responsible for this story: Nasreen Seria at firstname.lastname@example.org, Karthikeyan Sundaram, Jeanette RodriguesFor 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.
TORONTO , Feb. 6, 2020 /CNW/ - TD Bank Group ("TD" or the "Bank") will release its first quarter financial results and host an earnings conference call on Thursday, February 27, 2020 ...