The major financial district of Bay Street is shown in Toronto on Wednesday, March 18, 2020. While there's still room for surprises, Canadian banks are set to report results after a second quarter that was notable for its economic steadiness.
But with both the timing and pace of rate cuts uncertain, and the many Canadian mortgages up for renewal soon at significantly higher rates, analysts will keep focusing on the issue of how well bank loans are expected to stand up. In a financial stability report earlier in May, the Bank of Canada noted some borrowers face renewals that will mean a more than 60 per cent jump in payments, but that so far homeowners look to be managing well.
Analysts will be looking for any encouragement on those fronts, as well as the outlook for profit margins on interest, said Canaccord Genuity analyst Matthew Lee in a note. It's the health of the consumer, and the overall economy, that is the bigger question as bank-specific concerns are subdued. Almost two-thirds of Canadians feel that inflation at the grocery store is getting worse, a new poll suggests, even as food inflation has been steadily cooling.Donald Trump had spent weeks needling U.S. President Joe Biden for his refusal to commit to a debate. But Washington political columnist Eric Ham describes how in one fell swoop, Biden ingeniously stole the issue from the Trump campaign and made it his own.
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