Recession Fears Plunge Canadian Banks Into 20% Drop From Record [Business News Network (BNN) (Canada)]
Canadian Imperial Bank of Commerce (CM)
Last canadian imperial bank of commerce earnings: 2/26 05:53 am
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Source: Business News Network
The S&P TSX Financials Sector Index and the S&P/TSX Commercial Banks Index, which tracks the country's eight largest lenders, both dropped Thursday, adding to another day of losses after inflation in Canada surged to a four-decade high and US data pointed to rising unemployment and slumping manufacturing and services activity. Toronto-Dominion Bank, Canada's second-largest lender, led losses as it dropped as much as 3.6% to its lowest point in nine months. Canadian Imperial Bank of Commerce and Bank of Nova Scotia fell as much as 3.4% and 3.3%, respectively. The commercial banks index hit its high on Feb. 8 and was one of the S&P TSX Composite Index's strongest performers before spiraling as Russia launched its war in Ukraine on Feb. 24 and central banks warned of a potential economic downturn. Analysts are warning that profits may not be as strong going forward. Canadian bank earnings estimates for 2023 could fall by 16% on average in the case of an economic downturn, accordin
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CM
Earnings
- 2/29/24 - Beat
CM
Sec Filings
- 4/26/24 - Form 424B2
- 4/26/24 - Form FWP
- 4/26/24 - Form 424B2
- CM's page on the SEC website