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Outlook And Bank EPS Beats

CANADA
  • Data: Q4/Dec GDP (expected 6.5% ar in Q4, 0% M/M in Dec) and the manufacturing PMI for Feb at 0830ET, ahead of the BOC decision on Wed.
  • BOC’s Macklem will now speak twice on Thu, with a 2hr appearance before the House finance committee starting with an opening statement at 1530ET. This follows the Economic Progress Report at 1130ET.
  • Banks earnings: BMO this morning is the latest in a string of Q1 adjusted EPS beats with C$3.89 vs est. C$3.29. It follows previously announced Western (C$0.99 vs est. C$0.95), National (C$2.65 vs C$2.23), CIBC (C$4.08 vs est. C$3.67) and RBC (C$2.87 vs est C$2.72).
  • News recap: In a purely symbolic gesture, Trudeau yesterday announced a ban on Russian crude oil imports – it hasn’t imported any Russian oil since 2019.

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