Here are five things you need to know this morning
U.S. unit boosts BMO’s earnings: The quarterly results of Canada’s big banks are always closely watched, but investors are especially interested this time around, considering the pressures tariffs and inflation have been having on Canadian businesses and consumers. So far, the results seem solid. Bank of Montreal’s adjusted profit topped estimates on stronger-than-expected performance at its U.S. division. Net income from that unit jumped 51 per cent from the same period last year. Loan-loss provisions came in lower than forecast, and the bank also announced a larger share-buyback program.
Scotiabank tops estimates: Bank of Nova Scotia also topped estimates, driven by a strong performance in its Canadian banking unit. The firm’s Canadian banking business had been lagging its peers, according to analysts, and improving performance there is a crucial part of a plan to drive renewed earnings growth. The company has struggled with slow commercial loan growth and lower credit-card lending, while deposit growth has also underperformed rivals.
Carney signs critical minerals pact: Prime Minister Mark Carney is in Berlin today, where he is meeting with German Chancellor Friedrich Merz. The two countries have announced a plan to expand cooperation on securing supply chains for critical minerals. The prime minister says Canada is ready to be a reliable supplier to its allies, tapping its “vast reserves” of nickel, cobalt, and other underdeveloped critical minerals. A joint declaration of intent sets out a “mutual intent to innovate, invest, and collaborate through rules-based trade” and Germany and Canada will “help catalyze private capital to fund new projects and build resilient supply chains.”
LeBlanc to meet with Lutnick: Canada-U.S. Trade Minister Dominic LeBlanc is travelling to Washington to meet with U.S. Commerce Secretary Howard Lutnick, just days after Canada pledged to remove most of its retaliatory tariffs on U.S. goods. Prime Minister Carney says the talks provide “a possibility to create a level playing field, a balance between Canada and the U.S. as far as most of these sectors are concerned,” adding that the discussions would also be used to prepare for a potential renegotiation of the Canada-US-Mexico trade agreement.
Trump moves to fire Fed Governor: U.S. President Donald Trump says he has fired U.S. Federal Reserve Board Governor Lisa Cook, an unprecedented and dramatic escalation of his attacks on the U.S. central bank’s independence over its refusal to cut interest rates. Trump, in a termination letter to Cook posted on Truth Social, cited allegations that she had made false statements on applications for home mortgages. Cook is denying the claims and refusing to resign.
