Canada's second-largest bank by market capitalization said Tuesday the provision is related to talks with one U.S. regulator. Bank officials are in talks with two other regulators, and TD said the initial provision doesn't reflect other financial or non-monetary penalties that the lender could face.
"The bank anticipates additional monetary penalties," TD said in a statement. The bank added its anti-money laundering program "was insufficient to effectively monitor, detect, report, and respond to suspicious activity. Work has been underway to remedy these deficiencies."
Economic Insight:
Canada Seeks C$295 Billion Increase in Borrowing Limit
Canada's Liberal government seeks to increase its borrowing limit by C$295 billion, according to documents introduced in the country's parliament. A nearly 700-page ways-and-means motion, which officially kicks off debate among lawmakers regarding the 2024 annual budget plan, includes a provision that would increase the maximum Canada can borrow on financial markets to C$2.126 trillion, from its current C$1.831 trillion level.
The budget plan, introduced two weeks ago, signaled the incumbent Liberals would seek to increase the borrowing limit, but didn't provide a figure. For the current 2024-25 fiscal year, Canada intends to borrow C$508 billion, through bonds and treasury bills, with 83% to go toward refinancing maturing debt. (paul.vieira@wsj.com; @paulvieira)
Expected Major Events for Wednesday
00:30/JPN: Apr Japan Manufacturing PMI
05:00/JPN: Apr Auto sales
06:00/UK: Apr Nationwide House Price Index
08:30/UK: Apr S&P Global UK Manufacturing PMI
08:30/UK: Apr Narrow money (Notes & Coin) and reserve balances
11:00/US: 04/26 MBA Weekly Mortgage Applications Survey
12:15/US: Apr ADP National Employment Report
13:30/CAN: Apr Canada Manufacturing PMI
13:45/US: Apr US Manufacturing PMI
14:00/US: Apr ISM Report On Business Manufacturing PMI
14:00/US: Mar Construction Spending - Construction Put in Place
14:00/US: Mar Job Openings & Labor Turnover Survey
14:00/US: Mar Metropolitan Area Employment and Unemployment
14:30/US: 04/26 EIA Weekly Petroleum Status Report
18:00/US: U.S. interest rate decision
20:00/US: Apr Domestic Auto Industry Sales
23:01/UK: 2Q CBI SME Trends Survey
23:50/JPN: Apr Monetary Base
All times in GMT. Powered by Kantar Media and Dow Jones.
Expected Earnings for Wednesday
Archrock Inc (AROC) is expected to report $0.22 for 1Q.
Ares Capital Corp (ARCC) is expected to report $0.60 for 1Q.
Astec Industries (ASTE) is expected to report $0.56 for 1Q.
Automatic Data Processing Inc (ADP) is expected to report $2.81 for 3Q.
Axalta Coating Systems Ltd (AXTA) is expected to report $0.35 for 1Q.
Beasley Broadcast Group Inc (BBGI) is expected to report for 1Q.
Berry Corp (bry) (BRY) is expected to report $0.17 for 1Q.
Brookfield Infrastructure Partners LP (BIP,BIP.UN.T) is expected to report for 1Q.
CGI Inc - Class A (GIB,GIB.A.T) is expected to report $1.82 for 2Q.
CTS Corp (CTS) is expected to report $0.40 for 1Q.
CVS Health Corp (CVS) is expected to report $1.33 for 1Q.
Capital Power Corp (CPX.T) is expected to report $0.51 for 1Q.
Carpenter Technology (CRS) is expected to report $0.85 for 3Q.
Cencora Inc (COR) is expected to report $3.10 for 2Q.
Cenovus Energy Inc (CVE,CVE.T) is expected to report $0.36 for 1Q.
DuPont de Nemours Inc (DD) is expected to report $0.59 for 1Q.
ESAB Corp (ESAB) is expected to report $1.05 for 1Q.
Ebix Inc (EBIXQ) is expected to report $1.07 for 4Q.
Estee Lauder (EL) is expected to report $0.50 for 3Q.
Extreme Networks (EXTR) is expected to report $-0.18 for 3Q.
Fortis Inc (FTS,FTS.T) is expected to report $0.66 for 1Q.
Global Payments Inc (GPN) is expected to report $1.10 for 1Q.
IDEXX Laboratories Inc (IDXX) is expected to report $2.70 for 1Q.
Insperity (NSP) is expected to report $1.82 for 1Q.
Life Time Group Holdings Inc (LTH) is expected to report $0.13 for 1Q.
Marriott International (MAR) is expected to report $2.16 for 1Q.
Mastercard Inc (MA) is expected to report $3.21 for 1Q.
NNN REIT Inc (NNN) is expected to report for 1Q.
Norwegian Cruise Line Holdings (NCLH) is expected to report $0.03 for 1Q.
Pfizer Inc (PFE) is expected to report $0.37 for 1Q.
Repligen Corp (RGEN) is expected to report $0.16 for 1Q.
Scotts Miracle-Gro Co (SMG) is expected to report $3.40 for 2Q.
Scully Royalty Ltd (SRL) is expected to report for Full year.
Silgan Holdings Inc (SLGN) is expected to report $0.59 for 1Q.
Surmodics Inc (SRDX) is expected to report $-0.40 for 2Q.
The Children's Place Inc (PLCE) is expected to report $0.25 for 4Q.
Trinity Industries (TRN) is expected to report $0.20 for 1Q.
Universal Stainless & Alloy Products Inc (USAP) is expected to report $0.24 for 1Q.
WEC Energy Group (WEC) is expected to report $1.90 for 1Q.
Wingstop Inc (WING) is expected to report $0.77 for 1Q.
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ANALYST RATINGS ACTIONS
Boeing Cut to Hold From Buy by Argus Research
Chegg Cut to Hold From Buy by Craig-Hallum
Chegg Cut to Underperform From Hold by Jefferies
Citizens Financial Svcs Raised to Buy From Neutral by Janney Montgomery Scott
Deciphera Pharmaceuticals Cut to Market Perform From Market Outperform by JMP Securities
Deciphera Pharmaceuticals Cut to Neutral From Buy by Guggenheim
Deciphera Pharmaceuticals Raised to Equal-Weight From Underweight by Barclays
Geron Cut to Neutral From Outperform by Baird
Hope Bancorp Raised to Buy From Neutral by DA Davidson
MSCI Inc Raised to Neutral From Underperform by B of A Securities
Paramount Global Cut to Hold From Buy by Needham
Sanmina Cut to Hold From Buy by Craig-Hallum
UMB Financial Raised to Overweight From Equal-Weight by Barclays
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
05-01-24 0611ET