The Daily Chase: Scotiabank and BMO miss analyst expectations; U.S. debt talks stall
BNN Bloomberg
The Bank of Nova Scotia has reported adjusted net income of $2.17 billion for the second quarter, down 21 per cent from the same period a year ago.
It’s a similar story over at the Bank of Montreal. The Canadian lender has reported flat second-quarter profit and missed the Street’s expectations after setting aside more money for loan loss provisions. The lender reported an adjusted profit of $2.2 billion, little changed from the same quarter a year ago. Adjusted earnings per share came in at $2.93, well off the $3.21 expected by analysts. BMO is also raising its quarterly dividend to $1.47 per share, up four cents. At both banks, higher expenses affected the results. DEBT TALKS STALL, U.S. FUTURES FALL
U.S. futures are pointing to a negative open when trading gets underway in North America. Talks in Washington, D.C. have stalled after negotiations between the Democrats and Republicans ended on Tuesday with the two sides in a deadlock over an agreement to raise the federal borrowing limit in order to avoid a U.S. default. OTHER NOTABLE STORIES
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