The employment strength is a sign that the economy is still experiencing excess demand and that the pause Bank of Canada’s Tiff Macklemmay be shortlived. Because of this uncertainty, Grauman said his team prefers life insurance companies to Canada’s banks.
Grauman thinks Toronto-Dominion Bank and the Canadian Imperial Bank of Commerce stand the best chance of outperforming during earnings season due to above-average loan growth. His team is more cautious on the Bank of Montreal and National Bank, which they expect fall behind the pack in terms of earnings growth from loans.Article content
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