Recession fears plunge Canadian banks into 20% drop from record

Recession fears plunge Canadian banks into 20% drop from record

2h ago Recession fears plunge Canadian banks into 20% drop from record Bloomberg News, Canadian bank stocks fall 20% from highs Canadian banks fell more than 20 per cent from their record high set in early February as recession fears send investors fleeing. The S&P TSX Financials Sector Index and the S&P/TSX Commercial Banks Index, which tracks the country’s eight largest lenders, both dropped Thursday, adding to another day of losses after inflation in Canada surged to a four-decade high and US data pointed to rising unemployment and slumping manufacturing and services activity. Toronto-Dominion Bank, Canada’s second-largest lender, led losses as it dropped as much as 3.6 per cent to its lowest point in nine months. Canadian Imperial Bank of Commerce and Bank of Nova Scotia fell as much as …
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