CM.TO - Canadian Imperial Bank of Commerce

Toronto - Toronto Delayed Price. Currency in CAD
114.52
+0.23 (+0.20%)
At close: 4:00PM EST
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Previous Close114.29
Open114.50
Bid114.52 x 0
Ask114.52 x 0
Day's Range114.10 - 114.57
52 Week Range97.55 - 116.35
Volume626,394
Avg. Volume1,627,162
Market Cap50.891B
Beta (3Y Monthly)1.17
PE Ratio (TTM)10.04
EPS (TTM)11.41
Earnings DateDec 5, 2019
Forward Dividend & Yield5.76 (5.04%)
Ex-Dividend Date2019-09-26
1y Target Est112.07
  • Business Wire

    CIBC Innovation Banking Backs Madwire® with US$16 Million of New Financing

    CIBC Innovation Banking is pleased to announce two separate transactions totaling US$16 million for Madwire®, LLC, a Fort Collins, Colorado-based technology company which provides software and services to meet the business management and marketing needs for small-to-medium sized businesses (SMBs). Subsequently, CIBC provided an additional $6 million term facility to finance Madwire’s October acquisition of SpaceCraft, a cloud-based website development and management platform located in Austin, Texas. “Madwire has established itself as a major tech company in Northern Colorado.

  • Reuters

    First Cobalt seeks government backing to restart Canadian refinery

    First Cobalt Corp is in advanced talks with Canada's Ontario province to finance the $37.5 million required to restart its idled cobalt refinery, President and Chief Executive Officer Trent Mell said in an interview on Tuesday. If successful, such a deal would reduce First Cobalt's funding reliance on Glencore Plc, which in July agreed to extend $45 million in loans to develop the project in stages. The plant, located about 600 kilometres (373 miles) from the U.S. border in Cobalt, Ontario, would be the sole North American producer of refined cobalt for the electric vehicle market and lessen dependence of U.S. end-users on China, where most of the world’s cobalt refining capacity is located.

  • Bloomberg

    CIBC Sells 67% Stake in FirstCaribbean Bank for $797 Million

    (Bloomberg) -- Canadian Imperial Bank of Commerce agreed to sell two-thirds of its Caribbean banking unit to a company run by Colombian billionaire Jaime Gilinski for $797 million, reducing its exposure to a company that has lost $1.6 billion in value since 2006.GNB Financial Group Ltd. will buy 66.7% of CIBC FirstCaribbean shares from CIBC, leaving Canada’s fifth-largest lender with about a 25% stake in the Barbados-based bank, according to a statement Friday. The sale values FirstCaribbean at about $1.2 billion, compared with $2.8 billion when CIBC took over most of the business.“The Caribbean is a low-growth market that presents idiosyncratic risks to the bank (e.g., hurricanes),” National Bank Financial analyst Gabriel Dechaine said in a note to clients, calling the transaction “positive” from a risk standpoint. “At the risk of being flippant, the only time we hear about the Caribbean is when there’s a problem.”For CIBC, the sale marks a scale-back in a region it has been banking since 1920, when the Canadian lender first opened branches in Barbados and Jamaica and expanded in the region. CIBC combined the operations with Barclays Plc in 2002 to create FirstCaribbean, and four years later bought the British bank’s 44% stake for $988.7 million.FirstCaribbean has had annual profits since 2015.Capital RatioCIBC had faced woes in the Caribbean during and after the 2008 financial crisis, with a series of profit declines and losses that forced it to take impairment charges in 2014 and reorganize the operations to get it on firmer financial footing. FirstCaribbean has more than 2,700 staff at 57 branches in 16 regional markets, according to CIBC.CIBC will record a loss of about C$135 million ($102 million) from goodwill in the fourth quarter from the sale, though will see about C$280 million in foreign-currency gains and a 40 basis point improvement in its common equity tier 1 capital ratio when the deal closes in 2020.“FirstCaribbean is a well-performing business and we believe this transaction will support its long-term growth prospects while creating value for its stakeholders as well as those of CIBC,” Shawn Beber, who heads general counsel and corporate development at CIBC, said in the statement.Strength, StabilityThe sale gives GNB Financial expanded banking operations in the Caribbean region. GNB is wholly owned by Starmites Corporation S.ar.L, the financial holding company of the Gilinski Group, which has banking operations in Colombia, Peru, Paraguay, Panama, and Cayman Islands with approximately $15 billion in combined assets.“I have been impressed by the strength and stability of FirstCaribbean and am excited about its prospects for the future,” Gilinski, chairman of GNB Financial Group, said in the statement.CIBC tried unsuccessfully last year to raise as much as $240 million by selling a stake in the Barbados bank through a U.S. initial public offering, but scrapped the effort in April due to “market conditions.” At the time, CIBC was looking to reduce its stake to 73% through the share sale.(Updates with analyst quote, details.)To contact the reporter on this story: Doug Alexander in Toronto at dalexander3@bloomberg.netTo contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net, ;Michael J. Moore at mmoore55@bloomberg.net, Jacqueline Thorpe, Steve DicksonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Canada's CIBC to sell stake in Caribbean operations for $797 million
    Reuters

    Canada's CIBC to sell stake in Caribbean operations for $797 million

    The deal is expected to result in an after-tax loss of about C$135 million ($102.5 million) that will be recognized in the fourth quarter, CIBC said. After the deal closes, expected in 2020, CIBC will record a foreign-exchange related gain of about C$280 million based on exchange rates as of Oct. 31. FirstCaribbean was founded in 2002 after Barclays Plc and CIBC combined their retail, corporate and offshore Caribbean banking operations and the Canadian bank gained majority control after Barclays exited its stake in 2006.

  • CIBC Reaches Agreement to Sell Majority Stake in CIBC FirstCaribbean
    CNW Group

    CIBC Reaches Agreement to Sell Majority Stake in CIBC FirstCaribbean

    TORONTO , Nov. 8, 2019 /CNW/ - CIBC (CM) (CM) announced today that it has reached an agreement to sell a significant portion of its majority stake in CIBC FirstCaribbean ("FirstCaribbean") to GNB Financial Group Limited ("GNB"). Under the terms of the agreement, GNB is acquiring 66.73% of FirstCaribbean shares from CIBC for total consideration of US$797 million , which represents a company valuation of approximately US$1,195 million , subject to closing adjustments to reflect certain changes in FirstCaribbean's book value prior to closing.

  • CNW Group

    CIBC named Best Consumer Digital Bank in North America by Global Finance

    CIBC named Best Consumer Digital Bank in North America by Global Finance

  • Media Advisory - CIBC to Announce Fourth Quarter 2019 Results on December 5, 2019
    CNW Group

    Media Advisory - CIBC to Announce Fourth Quarter 2019 Results on December 5, 2019

    Media Advisory - CIBC to Announce Fourth Quarter 2019 Results on December 5, 2019

  • Canada’s Trade Gap Narrows Less Than Forecast, Exports Drop
    Bloomberg

    Canada’s Trade Gap Narrows Less Than Forecast, Exports Drop

    (Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. Canada’s trade deficit narrowed by less-than-expected in September as the nation’s exports continued to decline, adding to concerns that trade tensions and uncertainty around global growth are weighing on business.The nation’s merchandise trade gap hit C$978 million ($744 million) in September, from a revised C$1.2 billion deficit in August, Statistics Canada said Tuesday in Ottawa. The result missed economist expectations for a smaller deficit of C$650 million.The weakness in the report is consistent with the view from the Bank of Canada that ongoing trade conflicts between the U.S. and China is hitting business investment in Canada and weighing on exports. The central bank last week forecast an outright decline in exports and investment in the second half of 2019.Both exports and imports fell in September. Merchandise shipments abroad fell 1.3%, with declines across the board led by energy products, particularly crude. It marked the third drop in the past four months, leaving exports down 5.7% from record levels hit in May. In volume terms, which strip out the effects of price changes, exports fell 2.1% in September.Even with the lower exports, Canada’s trade deficit narrowed slightly because imports posted a sharper decline in September, dropping 1.7% on fewer metal and non-metallic mineral product shipments, particularly gold. This follows a large gain of 9.2% for the category in August. In volume terms, imports dropped 1.6% in September. “Overall, while this looks like a soft report, the declines in two-way trade were anticipated and not any worse than we had feared,” Andrew Grantham, economist in Toronto at Canadian Imperial Bank of Commerce, wrote in a note. “As such, this should have limited impact on our tracking forecast for GDP and for markets today.”The Canadian dollar was little changed after the release, up 0.1% to C$1.3133 against its U.S. counterpart at 8:50 a.m. Toronto time. Yields on government 2-year bonds rose 3 basis points to 1.63%.On a quarterly basis, total exports dropped 2.3% in the July to September period, declining 0.5% in volume terms. That compares with robust increases in the second quarter of 4.8% in nominal exports and 3.5% in volumes.Imports rose 1.6% on a volume basis in the third quarter, driven mostly by motor vehicles and parts, the statistics agency said.U.S. SurplusCanada’s trade surplus with the U.S., its main trading partner, was largely unchanged in September as both exports and imports fell. The surplus decreased slightly to C$4.8 billion, from C$4.9 billion in August.Exports of canola plunged 49% in September, reaching the lowest level in more than 6 years, the agency said. Exports of the crop so far this year are down 22% compared last year, mainly due to declines in shipments to China.At the same time, Canada bought more Chinese goods, contributing to a larger deficit with the Asian country.August’s trade balance was revised to a deficit of C$1.2 billion, after an initially reported C$955 million, the statistics agency said.(Updates with analyst forecast in sixth paragraph.)\--With assistance from Erik Hertzberg.To contact the reporter on this story: Shelly Hagan in Ottawa at shagan9@bloomberg.netTo contact the editors responsible for this story: Theophilos Argitis at targitis@bloomberg.net, Chris FournierFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • PR Newswire

    CIBC Volunteers Take Financial Literacy to Chicago Schools

    CHICAGO, Oct. 31, 2019 /PRNewswire/ - Recognizing the power of working together to make a difference, more than 400 CIBC volunteers visited 17 Chicago schools supported by Big Shoulders Fund to teach important lessons in financial literacy as part of its eighth-annual All-Team Volunteer Day. CIBC believes strongly in the important role good financial skills play in helping individuals and families succeed and is committed to improving financial literacy in all the communities it serves. "CIBC focuses its annual volunteer event on bringing easy-to-understand financial literacy lessons to the classroom," said Michael G. Capatides, Senior Executive Vice-President and Group Head, CIBC U.S. Region, and President and CEO, CIBC Bank USA.

  • Entrepreneurs optimistic about their own business, but worried about economy: CIBC poll
    CNW Group

    Entrepreneurs optimistic about their own business, but worried about economy: CIBC poll

    TORONTO , Oct. 31, 2019 /CNW/ - A new poll of Canadian entrepreneurs and business owners finds that nearly nine-in-10 (87 per cent) are optimistic about the future success of their business; but when it comes to the economy overall, they are far less upbeat, with 44 per cent listing it as their top concern for 2020. The CIBC Business Optimism Survey, a poll of 1,005 business owners across the country, probed entrepreneurs on issues pertaining to the economy, their business and innovation. "Canadian entrepreneurs are building financial security with 74 per cent telling us their current financial situation is much better than before forming their business," said Andrew Turnbull , Senior Vice-President, Business Banking, CIBC.

  • CIBC Asset Management appoints sub-advisor for CIBC U.S. Small Companies Fund
    CNW Group

    CIBC Asset Management appoints sub-advisor for CIBC U.S. Small Companies Fund

    CIBC Asset Management appoints sub-advisor for CIBC U.S. Small Companies Fund

  • Shopify Shares Tumble After Surprise Loss on Spending Boost
    Bloomberg

    Shopify Shares Tumble After Surprise Loss on Spending Boost

    (Bloomberg) -- Shopify Inc. reported an unexpected quarterly loss as the Canadian e-commerce company increased spending to expand its customer network and build out fulfillment centers across the U.S. The shares tumbled in early trading.In the third quarter, the adjusted loss per share was 29 cents, compared with earnings per share of 5 cents a year earlier, the company said in a statement. Analysts’ were expecting a profit of 10 cents, according to data compiled by Bloomberg.The stock dropped as much as 8.1% to $298.64 as the market opened in New York. Shopify’s share price has slumped by about 20% since reaching a peak on Aug. 27 after an eight-month surge, as investors sold out of high growth stocks.Shopify said in June that it planned to spend $1 billion to set up a network of fulfillment centers in the U.S. to help merchants using its platform deliver products more quickly and cheaply, much the way Amazon.com Inc. does. The Ottawa-based company, which processes millions of individual sales by hundreds of thousands of merchants every year, could potentially pool shipments from different online stores together, making shipping cheaper and more efficient. Storing products from different merchants in centralized warehouses would also bring down costs for sellers and buyers alike, and net Shopify another revenue stream.That could help the company mount a defense against Amazon, which lowers prices and encourages merchants to use its own warehouses and shipping tools. The improvements have also helped attract new users to the platform and Shopify said it now has more than 1 million merchants around the world.“Our strong results in the quarter were driven in part by the success of our international expansion, which is just one of the many ways we are investing in the platform,” said Chief Financial Officer Amy Shapero.An increase in the net loss for the quarter, to 64 cents a share from 22 cents a year earlier, includes a tax provision of $48.3 million, the company said.Revenue in the three months ending Sept. 30 grew 45% to $390.6 million, boosted by recent innovations in its online checkout system and a push to set up a delivery system. That beat analysts’ average estimate of $383.8 million. Shopify raised its 2019 revenue guidance to $1.55 billion to $1.56 billion and boosted its fourth-quarter sales estimate to as much as $482 million.Even as the company reports high growth rates in sales, the 45% increase in the third quarter was the slowest in Shopify’s four years as a public company. To combat that slowdown, it announced the purchase of 6 River Systems Inc. last month to ramp up its plan to set up a network of fulfillment centers in the U.S.And while analysts have been bullish on the company with 16 buy ratings, 11 holds and only three recommendations, most believe the stock is fairly valued despite the recent slump. CIBC analyst Todd Coupland said in an Oct. 8 report that the share price correction was “justified” and its stock “reflects the company’s growth through 2020.”Still, Shopify is one of Canada’s best-performing stocks, having gained 135% this year as investors rewarded the company’s fast-growing sales and innovations in online checkout products. The tech company helps companies with online sales, and more recently, moved to also offer services for point-of-sale at brick-and-mortar stores, competing with Square Inc.(Updates shares in third paragraph)To contact the reporter on this story: Kiley Roache in New York at kroache@bloomberg.netTo contact the editors responsible for this story: Jillian Ward at jward56@bloomberg.net, Divya Balji, Molly SchuetzFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Another CIBC Digital Banking First: Instantly replace a lost or stolen credit card on your mobile phone
    CNW Group

    Another CIBC Digital Banking First: Instantly replace a lost or stolen credit card on your mobile phone

    "CIBC is proud to be the first of the big five banks in Canada to offer clients the ability to replace a lost or stolen credit card through online and mobile banking, giving clients peace of mind and minimizing the disruption that comes from having to wait for a replacement card to arrive by mail," said Lynne Kilpatrick , Head, CIBC Card Products.

  • CIBC Asset Management Introduces Suite of Fixed Income Pools
    CNW Group

    CIBC Asset Management Introduces Suite of Fixed Income Pools

    CIBC Asset Management Introduces Suite of Fixed Income Pools

  • Media Advisory - CIBC's Victor Dodig to speak at the Economic Club of Canada - Calgary
    CNW Group

    Media Advisory - CIBC's Victor Dodig to speak at the Economic Club of Canada - Calgary

    Media Advisory - CIBC's Victor Dodig to speak at the Economic Club of Canada - Calgary

  • CIBC celebrates its clients today and shares inspiring stories of Canadians achieving their goals
    CNW Group

    CIBC celebrates its clients today and shares inspiring stories of Canadians achieving their goals

    TORONTO , Oct. 25, 2019 /CNW/ - Today CIBC will celebrate the more than 10 million Canadians who entrust us with their goals at Client Appreciation Day events across the country. To commemorate the occasion, the bank will launch the CIBC Memento Project, a new video series featuring the inspiring stories of our clients and how CIBC is helping them along the way. "On Client Appreciation Day, we celebrate our relationships with Canadians who are actively working towards their goals, whether big or small.

  • CIBC Launches First-of-Its-Kind Digital Account Opening for Business Owners
    CNW Group

    CIBC Launches First-of-Its-Kind Digital Account Opening for Business Owners

    CIBC Launches First-of-Its-Kind Digital Account Opening for Business Owners

  • Pot Financing Gets More Expensive Just When It’s Needed Most
    Bloomberg

    Pot Financing Gets More Expensive Just When It’s Needed Most

    (Bloomberg) -- The rout in pot stocks is taking its toll on companies’ ability to raise money, just when they need it most.Hexo Corp. announced Wednesday that it will pay an annual interest rate of 8% on C$70 million of unsecured convertible debentures that will mature in three years.That tops the 5% Tilray Inc. pays for its $450 million of convertibles maturing in 2023, and the 5.5% coupon on Aurora Cannabis Inc.’s $345 million maturing in 2024.It’s not a shock that Hexo has to pay more, as the company recently lost its chief financial officer, withdrew its 2020 guidance and delayed its earnings release.Broader TroublesBut CIBC analyst John Zamparo said he was surprised by the “necessity, timing and terms” of the fund raising in the midst of a “very capital-constrained market for the cannabis industry.” The conversion price of C$3.16 a share is a 10% discount to Hexo’s closing share price on Wednesday, while the five most recent convertible debt deals in the sector had an average premium of 16%.“We struggle to reconcile this difference,” Zamparo said in a note. “We also believe it is fair to wonder whether this type of deal is best negotiated at a time when the company’s CFO has been in the role for less than one month.”It’s indicative of the broader troubles that are plaguing the cannabis sector as stocks have fallen by more than 50% on average since their March highs.Green Organic Dutchman Holdings Ltd. said earlier this month that it’s been unable to secure traditional sources of financing “on acceptable terms” and is slowing down construction of its greenhouse in Valleyfield, Quebec, until it can raise the money it needs.And there are likely to be plenty more companies in the same boat, according to Craig Behnke, equity analyst at trade publication Marijuana Business Daily.A study of 30 pot firms’ operating cash flow, capital expenditures, balance sheets and debt payable in 2020 found that nine had one and a half years or less of cash on hand. These companies will likely “have to meaningfully alter their expansion plans, reduce their guidance or raise very expensive capital if they are going to continue on their path,” Behnke said in an interview.Of the companies Behnke studied, MedMen Enterprises Inc. had the least cash coverage, followed by Acreage Holdings Inc. and CannTrust Holdings Inc. Hexo was in the middle of the pack with 2.2 years worth.(Adds analyst comment in paragraphs 5-6)To contact the reporter on this story: Kristine Owram in Toronto at kowram@bloomberg.netTo contact the editors responsible for this story: Jacqueline Thorpe at jthorpe23@bloomberg.net, ;Brad Olesen at bolesen3@bloomberg.net, Chris FournierFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • CIBC Asset Management announces CIBC ETF cash distributions for October 2019
    CNW Group

    CIBC Asset Management announces CIBC ETF cash distributions for October 2019

    CIBC Asset Management announces CIBC ETF cash distributions for October 2019

  • Trudeau Overcomes Scandals to Win Second Term in Canada Vote
    Bloomberg

    Trudeau Overcomes Scandals to Win Second Term in Canada Vote

    (Bloomberg) -- Canadian Prime Minister Justin Trudeau won a second term in national elections, displaying once again a remarkable ability to overcome scandal and controversy to remain in power.Trudeau’s Liberal Party won 157 of Canada’s 338 electoral districts, losing his majority in parliament and the popular vote, but gaining enough seats to secure a stable government with support from smaller parties. The most likely partner for Trudeau would be the pro-labor New Democratic Party, which won 24 seats, giving the two parties a combined 181.While his minority position weakens his mandate, the result will nonetheless come as a relief for Trudeau, 47, who entered the campaign wounded by a scandal over his handling of a judicial case for a Quebec engineering firm, and was further rocked by revelations he wore blackface at least three times when he was younger.Canadians “voted in favor of a progressive agenda and strong action on climate change,” Trudeau said in his victory speech in Montreal. “I have heard you my friends, you are sending our Liberal team back to work, back to Ottawa with a clear mandate.”The prospect of a relatively stable minority government sparked little market reaction, with the Canadian dollar trading little changed at C$1.311, a three-month high. One Canadian dollar buys 76 U.S. cents.Trudeau even won support from Donald Trump.The second term allows the Liberal leader to cement one of the most left-leaning agendas the country has seen in at least a generation -- progressive on social issues, willing to run deficits to tackle income disparities, assertive on climate change and fervently internationalist in an era of populism. The push to the left would be accelerated if the Liberals are forced to team up with the NDP -- an alliance that will produce some trepidation in Canada’s energy sector, already saddled with reduced oil prices due to pipeline bottlenecks. Trudeau can also turn to other parties for support on a vote-by-vote basis.Conservative Leader Andrew Scheer cast his result -- raising his seat count by one-quarter from 2015 -- as a victory and said the party would be ready to replace Trudeau when he loses his grip on power. When that would happen is not clear, as NDP Leader Jagmeet Singh’s party won enough seats to back Trudeau in votes and signaled a willingness to do so.One potential flash point may be the proposed expansion of the Trans Mountain pipeline, which would carry crude from Alberta to a port near Vancouver. Trudeau’s government bought the pipeline last year to save its expansion after the previous owner, Kinder Morgan Inc., threatened to walk away. The NDP is anti-pipeline, and wants more aggressive moves to combat climate change.Yet, if history is any guide, the Liberals will only need to make moderate concessions to remain in power, without undermining the nation’s finances or key economic objectives, which includes constructing the Trans Mountain expansion that the NDP opposes. The average duration of the last three Canadian minority governments was almost two years.“While there are some residual political uncertainties, we’re not likely to see dramatic changes from the broad outlines of the Liberal platform, or for that matter, even from where policies were headed prior to the vote,” Avery Shenfeld, chief economist at Canadian Imperial Bank of Commerce, said in a note to investors.Performance RebukeStill, Trudeau will need to navigate carefully following a result that represented an undeniable rebuke of his performance over the past four years, without altogether turfing him from power.The Liberal seat result is well off the 184 the party won in 2015, when Trudeau swept to power with a majority government. The Liberals also won with the lowest share of the popular vote -- currently at 33% -- for any governing party in the nation’s history, even trailing the rival opposition Conservative Party, which won about 34% of ballots cast.He’s also overseeing a more divided nation than the one he inherited. The results exposed a stark regional split. The Conservatives -- who have championed the oil sector -- finished second with 121 districts, much of it concentrated in four western provinces. The separatist Bloc Quebecois finished with 32 districts, more than triple their tally from 2015, and pledged to support any measure they see as in Quebec’s interest. The Liberals won only 17 seats west of Ontario.There is also a deep fault line between rural Canada and the nation’s biggest cities. The Liberals relied heavily on big wins in Toronto and Montreal to stay in power, and are governing with hardly any districts outside of large cities and Atlantic Canada.The outcome likely ensures the survival, for now, of a national carbon price, introduced by Trudeau and deeply unpopular in a number of provinces. The Conservative Party had campaigned against the tax, which also includes payments made to households as an offset.It also may mean Trudeau will need to ramp up spending marginally more than promised. The Liberals pledged to increase the government deficit to C$27.4 billion ($21 billion) next year to fund new campaign promises, bringing it above 1% of gross domestic product for the first time since 2012. That’s even before any new measures needed to accommodate requests from the NDP to win their support.Singh, the NDP leader, has said he will lay out six requests in exchange for his support in any minority parliament: a universal pharmacare plan and national dental care, investments in affordable housing, waiving interest on student loans, a “bold” plan on climate change, a tax on wealth and a price cap on mobile phone bills. Singh told a crowd of cheering supporters near Vancouver that he’s already spoken to Trudeau; the crowd burst into chants of “tax the rich!” as Singh outlined his priorities.The Liberal Party is already pledging about C$10 billion in new annual spending by 2023 to finance a slew of new promises, including more generous child benefit payments and employment insurance, extra funding for post-secondary education, and an increase in the old age supplement for low-income pensioners.Tory SetbackTrudeau’s victory amounted to a rejection of Scheer, who failed to extend his party’s strength enough in the energy-rich prairies into breakthroughs in Ontario and Quebec, Canada’s two most populous provinces. Scheer campaigned on a small-government, pocketbook-issue platform akin to his predecessor, Stephen Harper, who governed Canada from 2006 to 2015.Scheer likened his result to Harper’s first election in 2004, which the former Conservative leader lost, and indicated he planned to remain as leader and bide his time to replace Trudeau. “When the time comes, and who knows when that will be, Canadians will need us to replace the Trudeau Liberals,” he said.Trudeau’s minority government is the fourth in Canada’s past six elections. Harper governed through two minorities before finally winning a majority. Trudeau’s father, former prime minister Pierre Trudeau, was cut down to a minority in his second mandate, before winning two more majorities over the course of his political career.(Updates results in second paragraph.)\--With assistance from Sandrine Rastello, Natalie Obiko Pearson and Kevin Orland.To contact the reporters on this story: Josh Wingrove in Washington at jwingrove4@bloomberg.net;Theophilos Argitis in Ottawa at targitis@bloomberg.netTo contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net, Stephen WicaryFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Pound Clings on to Gains in Face of Impasse Over Brexit Talks
    Bloomberg

    Pound Clings on to Gains in Face of Impasse Over Brexit Talks

    (Bloomberg) -- Sign up to our Brexit Bulletin, follow us @Brexit and subscribe to our podcast.Pound traders are holding on to Brexit optimism as talks toward a divorce deal remain stuck over the contentious Irish border.Sterling touched a five-month high Wednesday after surging the most since 2008 in the past four days as an end to the Brexit saga appeared to be in sight. The currency swung between losses and gains as the Democratic Unionist Party denied reports it may support some of the latest proposals, an issue that has risked collapsing this week’s talks.Still, for currency traders there seems to be a silver lining with the intensity of the negotiations spurring confidence there is the political will on both sides to avoid a no-deal Brexit. U.K. Brexit Secretary Stephen Barclay told a parliamentary committee Wednesday that Prime Minister Boris Johnson will seek an extension on Saturday if a deal hasn’t been reached by then.“Sterling performance remains binary and reflects the tone of the negotiations,” said Jeremy Stretch, head of Group-of-10 currency strategy at Canadian Imperial Bank of Commerce. “Rumors of DUP resistance take sterling lower, hopes for a resolution in Brussels take it higher. It feels like the market is increasingly confident a deal will be done, or perhaps more accurately it’s more confident of no-deal being avoided, encouraging paring of pound shorts.”The currency market hasn’t been this twitchy over Brexit since the aftermath of the referendum that set off the process in 2016. The past few days have seen conflicting Brexit headlines forcing traders to reposition for a swift and brutal move once clarity emerges.The pound steadied at $1.2784 by 1:40 p.m. in London, whipsawing between a drop of 1% and a five-month high of $1.2840. U.K. government bonds erased most of their gains, with 10-year yields down one basis point to 0.68%, while the U.K.’s domestic-focused FTSE 250 stock index fell 0.3%.Short CoveringSome of the apparent pound optimism could come down to investor positioning, according to Nomura International Plc strategist Jordan Rochester. The market was overwhelmingly in favor of selling sterling and asset managers and hedge funds still hold short positions overall, according to the latest data from the Commodity Futures Trading Commission.“I have been impressed how the market has been taking every negative headline as an opportunity to buy back the pound here, a sign perhaps that despite the move, positioning is still long euro-sterling,” said Rochester. “The pound is failing to truly break lower on this bad news.”The euro only gained 0.1% against the pound to 86.35 pence, after rallying as much as 1%. Hedge funds were seen selling the euro at around 87 pence, according to traders in Europe, who asked not to be named as they were not authorized to comment.Time is running out to secure a Brexit deal before this week’s summit of European leaders, as Johnson struggles to win the support of the DUP. EU officials are also concerned the revised plan leaves open the possibility that Britain could undercut the bloc in certain areas.Option traders are pricing high levels of volatility over the coming week. One-week implied volatility in the pound-dollar pair surged to 20.07%, the highest since July 7, 2016.Morgan Stanley sees a 65% chance of a Brexit deal, up from 55% last week. However, the bank expects Parliament to reject it, which it sees leading to a further extension and elections to decide the way forward on Brexit. The pound would likely drift higher toward $1.30 in this scenario, the bank said.\--With assistance from Vassilis Karamanis.To contact the reporter on this story: Charlotte Ryan in London at cryan147@bloomberg.netTo contact the editors responsible for this story: Paul Dobson at pdobson2@bloomberg.net, Neil Chatterjee, William ShawFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • What Makes Canadian Imperial Bank of Commerce (TSE:CM) A Great Dividend Stock?
    Simply Wall St.

    What Makes Canadian Imperial Bank of Commerce (TSE:CM) A Great Dividend Stock?

    Is Canadian Imperial Bank of Commerce (TSE:CM) a good dividend stock? How can we tell? Dividend paying companies with...

  • Hedge Funds Are Selling Canadian Imperial Bank of Commerce (CM)
    Insider Monkey

    Hedge Funds Are Selling Canadian Imperial Bank of Commerce (CM)

    How do we determine whether Canadian Imperial Bank of Commerce (NYSE:CM) makes for a good investment at the moment? We analyze the sentiment of a select group of the very best investors in the world, who spend immense amounts of time and resources studying companies. They may not always be right (no one is), but […]