MORE BANK EARNINGS 

Bank earnings continue this morning with beats from CIBC, RBC and TD, making BMO stand out like a sore thumb. Here’s what we’ve got so far:

• RBC’s second-quarter adjusted profit was $1.85. Estimate was $1.80. Low double-digit growth in capital markets and wealth management, and core banking profit rose five per cent. The Ontario mortgage book in the quarter was $103.8B, versus $102.8B in the previous quarter. We will square that against the red flags CEO Dave McKay raised about Canadian banking just last month 
• CIBC’s Q2 adjusted profit came in seven cents ahead of estimates. The unit-by-unit profit growth trends were similar to what we’ve seen from peers. CEO Victor Dodig said in a statement he’s focused on closing the PrivateBancorp takeover in June. Question that begs to be asked in light of the speedbump BMO hit in the States last quarter: Is the timing right for CIBC?
• TD Bank blew past estimates in the second quarter. Adjusted EPS $1.34 versus $1.24 estimate. And check out the 18 per cent profit growth in U.S. retail banking – surely that will assuage some concerns that surfaced after BMO’s results yesterday.

OPEC MEETING

Oil reached a high of US$52 per barrel in early trading, but it’s trailed off since then as OPEC meets in Vienna. Delegates are telling Reuters the cartel has agreed to extend coordinated production cuts for nine months. Maybe that’s disappointing the market after whispers (hope?) of a 12-month extension prior to the meeting. Closing news conference in Vienna is slated for 11:00 a.m. ET. Will be interesting if reporters ask any questions about U.S. President Donald Trump’s plan to halve his country’s Strategic Petroleum Reserve – or press for details on the Saudi energy minister’s recent vow to do “whatever it takes” to balance the market. 

MANULIFE CEO GULOIEN TO RETIRE 

There's a changing of the guard at Manulife Financial. The lifeco announced Thursday morning CEO Don Guloien will retire on September 30. He'll be replaced by President Roy Gori as of October 1.

RAYONIER BUYING TEMBEC

We’ve got a deal. Tembec is being sold to Jacksonville, Florida-based Rayonier Advanced Materials. The offer is $4.05 per share in cash or 0.2302 of a RYAM share for each Tembec share. Purchase price works out to US$320 million, plus US$487 million in debt. Rayonier points out it will “maintain” all Tembec operations and aims for US$50 million in cost synergies.

LOONIE BUILDS ON GAINS

The Canadian dollar reached a high of 74.69 US in early trading before turning south. We’ve also still got room to consider whether the currency is behaving to Bank of Canada Governor Stephen Poloz’s liking. The currency ran up 58 basis points yesterday on the back of the BoC statement that attempted to balance positives and negatives. Recall what CIBC’s Benjamin Tal told us: The Bank is confusing the market and hurting business investment with its messaging. We will stress test that with business leaders.  

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BNN Advisor

Vancouver: Housing concerns cross generations

Winnipeg and Saskatchewan: The loonie and U.S. protectionism weigh on Central Canada

Yellowknife and Whitehorse: The hurdles of northern living and aboriginal issues

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OTHER NOTABLE STORIES:

-Home Capital Group late yesterday disclosed its high interest savings account balance was more or less stable at $113.3 million as of Tuesday, versus $115 million on Monday.

-B.C. recount confirms election-night results: Christy Clark will govern with a minority in the provincial legislature, with big stakes for crucial resource infrastructure projects. We’ll chase principals. – Producer: TBD

-U.K. economy lost more momentum in the first quarter than initially estimated: growth slowed to 0.2%. Initial estimate was 0.3%.  

-The Ottawa Senators face the Pittsburgh Penguins tonight in the seventh and deciding game of the NHL eastern conference final. Winner plays for the Stanley Cup. We’ll chase Senators Owner Eugene Melnyk and CEO Tom Anselmi. – Producer: Rob

-Yesterday, Paige set the table for an auction of art by the likes of Jean Paul Riopelle and Lawren Harris that was expected to rake in approximately $14 million. The results are in, and the auction hauled in $21.2 million.

NOTABLE BNN INTERVIEWS

10:35 a.m. ET: Former Quebec Premier Jean Charest on NAFTA

2:00 p.m. ET: Bonterra Energy CEO George Fink on the OPEC decision

NOTABLE RELEASES/EVENTS

-Notable earnings: RBC (7:30 a.m. ET conference call), CIBC (8:30 a.m. conference call), TD (3:00 p.m. conference call), Heroux-Devtek, Best Buy, Costco

-7:15 a.m. ET: Justin Trudeau holds media avail in Brussels  

-8:00 a.m. ET: Conference Board of Canada report on metropolitan outlook

-11:00 a.m. ET: Closing news conference at OPEC meeting 

-11:00 a.m. ET: Environment and Climate Change Minister Catherine McKenna announcement in Calgary regarding industrial emissions

-12:00 p.m. ET: Bank of Canada Deputy Governor Sylvain Leduc delivers speech in Toronto (remarks on BoC site at 11:45 a.m. ET)

-12:00 p.m. ET: Finance Minister Bill Morneau delivers speech in Toronto on tax fairness 

-4:30 p.m. ET: Former Quebec Premier Jean Charest and Former Ambassador Gary Doer deliver remarks on national unity at Senate symposium on Canada 150 

Every morning BNN's Managing Editor Noah Zivitz writes a ‘chase note’ to BNN's editorial staff listing the stories and events that will be in the spotlight that day. Have it delivered to your inbox before the trading day begins by heading to www.bnn.ca/subscribe.