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Big Bank Earnings Wrap: What RBC and CIBC Reveal About Your Mortgage

  Royal Bank and CIBC reported record or near-record profits before the market opened Thursday, closing out a jam-packed bank earnings week that also included BMO, Scotiabank and National Bank. Beyond the headline numbers, though, the details tucked into these reports say a lot about where mortgage rates, lending standards and household credit stress are actually heading — and it's a more reassuring picture than a lot of the tariff-and-tension headlines this month might suggest. RBC: Record Profit, Credit Quality Barely Budged Royal Bank of Canada posted net income of $6.0 billion for the quarter ended July 31, up 11% from a year earlier and a record for the bank. Diluted earnings per share came in at $4.23, up 13% year-over-year, while return on equity climbed to 17.9%. The number worth watching for anyone with a mortgage isn't the profit line — it's the provision for credit losses (PCL), the money banks set aside for loans that might go bad. RBC's total PCL was $1.0 b...
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White House Announces Reciprocal Tariffs Set to Take Effect Wednesday

The White House has confirmed that reciprocal tariffs will be implemented starting this Wednesday, marking a significant shift in U.S. trade policy. These tariffs, described as "reciprocal," aim to match the duties imposed by other nations on American exports. The move is part of a broader strategy to address trade imbalances and encourage domestic manufacturing.

President Trump has referred to this initiative as "Liberation Day," emphasizing its role in protecting U.S. industries. While details about the specific countries and products affected remain unclear, the administration has indicated that the tariffs will target nations contributing significantly to the U.S. trade deficit.

The announcement has already sparked reactions from global markets and trade partners. Countries like Canada, China, and members of the European Union have hinted at potential countermeasures, raising concerns about escalating trade tensions. Economists warn that the tariffs could have mixed effects, potentially boosting some domestic industries while straining international relations and consumer prices.

As the world watches, the full impact of these tariffs will unfold in the coming weeks, shaping the future of global trade dynamics.

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