12:42:28 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Bank of Nova Scotia
Symbol BNS
Shares Issued 1,202,563,061
Close 2016-02-11 C$ 52.06
Market Cap C$ 62,605,432,956
Recent Sedar Documents

Globe says CIBC, rivals retreat on global bank sell-off

2016-02-12 06:23 ET - In the News

See In the News (C-CM) Canadian Imperial Bank of Commerce

The Globe and Mail reports in its Friday edition that bank equities were trounced worldwide on Thursday, leading the way for a stock market sell-off that spared no major benchmark. The Globe's Tim Shufelt writes that an overwhelming demand for safety dominated investor attitudes, as the ability of central banks to fend off economic threats seems increasingly doubtful. While crude oil has been at the crux of the recent outburst of market volatility, bank valuations have now begun to reflect a grim assessment of the global economy. Wells Fargo Funds analyst John Manley says: "Energy companies have passed the ball to financials, because that's where they get their money. When problems spring up anywhere, they inevitably find their way back to the financial sector." This year's market turmoil has been variably pinned on China's economy, the oil-supply shock, the turning of the credit cycle and the beginning of United States Federal Reserve tightening. Now, with central banks around the world increasingly resorting to negative interest rates, global fears have converged on the banking sector. Banks were already under earnings pressure as a result of loan exposure to the energy sector.

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