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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 904,884,760
Close 2022-09-28 C$ 61.04
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Globe/wire say TD, rivals hear Brit rout adds to stress

2022-09-29 07:38 ET - In the News

See In the News (C-TD) Toronto-Dominion Bank

The Globe and Mail reports in its Thursday, Sept. 29, edition that following Britain's Friday mini-budget, which flagged $67-billion worth of unfunded tax cuts, sterling tumbled to record lows while British bond prices slid. A Reuters dispatch to the Post reports that global angst is rising about the spillover from Britain. Atlanta Fed president Raphael Bostic on Monday warned events in Britain could lead to greater economic stress in Europe and the U.S., while the International Monetary Fund on Tuesday took aim at new British financial plans. U.S. Treasury Secretary Janet Yellen says the U.S. is monitoring developments in Britain. As Britain's gilt yields soared 100 basis points over the course of two days to multiyear highs, U.S. 10-year Treasury yields and German Bunds were dragged higher, too. Reuters says the wild swings in the pound have ricocheted across currency markets, where volatility was already climbing. The BOE's announcement on Wednesday that it would buy as many long-dated government bonds as needed between now and Oct. 14 to stabilize markets brought some calm. The risk of contagion, however, remains given the backdrop of global uncertainty and the higher global interest rates.

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