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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 904,884,760
Close 2022-10-11 C$ 56.03
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FP/wire say TD, rivals hear global recession risk looms

2022-10-11 07:57 ET - In the News

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

The Financial Post reports in its Tuesday, Oct. 11, edition that World Bank president David Malpass and International Monetary Fund managing director Kristalina Georgieva warned on Monday of a growing risk of global recession. A Reuters dispatch to the Post reports that Mr. Malpass said in a dialogue with Ms. Georgieva at the start of the first in-person meetings of the two institutions since the COVID-19 pandemic, "There's a risk and real danger of a world recession next year." He cited slowing growth in advanced economies, currency depreciation in many developing countries and inflation concerns. The IMF chief last week said the global lender would downgrade its forecast for 2.9-per-cent global growth in 2023 when it releases its World Economic Outlook on Tuesday. On Monday, she noted that economic activity is slowing in all three major economies: Europe, which has been hit hard by high natural gas prices; China, where housing volatility and COVID-19 disruptions are dragging down growth; and the U.S., where interest rate hikes "are starting to bite." Ms. Georgieva said the IMF will be advocating this week for central banks to continue their efforts to contain inflation.

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