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Global Markets: BMO takes insurance hit

By Commodity News Service Canada

WINNIPEG, Dec. 5 (CNS Canada) – The following is a glance at the
news moving markets in Canada and globally.

– One of Canada’s largest banks took a hit during hurricane
season in the U.S. Bank of Montreal recorded smaller
profits in the most recent quarter following declines in
its capital market business. Adjusted net income fell 6.2%
to C$1.31 billion, or C$1.94 a share. Insurance claims
that were filed in the aftermath of Hurricanes Harvey and

Irma were cited as some of the leading reasons for the
downturn.

– A cryptocurrency firm has gotten into some hot water with
federal regulators. PlexCorp faces charges of contravening
U.S. securities laws and fraud. U.S. officials say that up
to US$15 million was lost by investors who paid money into
the currency’s initial offering of its so-called Plexcoin.

– Canada’s merchandise trade deficit fell to C$1.5 billion
in October, less than half of what it was in September.
Rising exports and declining imports were hailed as
factors behind the improvement. The number also surpassed
most analysts’ expectation who had predicted the deficit
would be C$2.7 billion.

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