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Global Markets: RBC makes record profit

By Commodity News Service Canada
WINNIPEG, Nov. 28, 2018 (CNS) – The following is a glance at the news moving markets in Canada and globally.
Royal Bank of Canada reported a 15 per cent increase in fourth-quarter net income to C$3.25 billion, surpassing analyst expectations. The bank’s results were driven by strong performances in its personal and commercial banking, capital markets, wealth management and insurance.
Canada’s overall vacancy rate dropped for a second year in a row, according to the Canada Mortgage Housing Corp (CMHC). In its annual rental market survey, CMHC said that in 2018, the vacancy rate across Canada was 2.4 per cent, down from three per cent in 2017. CMHC said that demand for rental housing grew at a faster pace than supply.

United States President Donald Trump has tweeted threatening to cut subsidies to General Motors Co. in retaliation for the company’s plan to close to U.S. factories. However, many are skeptical that Trump could unwind all the federal aid. GM, like other U.S. automakers, has received substantial federal assistance over the years, including a nearly US$50 billion bailout in 2009.

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