Global markets have been trading flat to moderately lower with soft IFO survey results out of Germany‎ weighing on sentiment while traders await Friday's speech from Fed Chair Yellen.  US index futures are down 0.1% with the FTSE down 0.4% and the Dax down 0.8%. Crude oil is up 0.2% while gold and other major currencies trading within 0.3% on either side of flat.

The focus for trading‎ today is mainly on individual stocks and groups. Two more Canadian banks have reported today. CIBC beat the street by a wide margin reporting EPS of $2.67 way above the street which was at $2.35. Stellar results from retail and business banking led the charge. A small 7% increase over year in loan loss provisions were blamed on individual and card loans.

TD Bank reported earnings of $1.27 above street $1.21. Growth was driven by gains in US retail banking, TD Ameritrade and wholesale banking while Canadian retail was flat, reminiscent of the Bank of Montreal's report From Tuesday. Overall, Canadian banks have been reporting strong results with US operations and capital markets outperforming a steady Canada banking environment. 

In the UK today Entertainment One, the producer of Peppa Pig is down 16% after ITV dropped its £1.0B hostile takeover bid.

US markets could be active around today's durable goods orders report. While US consumer spending has been really strong in recent months, traders may look to these numbers for signs of whether consumer momentum is carrying over into industry or not. Because of this, the capital goods nondefense ex air measure may attract particular attention this time around.

Corporate News

ITV    drops its £1.0B takeover offer for Entertainment One, producer of Peppa Pig

CIBC    $2.67 vs street $2.35

TD Bank    $1.27 vs street $1.21

Economic News

Germany IFO business climate        106.2 vs street 108.5
Germany IFO current assessment    112.8 vs street 114.9
Germany IFO expectations        100.1 vs street 102.4

UK CBI reported sales            9 vs street 0 vs previous (14)
UK CBI distributor sales            17 vs previous (11)

Spain GDP                3.2% as expected
Sweden unemployment rate        6.3% vs street 5.9%

Upcoming significant economic announcements include:

8:30 am EDT        US jobless claims            street 265K
8:30 am EDT        US durable goods orders        street 3.4% vs previous (3.9%)
8:30 am EDT        US durables ex transport        street 0.4% vs previous (0.4%)
8:30 am EDT        US capital goods nondef ex air        street 0.3% vs previous (0.2%)

9:45 am EDT        US flash services PMI            street 51.8
10:30 am EDT        US natural gas                 street 18 BCF
11:00 am EDT        US Kansas City Fed            street (2) 

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