One portfolio manager said that Canada’s largest banks are pricing in a recession to occur around the end of the year, which is weighing on sentiment for bank stocks.
Amit Joshi, an associate portfolio manager at Barometer Capital Management, said in an interview with BNN Bloomberg Tuesday that bank stocks have underperformed relative to the Toronto Stock Exchange.
The group of lenders will start reporting second-quarter earnings on May 24, with Bank of Montreal and Bank of Nova Scotia. Joshi said he is taking a “wait and see” approach to owning Canadian bank stocks, but added that positive signs can be seen in economic consumer data, which remains “very strong.”
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