US FINANCIALS: Toronto Dominion Bank: 3Q25 Results
(TD; A2/A+/AA-neg)
• Strong quarter with solid Adj NI ~+6% Y/Y and reported EPS beat, driven by operational progress.
• Personal & Commercial Banking unit saw strong loan and deposits growth.
• US Retail progressing on its US AML remediation program, expects to be done with the bulk of it in 2025.
• Wealth & Insurance saw double-digit growth on record assets and earnings.
• Wholesale Banking saw broad growth from Global Markets, Corporate & Investment Banking.
• Provisions C$971MM below estimate C$1.26B.
• Adj ROE 13.2% above estimate 12.3%.
• CET1 14.8% vs 14.9% last quarter.
• C$600-700MM restructuring plan announced 2Q is now ~2/3rds completed.
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EUR: FX Exchange traded Option, covers FOMC
Very Short Term FX Exchange Traded Weekly Option, Covers the FOMC but not the NFP, expiry Thursday, these look like new Positions, looking for Dollar strength.
- EURUSD (31st July) 1.1450p, bought for 0.0009 in 1.2k.
Earlier:
- EURUSD (31st July) 1.1425p, bought for 0.0005 in 1.2k.
TARIFFS: India Braces for Higher US Tariffs But Eyes Broader Trade Deal: RTRS
India is preparing to face higher U.S. tariffs - likely between 20% and 25% - on some of its exports as a temporary measure, Reuters report citing sources. More from the piece below:
- New Delhi plans to resume broader trade negotiations when a U.S. delegation visits in mid-August, with the goal of finalising a comprehensive bilateral agreement by September or October
- President Donald Trump could issue a tariff letter imposing duties of 20 or 25% in a "worst-case scenario"
- "However, we assume it would be a temporary measure, considering the five rounds of trade talks that have taken place. A deal will soon be worked out,” the official said.
STIR: BLOCK: Sep'25 SOFR Sale
-13,000 SFRU5 95.84, post time bid at 0910:15ET, the Sep contract trades 95.84 last (+0.005).
