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Canadian bank earnings begin: What you need to know before markets open

U.S. stock index futures are higher today as the dollar retreated from its largest gain in two years and as worries about Greece receded.

In early European trading, the dollar was down around a third of one per cent against a basket of currencies, after jumping 1.3 per cent on Tuesday, its biggest rise since July 2013.
Greece and its European creditors have also played down fears that Athens would default on a payment to the International Monetary Fund next week.
Bank of Montreal, Canada’s fourth-largest lender, beat the Street though its fiscal second-quarter profit fell 7.2 per cent after taking a $106 million restructuring charge. The firm raised its dividend 2.5 per cent to 82 cents a share.
National Bank of Canada, the country’s sixth-largest lender, reported a 12.5 per cent rise in quarterly profit, largely helped by its financial markets business.
U.S. stocks recorded their steepest fall in three weeks on Tuesday as the dollar rallied after buoyant data fueled expectations that an interest rate hike could come sooner rather than later.
The S&P/TSX composite index lost 136.59 points to close at 15,050.81, while the loonie gave back 0.74 of a U.S. cent to 80.47 cents.
Applications for U.S. home mortgages fell last week as interest rates rose, an industry group said on Wednesday.
Tiffany’s shares were up 6.6 per cent to $91.19 in premarket trading after the luxury jeweler’s quarterly profit beat estimates.
Michael Kors Holdings fell 11 per cent to $53.92 after the handbag maker reported its slowest sales growth in at least three and a half years as demand in North America weakened.© Thomson Reuters 2015

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