I’m currently sandwiched between two kids who have dozed off in the middle of the day and I’m trying to think of it as an early Christmas miracle instead of an early festive season plague.

Here are five things to know this week:

Bank on it: Canadian banks are poised to report fourth–quarter results with the index sitting at record highs. The sector has proved to be Teflon against tariff anxieties and a weaker Canadian economy. But most of the advance in stocks has been based on multiple expansions, not pure earnings growth. “After an exceptionally strong run in the fall, the Canadian banks are trading at levels that could charitably be described as fully valued,” John Aiken of Jefferies wrote in a preview note in which he downgraded TD TD-T and Royal Bank RY-T on valuation concerns. This left Mr. Aiken with no buys on any Canadian banks. He estimates that the bank group is trading 2.3 times above their 20-year average. Of course, high multiples can be resolved in two ways: the stock price comes down or earnings grow. There are three things to watch from the group. First, investors will get a sense of how cautious banks are being for 2026 by looking at how much they take up their provisions for loans that could go bad. Second, banks have been very active on buybacks, and questions will be asked about the appetite for that to continue, or if it will shift toward M&A. Third, capital markets will likely be strong, but watch for how much expenses rise as a result of higher compensation. Bank of Nova Scotia BNS-T reports Tuesday, Royal Bank of Canada and National Bank NA-T report Wednesday. BMO BMO-T, TD and CIBC CM-T are on Thursday. And Laurentian LB-T will report on Friday.

Ethan Radcliffe

Ethan Radcliffe is a senior reporter and digital editor at The Toronto Insider, specializing in Canadian federal policy, GTA urban development, and national economic trends. With over a decade of experience in North American journalism, Ethan focuses on translating complex legislative and economic developments into clear, accessible reporting for Canadian readers. Ethan’s work emphasizes policy analysis, government accountability, and data-driven reporting, with a strong focus on how federal and provincial decisions impact communities across the Greater Toronto Area and beyond. He has covered infrastructure planning, housing policy, fiscal strategy, and regulatory changes affecting Canadian households and businesses. A graduate of Toronto Metropolitan University’s School of Journalism, Ethan brings expertise in investigative reporting, long-form analysis, editorial standards, and digital publishing best practices. His reporting is guided by verifiable sources, public records, and transparent sourcing. In addition to reporting, Ethan has experience in newsroom editing, fact-checking workflows, SEO-informed journalism, and audience analytics, ensuring stories meet both editorial integrity standards and modern digital discoverability requirements. Ethan is committed to objective, fact-driven journalism and adheres to established ethical guidelines, prioritizing accuracy, clarity, and public trust in all reporting.

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