(Bloomberg) Prime Minister Justin Trudeau’s claims there isn’t a trade-off between Canada’s strict lockdowns and economic growth will be tested this week with the release of new output data.Analysts expect gross domestic product shrank by more than 5% last year, a middling result among advanced economies. The U.S., with far less restrictive pandemic measures last year, shrank by just 3.5%.Canada’s lagging performance is expected to continue into 2021. Economists see a stronger rebound in the U.S. this year because of its faster pace of Covid-19 vaccinations, looser virus-related curbs and President Joe Biden’s stimulus plan.“It’s pretty obvious there is a trade-off,” Doug Porter, chief economist at Bank of Montreal, said in a phone interview.The good news is investors and analysts don’t appear worried. The Canadian dollar is one of five major currencies that’s appreciated against the U.S. greenback this year. And t
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(Bloomberg) Bank of Montreal posted fiscal first-quarter profit that topped analysts’ estimates, helped by an improving credit outlook that allowed it to reserve less to protect against potential loan losses.Canada’s fourth-largest lender by assets set aside C$156 million ($124 million) in provisions against loan losses in the three months through January, down 64% from the fourth quarter.Key InsightsBank of Montreal’s capital-markets unit continued to post strong results, helped by rising and volatile stock markets. Profit in the unit rose 36% from a year earlier, driven by higher trading revenue.With the pandemic restraining overall revenue gains, controlling costs will be key across the Canadian banking sector. Bank of Montreal’s non-interest expenses fell 1.5% from a year earlier.Earnings for personal and commercial banking climbed in both Canada and in the U.S., where profit surged from a year earlier, driven by revenue gains in banking for businesses