Yesterday, www.StockGumshoe.com, a daily blog run by Travis Johnson, published its readers’ ratings for www.global-investing.com which you are now reading. We were top-rated at 5 stars for our performance and for value, and at 4 stars for the quality of our content and analysis. However, our customer service rating was at 3 stars, because it hard to handle.

As we plan to move our website into the talkmarkets.com system, I think the customer service function will be less onerous and therefore will improve. Thank you to all the gummies who tried out this newsletter and took the time to rate my work. This is the best kind of publicity, free and independent by actual readers.

Most of the trial subs I offered his readers were for 3-mo trials three years ago.

While Hong Kong continues to lower its prices for internet stocks, the US tech advance continues for Apple if not the rest of the FAANGs. Hong Kong shares lost modestly yesterday, while China plummeted another 1.3%. I am using the S&P data rather than the local indexes full of state-sector companies.

The Bank of England gave a mixed view of the impact of exiting the EU on its banks which the Governor opposed before the vote. They are said to be able to cope without having to curb lending or be bailed out by an additional sum of money this year and next after passing its stress tests.

Today we have an annual report at a funny time of the year from Canada and news from India to Singapore, from Spain to the USA, from Colombia to Britain, from Chile to Israel, and plenty of spots in between.

*The annual report was from Bank of Nova Scotia which accompanied its results with heaps of fluff and a big news item as its Q4 earnings per share missed by a loony penny at C$1.65 because of weak capital markets action and its net income rose only 3% from last year’s Q4 at C$2.07 bn. Quarterly diluted EPS was up 4% to C$1.64/sh but down sequentially by 3 cents from Q3. The stock fell 2.4% and took down other Canadian banks with it.

The full-year numbers were less awkward but of course, we already knew them as BNS stock rose since the FY began last Nov. 1. Its net for the FY hit C$8.243 bn vs FY 2015-6 level of C$7.368 bn. EPS rose 12% to C$6.49. Return on equity was 14.6% vs prior year’s 13.8%. Having already raised dividends 6% this year, its dividend will be 79 loony cents. Its assets are much more Canadian now than a year ago, accounting for 60% of its business, and only 58% of its earnings. Despite this, its results would have been even worse without the impact on its results of the stronger C$, 4.9% Y/Y and 5.5% sequentially.

However, CEO Brian Porter stated that BNS expects to beat the growth in Canadian GNP next year with higher profits from mortgage banking up north. Unusually for a Canadian bank, BNS is not heavily into the USA, which accounts for 12% of assets and (this year) 7% of earnings. The bank is a leader in Latin America and building out its presence in Pacific Rim Asia.

This will be enhanced by its planned deal to buy out the Spanish Banco Bilbao Vizcaya Argentaria network in Chile, which BNS is already active. This $2.2 bn (US) deal depends on winning the approval of the Said family which owns 29% of BBVA in Chile. Mr. Porter said that the deal can be funded with cash on hand but the handout implies that BNS’s Tier 1 capital ratio will take a 1.35% hit if it goes through.

BNS plans to sell its ScotiaMocatta London gold-trading unit and Goldman Sachs is among the potential bidders. It ran into problems with regulators of how the gold price was fixed on the London Metal Exchange.

More banking news below.

Drug Stocks

*Day-after commentary took down Teva yesterday, to ~$14.5. BofA Merrill reiterated its underperform rating and $11 target price. Morningstar‘s Michael Waterhouse doubed “Teva’s structural change” will lead to the change the market expects because the cost-saving by combining generic and patent sales and research regionally will also make it less likely that TEVA can spin out its branded business. He like me was surprised at the forced retirement of Teva execs, notably Michael Hayden, but also said that the executives promoted all were already at Teva which means the transition will be easier. Credit Suisse wrote of “Devil in the details” but was hopeful that the full restructuring plans will be announced in a few weeks. Until then it kept its underperform rating and $8 target price in place, fearing that the board will again get in the way of the CEO in a more grim situation than the previous combats.