Bank of America’s first-quarter earnings and revenue beat expectations due to higher interest rates. The banking giant reported its best quarter in a decade, according to its latest quarterly earnings report from April 18. BofA said its net interest income (NII) saw its largest boost, surging 25 percent, to $14.4 billion from the year-ago quarter due…
Bank of America First-Quarter Earnings Beat Expectations
April 18, 2023
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Record Number of Americans Pessimistic About Economy as Recession Fears Grow: Poll
A new poll found that most Americans believe the United States is headed for a recession or is already in an economic downturn. Pessimism about the economy hit a record high amid rampant price inflation, rising interest rates, and growing recession concerns. According to the latest CNBC All-America Economic Survey, 69 percent of U.S. adults…
Investing in a Recession? Keep These 6 Factors in Mind
Recessions are a hot topic—and never far from any investor’s mind. It’s a sad fact of life that these periods are inescapable—sooner or later, the economy starts shrinking, asset prices drop, and the stock market takes a nosedive. In such circumstances, it is natural to enter damage control mode. However, entering damage control the wrong…
Dollar Slides After Upbeat China Data; Aussie, Pound Rise
LONDON—The dollar fell against most major currencies on Tuesday after better-than-forecast growth data from China, while strong pay figures from Britain supported the pound. China’s gross domestic product (GDP) grew 4.5 percent year-on-year in the first three months of the year, data showed on Tuesday, beating analyst forecasts for a 4 percent expansion as the…
Oil Slips on Economy Worries, Despite China Growth Data
April 18, 2023
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LONDON—Oil fell for a second day on Tuesday as upbeat Chinese economic data failed to deflect the focus from a possible increase to U.S. interest rates and wider concern about the growth outlook. Crude prices were also pressured by the Iraq federal government and Kurdistan Regional Government (KRG) taking a step towards a resumption in…
Stock Market Today: Shares Mixed Following China Growth Data
April 18, 2023
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TOKYO—Global shares were mixed Tuesday as pessimism over economic and political uncertainties remained even as China reported better-than-expected growth data. France’s CAC 40 added 0.3 percent in early trading to 7,517.90. Germany’s DAX rose nearly 0.1 percent to 15,804.68. Britain’s FTSE 100 added 0.2 percent to 7,897.45. U.S. shares were set to drift higher with…
S&P 500 Opens Flat as Investors Focus on Earnings, Fed Cues
The benchmark S&P 500 index opened flat on Monday as investors awaited more bank earnings and views from Federal Reserve policymakers that could shape expectations around when the central bank would pause its monetary policy tightening. The Dow Jones Industrial Average rose 43.99 points, or 0.13 percent, at the open to 33,930.46. The S&P 500…
JPMorgan CEO Sees Risk of More Bank Failures
JPMorgan CEO Jamie Dimon said during an earnings call that he believes more banks could fail in the United States, but that he thinks the worst of the banking turmoil may be over and that things have calmed down “quite a bit.” Dimon said on the call that there’s a relatively low number of U.S. banks…
Dollar Hits 1-month High Against Yen as Traders Bet on Fed Rate Hike
LONDON—The dollar climbed to a one-month high against Japan’s yen on Monday as traders eyed up another interest rate hike from the Federal Reserve, while the Bank of Japan stuck to its easy-money policies for now. The dollar rose to 134.22 yen earlier in the session, the highest level since March 15. It was last…
Oil Steady as Market Awaits Chinese GDP Data
April 17, 2023
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LONDON—Oil prices were steady on Monday as investors eyed Chinese economic data for signs of demand recovery in the world’s second-largest oil consumer. Brent crude futures were down 13 cents to $86.18 a barrel at 1018 GMT, while U.S. West Texas Intermediate crude was at $82.33 a barrel, down 19 cents. Both contracts notched their…
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