SINGAPORE/LONDON—The dollar started the week on the back foot, hitting a seven-month low against a basket of major peers in Asian trade, with the yen in particular focus as traders ramped up bets the Bank of Japan will tweak its yield control policy further. The euro hit a fresh nine-month top of $1.0874 in early…
Shares Rise, Yen Climbs as BOJ Battles Bond Bears
January 16, 2023
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SYDNEY/LONDON—Shares firmed on Monday as optimism over corporate earnings and China’s reopening offset concerns the Bank of Japan (BOJ) might temper its super-sized stimulus policy at a pivotal meeting this week, while a holiday in U.S. markets made for thin trading. The yen climbed to its highest since May after rumours swirled the BOJ might…
Wall Street Ends Higher as Company Earnings Season Kicks Off
NEW YORK—Stocks closed higher on Wall Street Friday to give the S&P 500 its best week in two months as earnings reporting season gets underway and CEOs begin to show how well or poorly they’re navigating high inflation and a slowing economy. The year has begun on Wall Street with optimism that cooling inflation trends…
Major Banks Beat Earnings Forecasts, but Recession Fears Increase
January 13, 2023
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Major American banks beat their earnings forecasts, but recession fears are beginning to mount. JPMorgan Chase, Bank of America, Citigroup, and asset management giant BlackRock reported positive forecasts on Jan. 13, but many investors were still left disappointed. The banks managed to beat Wall Street’s reduced expectations for their fourth-quarter results, as higher interest rates boosted…
Citigroup Misses Profit Estimates on Provision Hike, Dealmaking Slowdown
January 13, 2023
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Citigroup Inc. reported a 21 percent fall in quarterly profit on Friday, missing forecasts, as the bank increased provisions to prepare for a worsening economy and investment banking revenue declined due to a sharp drop in dealmaking activity. Fears of a potential recession prompted Citi to add $640 million to its reserves in the fourth…
Wells Fargo Misses Profit Estimate on Higher Reserves, Scandal Costs
January 13, 2023
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Wells Fargo & Co. on Friday reported a 50 percent decline in profit for the fourth quarter, missing analysts’ estimates, as the bank racked up more than $3 billion in costs related to a fake accounts scandal and boosted loan loss reserves for a potential economic slowdown. The bank’s shares were down nearly 4 percent…
JPMorgan Beats Profit Estimates, Sees Mild Recession
JPMorgan Chase & Co., the biggest lender in the United States, said on Friday it set aside $1.4 billion in anticipation of a mild recession, even as it beat forecasts for quarterly profit on the back of a strong performance at its trading unit. Shares in JPMorgan fell about 3 percent in premarket trading as…
Bank of America Profit Tops Estimates as Higher Rates Boost Income
Bank of America Corp. reported a bigger-than-expected fourth-quarter profit on Friday, helped by a surge in net interest income as the U.S. Federal Reserve raised rates through most of last year. The ‘higher-for-longer’ rate environment to battle decades-high inflation has underpinned profits at consumer banks, with analysts expecting those gains to peak in 2023 and…
Reps. Roy, Spanberger Reintroduce Bill Banning Members of Congress From Trading Stocks While in Office
January 13, 2023
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Reps. Abigail Spanberger (D-Va.) and Chip Roy (R-Texas) have reintroduced legislation effectively banning members of Congress—as well as their spouses and dependent children—from trading stocks while they are in office. The bipartisan duo of lawmakers introduced the new bill, titled the “Transparent Representation Upholding Service and Trust (TRUST) in Congress Act,” on Jan. 12. Originally proposed in June 2020…
Wall Street Opens Lower After Bank Results
Wall Street’s main indexes opened lower on Friday as remarks from executives of major U.S. banks deepened concerns about a slowdown in economic growth, while a slump in Tesla’s shares also pressured the Nasdaq. The Dow Jones Industrial Average fell by 257.18 points, or 0.75 percent, at the open to 33932.79. The S&P 500 opened…
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