Archiv für den Monat: Oktober 2023
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Bank of America tops profit estimates on better-than-expected interest income
Bank of America was supposed to be one of the big beneficiaries of higher interest rates. Instead, the stock has been the worst performer among peers this year.
Top economists unanimous on ‚higher for longer‘ rates as inflation threats linger
Top economists and central bankers appear to be in agreement on one thing — and it’s not a good thing for global markets.
Goldman Sachs tops estimates on stronger-than-expected bond trading
While Goldman Sachs has made efforts under CEO David Solomon to diversify its revenue stream, it is Wall Street that powers the company.
Lucid shares fall after third-quarter EV deliveries disappoint
Lucid’s third-quarter deliveries fell short of Wall Street expectations
Goldman Sachs tops estimates on stronger-than-expected bond trading
While Goldman Sachs has made efforts under CEO David Solomon to diversify its revenue stream, it is Wall Street that powers the company.
Bank of America tops profit estimates on better-than-expected interest income
Bank of America was supposed to be one of the big beneficiaries of higher interest rates. Instead, the stock has been the worst performer among peers this year.
Johnson & Johnson beats on earnings and hikes outlook as medtech, pharmaceutical sales surge
It marks J&J’s first quarterly results since the company completed the separation from its consumer health spinoff Kenvue in August.
ForexLive European FX news wrap: Currencies mixed, yields nudge back up
Headlines:
- Treasury yields ticking higher again as market fears abate
- Dollar remains in a good spot so far this week
- A bit of a whipsaw in the Japanese yen on old news
- BOJ reportedly mulls raising price outlook for the current fiscal year
- China reportedly tells banks to roll over local government debt at lower rates
- Japan’s trade union plans to ask for more than 5% wage hike next spring – report
- Germany October ZEW survey current conditions -79.9 vs -80.8 expected
- UK September payrolls change -11k vs 0k prior
Markets:
- AUD leads, NZD lags on the day
- European equities lower; S&P 500 futures down 0.3%
- US 10-year yields up 5.5 bps to 4.765%
- Gold up 0.3% to $1,924.37
- WTI crude up 0.1% to $86.79
- Bitcoin up 0.2% to $28,470
With US president Biden only arriving in Israel on Wednesday, there weren’t much further developments in the Israel-Hamas conflict for markets to really work with. As such, there is still uncertainty but bonds got back to their usual pattern and were sold. 10-year Treasury yields climbed during the session and that is giving broader markets some food for thought.
Equities were steadier earlier on but are now pinned down while the dollar is trading mixed across the board with some headlines keeping things interesting in European morning trade.
A softer set of partial UK jobs data is pinning the pound lower while there was a whipsaw in the yen amid a rehash of old news detailing that the BOJ is set to revise higher its inflation outlook later this month.
GBP/USD dropped from 1.2190 to 1.2150 before recovering most of that drop but is still down 0.2% to 1.2185 currently. Meanwhile, USD/JPY saw a plunge from 149.60 to 148.72 before recovering back some ground to 149.35 at the moment.
Elsewhere, the euro and aussie are holding slight gains while the kiwi is reversing course after the gap higher from the NZ elections yesterday.
In the commodities space, gold is up slightly alongside oil as safety bets are not yet completely abandoned on the week. It’s now over to US retail sales to provide the next point of action for markets, in particular Treasuries (in turn, the spillover to stocks and FX).
This article was written by Justin Low at www.forexlive.com.