CEO Jane Fraser is trying to turn around the massive bank during a volatile period for markets and the global economy.
Wells Fargo shares jump 3% as bank tops expectations despite boosting loan loss reserves
Wells Fargo on Friday reported lower quarterly earnings than a year ago as a decision to build up reserves cut into profit.
Morgan Stanley posts third-quarter profit miss as investment banking revenue collapses 55%
Wall Street banks are grappling with the collapse in IPOs and issuance this year, a sharp reversal from the deals boom that drove results last year.
Citigroup reports 25% decline in third-quarter profits but tops revenue expectations
CEO Jane Fraser is trying to turn around the massive bank during a volatile period for markets and the global economy.
Wells Fargo shares jump 3% as bank tops expectations despite boosting loan loss reserves
Wells Fargo on Friday reported lower quarterly earnings than a year ago as a decision to build up reserves cut into profit.
Morgan Stanley posts third-quarter profit miss as investment banking revenue collapses 55%
Wall Street banks are grappling with the collapse in IPOs and issuance this year, a sharp reversal from the deals boom that drove results last year.
JPMorgan Chase tops estimates as bank reaps more interest income than expected after jump in rates
JPMorgan Chase on Friday posted results that topped analysts‘ estimates as the biggest U.S. bank by assets took advantage of rising rates.
GBP/USD falls to fresh lows on the day, down over 1% now
<p style=““ class=“text-align-justify“>The pair is now running into a fresh test of the 200-hour moving average (blue line) at 1.1191 as we see a quick tumble in cable from 1.1250 to 1.1190 – down 1.2% on the day.</p><p style=““ class=“text-align-justify“>The drop coincides with another bout of dollar strength with EUR/USD pulled to the lows as well, down 0.5% to 0.9720, but also as we start to see reports confirming that Kwarteng has been sacked as UK finance minister. UK 30-year gilt yields are down 18 bps to 4.36% but are off earlier lows of around 4.24%.</p><p style=““ class=“text-align-justify“>There is talk in UK political circles that Kwarteng’s sacking is not going to go down well with Tory lawmakers and they might just call for Truss‘ head. The political uncertainty and instability isn’t helping with the mood, as the volatility swings continue for the pound.</p><p style=““ class=“text-align-justify“>For now though, the technicals will at least do some work. If we break below 1.1200 and the 200-hour moving average, then the near-term bias becomes more bearish and we open up a lower range for <a target=“_blank“ href=“https://www.forexlive.com/terms/g/gbp-usd/“ target=“_blank“ id=“40825c22-4786-411e-8820-6b43082274be_1″ class=“terms__main-term“>GBP/USD</a> towards the 100-hour moving average (red line) at 1.1114 at least.</p>
This article was written by Justin Low at forexlive.com.
Reports suggest Kwarteng has been sacked as UK finance minister
<p style=““ class=“text-align-justify“>There is no point in delaying the inevitable but I believe we will have to wait for Truss‘ speech later today to make it official. For now, BBC, Sky News, CNBC are all reporting on the matter in saying that Kwarteng has been ousted already.</p>
This article was written by Justin Low at forexlive.com.
ECB’s Vasle: 75 bps rate hikes in October, December meetings may be appropriate
<ul><li>Appropriate to discuss QT once rates reach neutral level</li><li>The discussion and decision should happen in 2023</li><li>Rates need to enter restrictive territory</li></ul><p style=““ class=“text-align-justify“>Nothing out of the ordinary as 75 bps is the expected decision for October at least. The ECB looks likely to hike until Q1 2023 before pumping the brakes on tighter policy – at least that seems to be the case for now.</p>
This article was written by Justin Low at forexlive.com.