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Soft Start to Earnings, With Banks Offered

EQUITIES
  • Wall Street struggled to gain traction in either direction Wednesday, with early progress hampered by earnings and the higher-than-expected US CPI reading.
  • JPMorgan's Q3 release marked the unofficial beginning of the quarterly earnings cycle and headline metrics came in ahead of expectations. Nonetheless, shares suffered from the open as the release showed gross profits data was buoyed largely by a sizeable reserves release across the three-month period, artificially inflating topline metrics.
  • As a result, the banking and financials sector traded broadly lower, with mark-downs of 2% or more among the likes of JP Morgan, Wells Fargo and Bank of America.
  • Across Europe, performance was more favourable, with the EuroStoxx50 adding 0.7% at the close, alongside similar gains for the CAC-40 and DAX.

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