Free Trial

Soft Start to Earnings, With Banks Offered

  • 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.
MNI London Bureau | +44 203-865-3809 |

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.