Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
Thomas Hughes

Bank Earnings Blow Past Expectations In The U.S.

A highly anticipated round of earnings from big banks JP Morgan and Wells Fargo blew past expectations. JP Morgan beat on the top and bottom lines citing the positive impact of higher rates. Higher rates from the FOMC means banks and other lenders can charge more for their services and loans.

JP Morgan also says the outlook for U.S. economic activity is stable and the consumer is strong. Wells Fargo turned in a likewise positive report beating on both the top and bottom lines. The takeaway from that report though is this, earnings and revenue are better than expected but still down from last year.

The U.S. indices were indicated to open moderately higher on Friday. The Dow Jones Industrial Average led the market with a gain of 0.80%, about 215 points, while the S&P 500 and NASDAQ posted more modest gains. While today’s earnings reports are better than expected they are but two among 500 reports and the market remains cautious.


EU Markets Edge Higher

European markets were moving higher in tandem with U.S. futures. The German DAX led with a gain near 0.60% at midday with the FTSE and CAC up about 0.3% and 0.35% respectively. Traders in the region cheered on the earnings news but remain cautious over the global economic outlook.

On the economic front, EU industrial production slowed less than expected. The all-EU Industrial Production figures came in at -0.2% MOM and -0.5% YOY which are both much better than forecast. The figures confirm slowing within the EU economy but at a much slower rate than expected and helped to stabilize the EUR versus the USD. The EUR/USD advanced 0.60% on the news and set a new two-week high.

In stock new shares of GN Store Nord jumped nearly 7.0%. The company has issued revised guidance to a range higher than previously stated.

Asia Mixed As Earnings Season Kicks Off

Asian equities markets were mixed on Friday. Most indices closed with gains but the action was not in synch. The Australian ASX led with an advance of 0.85% with the Japanese Nikkie following at 0.77% and the Korean Kospi trailing with a gain of 0.41%. Chinse indices in Shanghai, Shenzen, and Hong Kong all fell in Friday action. The Hong Kong Hang Seng led decliners with a loss of -0.22%.

In stock news, shares of Japanese retailer Fast Retailing led the market with a gain of 8%. The company says revenue grew 6.8% in the first half of the fiscal year and soundly beat forecasts.

In economic news, the Chinese trade surplus surged in March to a new high. The surge is due to a larger than expected gain in exports, nearly double, and a much larger than expected decline in imports. The news is both good and bad. Good in that it shows China’s economy is still doing OK, bad because trade balance imbalances are a sticking point in the trade negotiations.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.