Focus of Today: Why banks earnings matter?
Why banks earnings matter?
The earnings results of Wall Street banks usually provide a big picture of the U.S. economic outlook, which is seen as a barometer of the financial health of the economy, consumers and companies.
The country's largest banks used their quarterly reports to reassure investors of their financial health, along with mixed signs of economic strength from their commercial and consumer sectors.
Signs of an imminent recession were hard to find in Bank of America's quarterly earnings report on Monday.
The upbeat report soothed the nerves of the market bears and boosted a surge in U.S. stocks, with the $Nasdaq Composite Index(.IXIC.US$ up more than 3%.
Bank of America earnings
Actual results:
Actual results:
Third-quarter earnings attributable to shareholders were $6.579 billion, down 9.38% year over year, or $0.81 per share, higher than the $0.78 expected. During the period, revenue was $24.502 billion, up 7.63% year-on-year, higher than the $23.5 billion expected, mainly reflecting an expected increase in net interest income.
Customers' finances are resilient, less affected by a possible global economic slowdown, and even some travel and entertainment spending has increased, and average customer deposit balances remain above pre-pandemic levels.
Focus of Tuesday
$Goldman Sachs(GS.US$, the last of the "too-big-to-fail" U.S. banks to announce Q3 earnings on Tuesday.
Analysts are expecting Goldman Sachs to have earned $7.71 per share on revenue of $11.43 billion for the latest quarter, according to Benzinga.
Customers' finances are resilient, less affected by a possible global economic slowdown, and even some travel and entertainment spending has increased, and average customer deposit balances remain above pre-pandemic levels.
Focus of Tuesday
$Goldman Sachs(GS.US$, the last of the "too-big-to-fail" U.S. banks to announce Q3 earnings on Tuesday.
Analysts are expecting Goldman Sachs to have earned $7.71 per share on revenue of $11.43 billion for the latest quarter, according to Benzinga.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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