NEW YORK (Reuters) – Wall Street’s biggest banks stockpiled more rainy-day funds to prepare for a possible recession ahead and reported weak investment banking results, but said consumers remained healthy and higher rates boosted profits. The outlook for big U.S. banks has been clouded by the Russia-Ukraine conflict and fading economic stimulus measures. Higher borrowing…
By Noor Zainab Hussain and Hannah Lang (Reuters) -Wells Fargo & Co on Friday reported a 50% decline in profit for the fourth quarter, missing analysts’ estimates, as the bank racked up more than $3 billion in costs related to a fake accounts scandal and boosted loan loss reserves for a potential economic slowdown. The…
By Medha Singh (Reuters) – An army of retail traders drove up shares of meme stocks this week, led by a surge in Bed Bath & Beyond, as growing signs that inflation has peaked encouraged them to pick up shares at relatively “cheap” prices after the 2022 market slump. The struggling home good retailer’s shares…
(Reuters) -UnitedHealth Group Inc on Friday reported a quarterly profit that beat Wall Street estimates, helped by lower medical costs and a boost from its Optum health services unit, which operates the company’s pharmacy benefit management business. Health insurers’ costs have been in flux during the pandemic, but have eased over the past year as…
LONDON (Reuters) -Investors poured money into equity and bond funds and moved money out of gold in the week to Wednesday, according to BofA Global Research, taking heart from a string of positive data points and policy changes. “You don’t get more Goldilocks than that,” the report said of Thursday numbers that showed U.S. consumer…
By Carolina Mandl NEW YORK (Reuters) – Goldman Sachs Investment Strategy Group expects U.S. equities to generate positive returns for investors in 2023 even if the economy enters a recession, according to its outlook report released on Friday. The bank’s wealth management team expect the benchmark S&P 500 to end 2023 at between 4,200 and…
(Reuters) – Bank of America Corp reported a better-than-expected fourth-quarter profit on Friday as rate hikes helped it charge more interest on loans to customers. The bank earned 85 cents per share in the quarter. Analysts, on average, had estimated a profit of 77 cents per share, according to Refinitiv IBES data. Profit applicable to…
(Reuters) – Tesla has slashed prices on its electric vehicles in the United States and Europe by as much as 20%, extending a strategy of aggressive discounting after missing Wall Street estimates for 2022 deliveries. The move, which prompted a 4.5% fall in Tesla’s shares in pre-market U.S. trade, came after CEO Elon Musk warned…
By Bansari Mayur Kamdar (Reuters) -European shares rose on Friday and were hovering near a nine-month high, supported by healthcare and banking stocks and upbeat economic data from the UK. The pan-regional STOXX 600 gained 0.6% by 0918 GMT, with investors looking ahead to earnings from big U.S. banks. UK’s FTSE 100 added 0.6% after…
By Arpan Chaturvedi and Aditya Kalra NEW DELHI (Reuters) – Pernod Ricard violated the liquor policy of India’s capital city by financially supporting retailers who in exchange stocked more of the French company’s brands and boosted its market share, the country’s financial crimes agency alleges. India’s Enforcement Directorate said in court documents filed in November…
