By Manya Saini and Lananh Nguyen (Reuters) -Bank of America Corp reported a bigger-than-expected fourth-quarter profit on Friday, helped by a surge in net interest income as the U.S. Federal Reserve raised rates through most of last year. The ‘higher-for-longer’ rate environment to battle decades-high inflation has underpinned profits at consumer banks, with analysts expecting…
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…
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…
By David Randall and Saqib Iqbal Ahmed NEW YORK (Reuters) -Some investors believe a slowdown in U.S. inflation last month may be paving the way for a market-friendly “Goldilocks” scenario for asset prices, allowing the Federal Reserve to bring down consumer prices without badly damaging growth. U.S consumer prices unexpectedly fell last month for the…
By Chris Taylor NEW YORK (Reuters) – If there was only one word to sum up 2022, “unpredictable” might be the most accurate. Yet we all enjoy trying to predict the future, especially when it comes to our finances – to protect ourselves from the downside, or to take advantage of the upside. What does…
By Caroline Valetkevitch NEW YORK (Reuters) – A tentative bounce in U.S. stocks is about to face a key test, as companies get set to report fourth-quarter results amid worries over a potential recession in 2023. Analysts expect earnings for S&P 500 companies to have declined 2.2% for the quarter compared with a year ago,…
By Davide Barbuscia, Carolina Mandl and Shankar Ramakrishnan NEW YORK (Reuters) – Investors are increasing their exposure to U.S. corporate bonds as they take advantage of a surge in supply, but some say conflicting opinions about the economy are creating both long and short trading opportunities. The belief that the Federal Reserve may be nearing…
(Reuters) – Morgan Stanley expects the oil market to tighten during the third and fourth quarter of 2023, supported by a recovery in demand prompted by China reopening its borders among other factors. “We see the oil market coming into balance in 2Q and turning tight in 3Q and 4Q, supporting higher prices later this…
By Archishma Iyer (Reuters) – Bullish bets on the Thai baht and Chinese yuan hit five-year highs as China’s sharp pivot from its strict COVID-19 curbs boosted investors’ appetite for strengthening long positions in regional currencies, a Reuters poll showed on Thursday. Long positions firmed on nearly all Asian emerging currencies, many of which had…
