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Happy Friday! Here is what’s moving the market:
👉 Bank earnings are in
👉 ECB holds rates steady
👉Dimon sends a warning
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BANKS: Earnings Are In
JPMorgan, Wells Fargo, Bank of America, and Citigroup kicked off bank earnings on Friday morning amid worries about increasing inflation and escalating loan losses. JPMorgan reported that trading revenue came in better than expected. Citigroup beat first quarter estimates due to trading revenue. Wells Fargo beat on revenue and EPS.
Source: NPR
Earnings breakdown:
JP Morgan's earnings came in at $4.44 per share vs $4.11 est., while their revenue was $42.55 billion vs $41.85 billion est.
Wells Fargo came in at $1.26 per share vs $1.11 est. Revenue landed at $20.86 billion vs $20.20 billion est.
Citigroup posted earnings per share of $1.58 per shares vs $1.23 with revenue of $21.10 billion vs $20.4 billion expected
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ECB: Holds Rates
The European Central Bank kept interest rates steady for the fifth time in a row on Thursday, hinting at a potential rate cut soon. Despite uncertainties about the U.S. Federal Reserve's actions, ECB President Christine Lagarde indicated they are considering lowering rates.
Source: CNBC
The ECB had raised rates to 4% in September but hasn't changed them since. Many expect a possible rate cut in June, especially after a downward revision of their inflation forecast. In March, prices in the eurozone fell more than expected, mainly due to cheaper food and goods. Lagarde emphasized that this hint of a rate cut is a significant signal, something not mentioned before. However, she didn't specify if they'll consider the euro's value against the U.S. dollar when making decisions.
DIMON: Gives Warning
JPMorgan Chase CEO Jamie Dimon cautioned on Friday that the economy faces several challenges, mainly inflation and global conflict, which could disrupt an otherwise favorable economic environment. Dimon described the current global landscape as "unsettling," citing "terrible wars and violence" as factors contributing to uncertainty for both JPMorgan's operations and the broader economy.
Source: Fox
He also highlighted the presence of "persistent inflationary pressures," which are likely to persist. Additionally, Dimon remarked on the Federal Reserve's ongoing efforts to reduce its $7.5 trillion balance sheet, a process known as quantitative tightening (QT). This initiative involves allowing up to $95 billion in proceeds from maturing bonds to roll off each month, resulting in a $1.5 trillion contraction in holdings since June 2022. The Fed aims to tighten financial conditions to curb inflation.
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