Welcome to our live reporting of US bank and asset management earnings, which should offer a window into the impact of volatile markets and the Middle East war.
Investors will also scrutinise Wall Street banks’ exposure to non-bank lenders — including private credit funds — amid growing concerns around credit quality that sparked a wave of redemptions in recent weeks.
BlackRock, the first Wall Street company to report on Tuesday, said its assets under management fell at the start of the year as a market downturn and currency swings offset almost $130bn of new client inflows in the quarter.
JPMorgan Chase, Citigroup and Wells Fargo will release their quarterly earnings shortly.
Goldman Sachs kicked off earnings season on Monday, reporting a bumper first quarter even as the bank’s fixed income and commodities traders badly missed expectations.
At JPMorgan and Citigroup, the banks’ traders are likely to be the driving force behind a strong quarter, and combined the largest US banks are expected to report the highest revenues from their trading businesses in at least 12 years.
But investors will also be paying attention to whether Goldman’s surprise miss is replicated elsewhere across Wall Street.
Markets will also be scrutinising comments from executives about how war in the Middle East is hitting their businesses.
Source:
www.ft.com
