Spreadex Market Update
US stocks open higher as earnings come in, ECB calls for end to protectionism
Earnings season is well under way now with most of America’s heavyweights reporting in the next couple of weeks. Today it was the turn of Morgan Stanley and they did not disappoint. A huge surge in quarterly profits was followed by a 3% rally in the stock.
There were also bumps to Bank of America, JPMorgan and Wells Fargo. Key companies who are scheduled to release results after the close tonight are American Express, eBay and Qualcomm.
The season didn’t get off to a great start after poor results from Goldman Sachs and Johnson & Johnson pulled to Dow lower in Tuesday’s trading. However, the more positive turn from today’s releases should recover some of those losses.
"There were also bumps to Bank of America, JPMorgan and Wells Fargo. Key companies who are scheduled to release results after the close tonight are American Express, eBay and Qualcomm."
In other news, European Central Bank board member Benoit Coeure has had his say on the global shift towards protectionism. Speaking in New York today he said that isolationism could leave the most vulnerable members of society even more exposed that they already are.
Coeure went on to say that globalisation and urging more international cooperation was the best way for the economy to progress, pointing to openness, collaboration and tolerance in being key for economic growth. Protectionism and unilateral deregulation would only yield short-term benefits at the cost of financial stability according to the ECB board member.
With the US administration advocating "America First" protectionist policies, Britain leaving the European Union and several top French presidential candidates calling for an isolationist shift, the status quo is undoubtedly facing its biggest challenge in decades.
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