April 18, 2023
United States:
BofA Tops Estimates as Fixed-Income Traders Fuel Profits
Bank of America Corp. first-quarter profit beat estimates after its fixed-income traders delivered a windfall large enough to cover the rising cost of the bank’s souring loans.
Revenue from fixed-income, currencies and commodities trading unexpectedly rose almost 30% to $3.4 billion in the first quarter, the highest in a decade. That was driven by improved performance in mortgage, credit and municipal products, and increased secured-financing activity for clients, the bank said in its statement Tuesday.
Europe:
UK’s Unexpected Jump in Wage Growth Fuels Inflation Concerns
UK wage growth accelerated unexpectedly, adding to inflationary pressures that are concerning the Bank of England.
Average earnings excluding bonuses rose 6.6% in the three months through February compared with a year ago, the Office for National Statistics said Tuesday. That was quicker than the 6.2% pace economists had expected. The previous month’s reading was also revised up, dashing hopes for a slowdown.
Asia:
China’s Consumer-Driven Growth Gives Boost to Global Economy
China’s economy grew at the fastest pace in a year in the first quarter, putting Beijing on track to meet its growth goal for the year without adding major stimulus, while also helping to cushion the global economy against a downturn.
Gross domestic product expanded 4.5% last quarter from a year earlier, official data showed Tuesday, beating economists’ expectations. In March, retail sales soared 10.6% from a year earlier, the biggest monthly gain since June 2021.
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