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.
Disclaimer:
Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
