Capitol Hill

Equity markets creep higher as growing US-China tensions tempers gains

Stocks on both sides of the Atlantic were up with stock bourses in the US, UK, France, Germany, Spain and Italy all in the green. This was despite news that China had sanctioned 11 Americans in retaliation to similar moves by the US on Hong Kong and Chinese officials. Global investors, however, continue to have

US NYC street

1.763m in July non-farm payrolls beats estimates although recovery slows

The US Bureau of Labour statistics announced non-farm payrolls growth of 1.8m in July, beating consensus expectations for 1.6m, although it suggests a slowing labour market recovery following June’s gain of 4.8m. Markets took the news with mild positivity with S&P 500 e-mini futures moving higher by about 20bps, while yields on US 10 year

United

S&P 500 closes 0.84% higher as positive vaccine news emerges from Oxford

The S&P 500 closed 0.84% higher, as investors reacted positively to news that a Covid-19 vaccine being developed by a team at the University of Oxford (in partnership with AstraZeneca)”generated robust immune responses”. The results from the trial, which is currently at phase one/two, showed that nearly all of the 1,077 adult participants (aged 18-55)

Wall street sign

Goldman Sachs shares surge after reporting strong 2Q earnings

This Wednesday, Goldman Sachs announced second-quarter earnings that crushed analysts’ expectations and displayed one of their best quarters in years. The investment bank generated $2.42 billion in profit, or $6.26 a share beating analysts’ estimates of $3.96 per share. In a statement, CEO David Solomon stated “the turbulence we have seen in recent months only

Wells Fargo high street ATMs.

Wells Fargo’s woes, J.P. Morgan’s jubilation

Wells Fargo and J.P. Morgan announced their second quarter results on Tuesday, which underwhelmed and overwhelmed investors, respectively. J.P. Morgan’s share price closed up 0.5% on Tuesday, after rising as much as 2% during Tuesday’s trading session, as the US’s largest bank reported forecast-beating results on its top and bottom line. Wells Fargo, on the

Solid PMIs and new home sales nudges S&P 500 higher

The S&P 500 closed up 0.43% to 3,131.29 as manufacturing and services PMIs came in ahead of expectations. The US census bureau also announced firm new home sales numbers of 676,000 for May, which translates into a 16.6% month-on-month increase. Market expectations were for a 2.9% month-on-month increase in new home sales on April’s figure,

Fed announces interest rates will remain close to zero through 2022

During yesterday’s press conference, Federal Reserve chairman Jerome Powell made it clear that the United States’ central bank will continue to apply stimulus to its economy until its severely damaged labour market has recovered from the impact of the coronavirus. He stated the Federal Open Market Committee “aren’t even thinking about thinking about raising rates”,

Lower-than-expected fall in private payrolls lifts US markets ahead of Friday’s NFPs

By Thomas Belayneh Automatic data processing’s (ADP) closely watched national employment report on the private sector payrolls it processes revealed 2,760,000 million jobs were lost in the month to 12th May. This was far better than the consensus expectation of a culling of 9,000,000 million jobs and prompted the S&P 500 to rally 1.38% higher