Gold Declines On Fed Tightening Worries

Oil Prices Slide On Recession Fears

Oil prices fell on Friday and were set for a weekly loss as Chinese demand concerns and fears of a global recession offset support from a large cut to the OPEC+ supply target.

A bigger-than-expected build in U.S. crude inventories increased concerns over global demand.

Benchmark Brent crude futures fell 0.7 percent to $93.94 a barrel, while WTI crude futures were down 0.8 percent at $88.42.

Both Brent and WTI contracts were down more than 4 percent for the week after two weeks of gains.

China may not move away from its stringent zero-COVID policy until the second half of next year, a top IMF official said in an interview on Bloomberg TV.

Official data from the U.S. Energy Information Administration showed that crude inventories grew by 9.9 million barrels last week, much more than expected.

The International Energy Agency (IEA) on Thursday cut its oil demand forecast for this year and next and warned that OPEC and its allies’ plan last week to cut output could tip the global economy into recession.

US Bancorp Profit Declines In Q3, misses estimates

US Bancorp (USB) revealed earnings for third quarter that decreased from last year and missed the Street estimates.

The company’s earnings came in at $1.72 billion, or $1.16 per share. This compares with $1.93 billion, or $1.30 per share, in last year’s third quarter.

Analysts on average had expected the company to earn $1.17 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 7.5% to $6.33 billion from $5.89 billion last year.

US Bancorp earnings at a glance (GAAP) :

-Earnings (Q3): $1.72 Bln. vs. $1.93 Bln. last year.
-EPS (Q3): $1.16 vs. $1.30 last year.
-Analyst Estimates: $1.17
-Revenue (Q3): $6.33 Bln vs. $5.89 Bln last year.

JPMorgan Chase & Co. Q3 Profit Declines, but beats estimates

JPMorgan Chase & Co. (JPM) released earnings for third quarter that decreased from last year but beat the Street estimates.

The company’s earnings came in at $9.74 billion, or $3.12 per share. This compares with $11.69 billion, or $3.74 per share, in last year’s third quarter.

Analysts on average had expected the company to earn $2.88 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 10.4% to $32.72 billion from $29.65 billion last year.

JPMorgan Chase & Co. earnings at a glance (GAAP) :

-Earnings (Q3): $9.74 Bln. vs. $11.69 Bln. last year.
-EPS (Q3): $3.12 vs. $3.74 last year.
-Analyst Estimates: $2.88
-Revenue (Q3): $32.72 Bln vs. $29.65 Bln last year.

Wells Fargo & Co Reveals Fall In Q3 Profit, misses estimates

Wells Fargo & Co (WFC) reported earnings for third quarter that decreased from last year and missed the Street estimates.

The company’s bottom line came in at $3.53 billion, or $0.85 per share. This compares with $5.12 billion, or $1.17 per share, in last year’s third quarter.

Analysts on average had expected the company to earn $1.09 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 3.6% to $19.51 billion from $18.83 billion last year.

Wells Fargo & Co earnings at a glance (GAAP) :

-Earnings (Q3): $3.53 Bln. vs. $5.12 Bln. last year.
-EPS (Q3): $0.85 vs. $1.17 last year.
-Analyst Estimates: $1.09
-Revenue (Q3): $19.51 Bln vs. $18.83 Bln last year.

Pre-market Movers: NTNX, IMRA, MPTI, EVTL, SOL…

The following are some of the stocks making big moves in Friday’s pre-market trading (as of 06.25 A.M. ET).

In the Green

Nutanix, Inc. (NTNX) is up over 16% at $24.72
IMARA Inc. (IMRA) is up over 16% at $3.00
Westlake Corporation (WLK) is up over 5% at $95.50
Zai Lab Limited (ZLAB) is up over 5% at $30.20

In the Red

M-tron Industries, Inc. (MPTI) is down over 14% at $11.06
Vertical Aerospace Ltd. (EVTL) is down over 9% at $9.10
ReneSola Ltd (SOL) is down over 7% at $4.16
Glatfelter Corporation (GLT) is down over 5% at $2.07

‘Mexican Week’ Was Not an Accident for ‘The Great British Baking Show’

After 12 years, the show’s long, inexorable journey from comfort to cringe is complete.

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By Tejal Rao

Gold Declines On Fed Tightening Worries

Gold prices fell on Friday and were set for a weekly loss after the latest U.S. CPI data signaled that the Federal Reserve has more to do to control inflation.

Spot gold fell 0.6 percent to $1,655.62 per ounce, while U.S. gold futures were down 0.9 percent at $1,661.70. Prices were down more than 2 percent for the week.

The U.S. dollar rose against its rivals, denting demand for the non-yielding bullion.

After a red-hot U.S. inflation reading, Fed Fund Futures are now pricing another 125 bps of rate hikes in the remaining two FOMC meetings in 2022. Markets also started to price in the possibility of a 100- bps hike in November.

Euro zone bond yields fell after European Central Bank (ECB) Vice-President Luis de Guindos said uncertainty about Russian energy imports is pushing the eurozone closer towards a contraction in 2023.

The central bank was prepared for a possible technical recession paired with high inflation, which must be brought down to maintain market confidence, he said.

Elsewhere, there were reports that British Prime Minister Liz Truss is likely to make changes to the mini budget that fueled concerns about financial stability.

Chancellor Kwasi Kwarteng has shortened his trip to the U.S. for discussions on the financial plans it presented last month.

In economic releases, U.S. retail sales and import and export prices for September, University of Michigan’s preliminary U.S. consumer sentiment index for October and business inventories data for August are set for release in the New York session.