Look ahead: US PPI; JPMorgan; Wells Fargo; Citigroup; BNY Mellon
It's all about big US banks as JPMorgan, Citigroup, Wells Fargo, and BNY Mellon hand in their report cards.
US bank stocks have done relatively well in 2024, but look out for loan demand, defaults, and credit quality for a bird's eye view of the health of the US economy. Plus, brace for PPI after slightly weaker-than-expected CPI bolsters hopes for a Fed rate cut.
(AI Video Summary)
US market data for Friday
Angeline Ong at IG discusses key financial indicators and upcoming events affecting the US markets in the "Look ahead" for 12 July. US Consumer Price Index (CPI) rose 3% annually in June, aligning closely with forecasts, suggesting potential Federal Reserve (Fed) interest rate cuts. US stock futures are up, but the US dollar softened.
Major banks' earnings season
Attention is on major banks like JPMorgan Chase and Citigroup as they begin the earnings season, supported by strong consumer spending. Upcoming data includes the Michigan Consumer Sentiment Index and the Baker Hughes oil rig count.
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