July 20, 2024

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Finance Week: Key US Banks and US Inflation Figures

Finance Week: Key US Banks and US Inflation Figures

Investors’ attention will be focused on the quarterly results of major US banks next week. It kicks off quarterly earnings season on Wall Street. There will also be fresh data on inflation in the US that could affect interest rate policy by the US central bank, the Federal Reserve.

Banks including JPMorgan Chase, Citigroup, Bank of America, Wells Fargo and BNY Mellon will release data on Friday. It should clarify how financial committees have performed in the past. Also, the focus is mainly on expectations for the coming period. Major US asset manager BlackRock, health insurer UnitedHealth and airline Delta Air Lines will also report results later that day.

US inflation

The US inflation rate for December is scheduled for Thursday. The Federal Reserve raises interest rates to combat high inflation in the United States. On Friday, a positive jobs report came out from the U.S. government, showing that wages in the U.S. are rising at a slower pace. As a result, fears of a wage-price spiral, in which firms pay higher wages than selling prices, fueling further inflation, have faded into the background. New York stock markets rose sharply.

Other macroeconomic data scheduled for next week include German economic growth in 2022, manufacturing output and unemployment in the eurozone, and preliminary estimates of Chinese trade and manufacturing and consumer prices in China. Statistics Netherlands (CBS) reports statistics on Dutch inflation, household spending and industrial production.

Quarterly reports

There are quarterly reports from overseas, among others, Taiwanese chip group TSMC. On the stock market in Amsterdam it is still quiet in terms of company figures. Fastned, a provider of charging points for electric cars, will provide an update on the course of events in the fourth quarter.

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The Amsterdam AEX index rose 1.4 percent to close at 724.26 points on Friday. Key indicators in London, Frankfurt and Paris posted pluses of up to 1.5 percent. Stock markets on Wall Street entered the weekend up 2.6 percent.

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