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Daily Market Analysis from Hotforex Broker
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[QUOTE="HFM, post: 186597, member: 32345"] [B]Date : 14th October 2020. Big Bank Earnings & PPI lift sentiment.[/B] [IMG alt="[IMG]"]https://analysis.hotforex.com/wp-content/uploads/2020/07/US-Update-696x364.png[/IMG] [B]USA500, Daily Bank of America[/B] (BoA) and [B]Goldman Sachs[/B] (GS) both reported third-quarter earnings earlier that beat estimates. [IMG alt="[IMG]"]https://analysis.hotforex.com/wp-content/uploads/2020/10/2020-10-14_16-09-05.png[/IMG] [B]BoA[/B] reported net income of $4.9bn, or 0.51 cents per share (EPS) compared to the consensus estimate of 0.49 cents EPS. Revenue in the same quarter last year was $5.8bn and only $3.5bn for the second quarter of 2020. Like JPMorgan and Citibank yesterday, the recovery in Q3 was the reduction in provisions for bad loans down to “only” $1.4 bn from the colossal $5.1bn in Q2. Total revenues were lower at $20.3bn. Shares closed down 2.84% yesterday at 24.95 and are down a further 2.9% in out-of-hours trading today at 24.21. [IMG alt="[IMG]"]https://analysis.hotforex.com/wp-content/uploads/2020/10/2020-10-14_16-15-30.png[/IMG] [B]Goldman Sachs[/B] (GS) figures were significantly better than consensus, with EPS at an impressive $9.68 versus expectations of just $5.57 – a beat in excess of 73% and a record for a quarter. Net revenues for the quarter were $10.78 bn versus $9.45 bn, a beat of some 14% and 30% better than the same quarter in 2019. Shares closed down 1.55% yesterday at 210.81 and are up 2.0% in out-of-hours trading today at 215.10. US headline PPI rose 0.4% in September, with the core rate up 0.4% as well, both hotter than forecast, following respective August gains of 0.3% and 0.4%. The core price ties with August for the firmest since April 2019. Prices have recovered from big and record drops in April of -1.3% for the headline and -0.4% on the core. The 12-month pace climbed to a 0.4% y/y rate from -0.2% y/y previously, and the core rate surged to a 1.2% y/y clip versus 0.6% y/y. Goods prices increased 0.4% on the month from August’s 0.1% gain, with food prices jumping 1.2% from the prior -0.4% decline, while energy prices fell -0.3% after slipping -0.1% previously. Services prices were up 0.4% from 0.5% in August. [IMG alt="[IMG]"]https://analysis.hotforex.com/wp-content/uploads/2020/10/2020-10-14_16-17-14.png[/IMG] The Dollar edged lower following the September PPI print. [B]USDJPY[/B] hit near two-week lows of [B]105.21[/B], down from near 105.30, as [B]EURUSD[/B] headed to intraday highs of [B]1.1764[/B] from near 1.1755. The Dollar has been on the decline generally since before the open. Equity futures remains mixed with [B]USA500[/B] trading at [B]3519[/B], up from earlier lows at 3502 but down from European session highs at 3532. [B]Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report.[/B] Click [URL='https://www.hotforex.com/hf/en/trading-tools/economic-calendar.html'][B]HERE[/B][/URL] to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click [URL='https://www.hotforex.com/en/trading-tools/trading-webinars.html'][B]HERE[/B][/URL] to register for FREE! [URL='https://analysis.hotforex.com/'][B]Click HERE to READ more Market news.[/B][/URL] [B]Stuart Cowell Head Market Analyst HotForex Disclaimer:[/B] This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission. [/QUOTE]
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