GLOBAL MARKETS LIVE: What the first results show

10/14/2020 | 10:08am

Banks post mixed results. Apple launched its new range of phones. Will we see the end of the Airbus / Boeing arm wrestling at the WTO? Both sides now have cartridges.

Earnings season. UnitedHealth, Bank of America, ASML, Wells Fargo, Infosys, Investor AB, Just Eat Takeaway and Barratt Developments are among companies reporting their results today.

A few results:

Bank of America’s profits were down 15.5 percent in Q3 to $4.9 billion, or 51 cents per share, above the 49 cents expected by the FactSet consensus. Net Banking Income was $20.3 billion, down 11 percent, lower than the consensus of $20.8 billion

Goldman Sachs revenues surged by 30 percent to $10.8 billion while net income nearly doubled to $3.48 billion.

UnitedHealth Group’s earnings per share decreased by 9.5 percent to $3.61 per share. Revenues rose 7.8% to 65.1 billion.

Wells Fargo reported net income of $2.04 billion, compared to $4.61 billion at the same time last year.

AMC could be filing for protection. Amid the pandemic, AMC Entertainment is considering several options, including filing for protection under the U.S. Bankruptcy Act, according to Bloomberg.

Groundhog Day. The WTO has authorized Europe to add tariffs on 4 billion euros of American products in response to the aid given by Washington to The Boeing Company, but Brussels seeks above all to push the United States to abandon its own tariffs. It's a never-ending story, since both manufacturers are supported directly and indirectly by their respective governments, both in the civil and military sectors.

ASML has visibility. The world leader in semiconductor production machinery, ASML, reported better than expected quarterly results and has guided the market to double-digit revenue growth next year.

iPhones 5G. Apple will launch its 5G-equipped iPhones 12 in November. Four new iPhones were introduced, along with a voice assistant. Wedbush Morgan believes that this is the major leap forward in the modernization of the range since 2014.

Suspended. Eli Lilly is suspending the clinical trial of an antibody-based Covid-19 treatment, for safety reasons that are not detailed, but which Reuters says are linked to quality control problems at the production site.

Not so serene. JPMorgan Chase and Citigroup are advocating for further federal support for the economy despite lower provisions for the risk of default in Q3. The macroeconomic environment, however, is of concern to the major Wall Street banks, which are eagerly awaiting the end of the period of uncertainty related to the presidential election.

In other news. The Boeing Company received no orders in September and three more cancellations for the B737 MAX. UniCredit appoints former Minister of Economy Pier Carlo Padoan to its board. Christian Meissner leaves the Julius Bär Board of Directors to move to Credit Suisse. The financial agency also understands that ConocoPhillips is in talks to buy Concho Resources. China Evergrande falls after having to reduce the size of its capital increase. Facebook will ban vaccine ads. Royal Caribbean shares hit the stock market yesterday after the announcement of a $1 billion fundraising project. The IPO of Chinese fintech giant Ant Financial could be delayed by an investigation by Chinese stock market authorities for a potential conflict of interest, according to information obtained by Reuters. Covestro will conduct a €450 million fundraising to finance its latest acquisition.

Romain Fournier
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