Australian shares are set to rise. Industrial pace S&P 500’s 0.1pc gain. Bitcoin rebounds. Goldman Sachs, Bank of America report results.
A new economic expert report commissioned by the regulator suggests it is concerned about possible ‘coordinated effects’ among the big banks.AUD +0.4% to 67.29 US centsIn New York: BHP +2% Rio +1.7% Atlassian -2.5%Stoxx 50 +0.6% FTSE +0.4% CAC +0.5% DAX +0.6%Iron ore +0.7% to $US117.55 a tonneUnited States
Goldman lost $US470 million on the sale of the Marcus loans after its foray into consumer banking, which Solomon had championed for years, flopped. Excluding one-time costs, the Wall Street heavyweight earned $US9.87 per share, exceeding the analysts’ average estimate of $US8.10 per share, according to Refinitiv data.Bank of America first-quarter profit beat estimates after its fixed-income traders delivered a windfall large enough to cover the rising cost of the bank’s souring loans.
Overall, the bank’s traders beat estimates, with revenue up 9 per cent to $US5.1 billion. Equities posted a 19 per cent decline to $US1.6 billion in a quarter that saw dramatic market swings tied to rate hikes, surging inflation and recession fears.
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