International News and Market Update: Wells Fargo: profit jumps nearly 60% in quarter, and more

 International News and Market Update: Wells Fargo: profit jumps nearly 60% in quarter, and more

International News and Market Update: Wells Fargo: profit jumps nearly 60% in quarter, and more.

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  • European stocks closed higher on Thursday as investors around the world reacted to recent inflation data and U.S. gains. The pan-European Stoxx 600 climbed 1.2% by the close, with the commodities sector leading the gains with a 3.3% gain, while all sectors closed in positive territory. Among individual stocks, shares of SoftBank-backed UK e-commerce company THG climbed 10.6%, trying to recover from a sharp drop earlier in the week after a capital markets day backfired.

  • U.S. stocks rebounded Thursday after better-than-expected earnings reports from Walgreens Boots Alliance, UnitedHealth, Bank of America and other major companies. The three averages are now on track to finish the week higher, with the S&P 500 and Dow about 2% off their record highs and the Nasdaq Composite about 4% behind. Third-quarter earnings season opened before the bell on Thursday with the release of financial results from several major banks and Dow members. Eight companies in the S&P 500 reported their results this morning, and all eight beat Wall Street’s expectations for earnings per share.

  • Stocks in the Asia-Pacific region rose in early morning trading after gaining overnight on Wall Street, with the S&P 500 jumping nearly 2 percent. Stocks in Hong Kong returned to trading on Friday after the city’s stock markets were closed for two days.

Bank of America beats estimates on reserve release
Bank of America on Thursday reported its third-quarter results that beat analysts’ expectations as it benefited from better-than-expected loan losses and record-high advisory and wealth-management fees. The company’s profit jumped 58% to $7.7 billion, or 85 cents a share, while revenue rose 12% to $22.87 billion. The results were helped by a $1.1 billion reversal of provisions, which led to a $624 million increase after write-downs. Net interest income, a metric closely watched by banks, rose 10% to $11.1 billion, beating the StreetAccount estimate of $10.6 billion.

Wells Fargo: profit jumps nearly 60% in quarter
Wells Fargo posted a jump in third-quarter profit Thursday, boosted by the release of loan-loss provisions as its recovery from the 2021 coronavirus pandemic accelerated. Net income was $5.1 billion, up 59% from $3.2 billion in the year-ago quarter. The result was helped by a $1.65 billion reversal of provisions, resulting in a $1.4 billion gain after write-downs, the bank said. Wells Fargo continued to liquidate funds it had set aside during the pandemic to hedge against widespread loan defaults

Mandy Nunes

Mandy Nunes is the Chief Marketing Officer for GV Markets. With 15 years of experience in the Financial Services Industry within the South African market, she has held various responsibilities within the business development, marketing, operations and regulatory space – leading to a very fitting position within the Trading and Investment environment. Mandy has notably been the editor of 'The Ordinary Millionaire', along with having written numerous pieces within the industry at large. Holding both legal and wealth management qualifications, her goal is to bring about massive success for, and within, GV Markets. GV Markets is a South African forex and CFD broker that offers comprehensive trading solutions to both retail and professional traders. GV Markets prides itself in being a well-regulated and reputable STP brokerage that works according to a No-Dealing Desk trading model, offering traders access to some of the best liquidity providers in the country.

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