JP Morgan and Citigroup to rise after the release of their interim reports – “Corporate taxes will rise”, stockbroker comments on Biden’s stimulus package

Several stock exchanges around the world were declining today. For example, the CSI 300, which consists of listed companies in Shanghai and Shenzhen, ended up 0.2 percent lower than yesterday’s closing reading, and the Tokyo Nikkei 225 fell 0.6 percent.

The main indices of European stock exchanges glow red and the main indices of the New York Stock Exchange opened inconsistently as trading began.

The Dow Jones was down 0.6 percent, the S&P 500 was down 0.3 percent and the Nasdaq was up 0.1 percent.

Investors were expecting the U.S. president to take office this week Joe Biden talk about the giant stimulus package he designed.

Biden said yesterday he was planning a $ 1,900 billion stimulus package. The market had expected the package to reach more than $ 1,500 billion.

The money should be used for household grants, vaccinations

“The market remains cautious,” a family investment company interviewed by Reuters Cherry Lane Investmentsin shareholder Rick Meckler commented to the news agency yesterday.

He said the market feared that Biden’s stimulus package might not be as big as some would like.

“It’s also possible that the market is starting to think about how the package will be paid for.”

Reuters ’stock market report today speculates that the market may fear the stimulus package will lead to tax increases. At least that’s what the finance company thinks Bright Tradingin stockbroker Dennis Dick.

“Corporate taxes will go up.”

JP Morgan and Citigroup rise

Finance company J.P. Morgan today released its fourth quarter interim report. The company’s net sales increased by 3.4 percent compared to the comparison period, to $ 30.2 billion. Information service Factsetin The revenue forecast collected by the 25 analysts averaged $ 28.7 billion.

Adjusted earnings per share were $ 3.07, while adjusted earnings per share forecast averaged $ 2.62.

Finance company Citigroup revenue was $ 16.5 billion, compared to the average forecast of 24 analysts collected by Factset of $ 16.7 billion.

The company’s earnings per share were $ 2.08, while Factset’s forecast average averaged $ 1.34 earnings per share.

Bank stocks have been rising relatively well in recent weeks.

“The good news was already priced in stock prices,” Dick, a stockbroker at finance company Bright Trading, commented to Reuters before trading began.

Following the start of trading, JP Morgan’s stock was up 0.8 percent to $ 141.48 and Citigroup’s stock was up 0.4 percent to $ 67.08.

U.S. retail sales declined in December

A lot of fresh macroeconomic figures came from the United States today. In December, retail sales decreased by 0.7 per cent compared to November retail sales.

The median of economists ’forecasts collected by Bloomberg was 0.0 percent. In November, retail sales fell 1.4 percent. Retail sales were also declining in October.

Retail sales in the U.S. suffered a nearly 15 percent collapse in April as the interest rate crisis hit. In May, however, retail sales rebounded to a peak of more than 18 percent.

Retail sales continued to grow gently until September. The increase in Covid-19 cases in the United States has increased economic constraints and affected human consumption.

The Empire Manufacturing Index, which measures industrial sentiment in the northeastern United States, stood at 3.5 in January. The median of Bloomberg’s predictions was 6.0. In December, the index reading was 4.9.

A plus sign is considered to indicate an improvement in the business environment, a minus sign is considered to indicate a deterioration in the operating environment.

The Empire Index is known for large monthly fluctuations.

The U.S. producer price index rose 0.3 percent in December from November, when the median Bloomberg forecasts estimate a rise of 0.4 percent. In November, the increase was 0.1 per cent.

Compared to last December, the index rose 0.8 percent, as predicted by the median of Bloomberg forecasts. Also in November, the index rose by eight percent.

Source: Arvopaperi by

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