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  • Good evening, welcome to Market Watch.

  • US stocks rose ahead of Washington and Beijing preparing to sign their initial trade deal

  • with investors also digesting the latest earnings results from big American banks.

  • The Dow Jones Industrial Average index is now up 149 points at 29,088

  • On tonight's Market Watch were joined by the Director of Market Making at Haitong International Mr. Joseph Hermes

  • on the line live from New York. Thank you for joining us.

  • Thanks for having me. First let's look at the news on earnings results again JPMorgan Chase

  • and Citigroup announced impressive earnings results yesterday are we seeing

  • the same trend with the Bank of America and Goldman Sachs Bank of America Bank

  • of America and Goldman Sachs continue to trend of beating expectations in fixed

  • income trading the units were up 13% and 63% respectively however both companies

  • initially were trading lower for different reasons Bank of America's

  • fixed income gain was well below what we saw out of JP in City yesterday and

  • their consumer banking business fell by nine point seven percent as interest

  • income fell Goldman's earnings per share missed which was mostly driven by higher

  • litigation and regulatory expenses Goldman took over a billion dollar

  • charge as the firm gets closer to a settlement of one of the one MBD scandal

  • that has been a monkey on its back since 2016 Bank of America is trading down

  • about 2 percent and Goldman Sachs has reversed and is now up about three

  • quarters of one percent no to Joe and finally the US and China will sign the

  • longer way to face one trade deal today what's next after the face1 agreement is

  • signed in what President Trump calls a beautiful monster the two countries will

  • sign the trade deal today as you mentioned now we look to see if the

  • relationship between the two countries has evolved enough to have an easier

  • time clearing up future differences as we move to phase 2 and beyond Steve

  • minutiae noted that the punitive tariffs still remain on about two-thirds of US

  • imports the administration will now wait and see if China

  • honors the commitments listed in the 86 page document topping the list is

  • purchasing 200 billion dollars worth of goods over two years and the enforcement

  • of intellectual property theft and piracy as much as we may be tired of

  • talking about a trade deal there's more to come after today Joseph thank you for

  • your insight and that's Michael watch for tonight thanks for watching

Good evening, welcome to Market Watch.

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    evoe posted on 2020/07/03
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