Name: Market Watch | TVB Pearl |
Uploaded: 2020-07-03T12:34:34.000Z
Duration: 2 min 38 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

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

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Market Watch | TVB Pearl |

average

evolve

impressive

intellectual