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00:00:02,805 --> 00:00:05,250 Here are some of the stories we'll be watching this week.
Investors will be looking out for second quarter earnings
results from the big six US banks.
We'll have the latest round of economic growth data
from China.
France prepares to host the latest meeting of G7 finance
ministers.
And we'll be looking back at 50 years since the first moon
landings.
First up, Citigroup kicks off earnings season
for US banks on Monday.
By the end of the week, four of Wall Street's top names
will have reported numbers for the second quarter.
The results follow a buoyant first quarter,
which saw the sector as a whole record more than $60bn
in profits.
Performance amongst the big six US banks was mixed, however.
Goldman Sachs and Citigroup figures
were underwhelming in contrast to upbeat earnings
from JPMorgan.
The latest results come after news from Deutsche Bank
last week that it will significantly reduce
its investment operations.
Our US banking editor Laura Noonan has more.
The big focus will be around interest rates.
So we've just had the chairman of the Fed once again talking
about the prospect of interest rate cuts.
This is bad news for banks.
They make more money when interest rates are higher.
So banks will face a lot of questions
on how their operations are going to perform
and what they can do to really cope
with what looks like a lower for longer interest rate
environment yet again.
The other big area of focus is going
to be around banks, investment banking and their trading
operations.
We've already had guidance that it hasn't been
a great quarter for trading.
We're expecting most banks report falls in their trading
revenues are somewhere between 8 per cent and 10 per cent.
Investment banking is interesting
because that is where you'd really
see the early signs of any strain
from all this talk around the trade wars
because if companies believe there
is going to be a trade war, that make them
less likely to do M&A deals.
Now to China, where second quarter gross domestic product
data will be released on Monday.
The Chinese economy grew faster than expected
during the first three months of the year.
Government policies helped stabilise growth,
while surging industrial production in March
also provided a boost.
At the same time, US President Donald Trump
backed down from his threat to escalate the ongoing trade
war with Beijing.
The FT's Lucy Hornby has this analysis.
LUCY HORNBY: Chinese statistics are something of an art form,
but the quarterly GDP numbers do symbolise the strength
of the overall economy.
This time, the data will be scrutinised for any sign
that the trade war is starting to bite.
Most people expect second-quarter GDP
to soften after a pretty brisk first quarter.
Back then, there was a lot of liquidity in the system,
and housing investment was strong.
But in the second quarter, trade tensions with the US
peaked in May and June, and many manufacturers and exporters
may have been cautious about investing.
Beijing has been propping up the real economy
with stimulus measures.
We'd expect that to continue well into the third quarter
and probably for as long as the trade war continues.
Finance ministers and central bankers at the G7
will meet just outside of Paris this week.
French officials say this year's main objective
is to look at how capitalism can be made fairer.
The country's proposing more financing for Africa
and has urged the G7 to accelerate its transition
to a lower carbon future.
Here's the FT's Paris bureau chief Victor Mallet.
Well, a lot of concerns about a slowdown in the world economy.
There's concerns about trade wars.
There's concerns about real wars with Iran, for example.
And behind all this, you have the unpredictability
of Donald Trump.
And then on top of that, you have deep concerns
about monetary policy, which, again, is becoming even more
ultra loose, going back to a phase
of extreme monetary accommodation,
and that poses enormous risks.
You've got European governments, for example, that are borrowing
at negative interest rates.
Essentially, they're being paid to borrow money.
And the fear is among economists that you're
having a build up of debt not only among sovereigns,
but among companies and, of course, individuals,
and that when interest rates eventually rise,
that's going to cause a potential huge debt crisis.
And finally, this Saturday will mark
the 50th anniversary of the first successful moon landing.
Nasa plans to celebrate the 1969 manned mission with a concert
at the Kennedy Centre in Washington.
The event will feature unseen footage
from Nasa missions and a video of David Bowie performing
his song Space Oddity.
Our science editor Clive Cookson has
been reflecting on the 50-year history of manned spaceflight.
Sadly, no human beings have been further
than low Earth orbit since 1972, when the last astronauts went
to the moon.
I think there will be a new impetus to send astronauts
and, indeed, cosmonauts further out again.
The US administration wants to put people back
onto the moon by 2024 - I think that's very overoptimistic -
and then send people on to Mars.
Whether that'll happen in my lifetime, I very much doubt.
It is rather sad because when I watched the first moon
landing as a boy, I was sure that I'd get to Mars, at least
in middle age, and it's not going to happen.
And that's what the week ahead looks like from the Financial
Times in London.
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US banks' results, China's growth, G7 meeting, Moon landing - 50 years on

115 Folder Collection
洪子雯 published on July 16, 2019
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