Bank of America provided a bullish outlook after reporting a smaller-than expected 13% fall in first-quarter profit, as growth in consumer lending overshadowed a decline in global dealmaking.
The World Bank is reducing its global growth forecast for 2022 by nearly a full percentage point, to 3.2% from 4.1%, due to the impacts from Russia’s invasion of Ukraine, World Bank President David Malpass said.
Confidence among U.S. single-family homebuilders fell to a seven-month low in April as surging mortgage rates and snarled supply chains boosted housing costs.
Bank of Queensland is under Algo Engine sell conditions.
BOQ has reported 1H22 cash earnings of $268m, supported by credit loss provision releases and one-off revenue gains. The underlying business reflected -5% profit growth and forward revenues in the next 12 months are forecast to remain flat.
OZ Minerals is under Algo Engine buy conditions.
The XJO is now trading at the upper band of the consolidation channel that’s been in place since mid-last year.
Bank of America reports quarterly results Monday before the bell.
Dow blue-chip names report earnings this week, including IBM, Procter and Gamble, Travelers, Dow Inc, Johnson and Johnson, American Express and Verizon.
Netflix earnings are due on Tuesday and Tesla out on Wednesday. Snap reports Thursday.
JPMorgan Chase’s Chief Executive Jamie Dimon warned of economic uncertainties arising from Russia’s invasion of Ukraine and soaring inflation after first-quarter profits at the largest U.S. bank slumped 42%.
Consumer Banking
Net income of $2.9B vs. $6.8B in 1Q21 & revenue of $12.2B, down 2% YoY
Corporate & Investment Banking
Net income of $4.4B, down 26% YoY & revenue of $13.5B, down 7%
YoY
Commercial Banking
Net income of $850mm, down 28% YoY & revenue of $2.4B was flat compared to the prior year.
Fisher & Paykel Healthcare Corporation is under Algo Engine buy conditions and is now approaching oversold levels. We suggest adding this name to your watchlist.
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Collins Foods is under Algo Engine buy conditions.
Short-term traders may consider applying a stop loss below the recent pivot low.
15/4 update: Collins Foods continues to find buying interest above our support levels.
The Star Entertainment Group is under Algo Engine buy conditions.
The Star says it expects to see strong revenue growth under normalising business conditions.
15/4 update: The share price is trading within our forecast trading range and we’re now monitoring the short-term price action and momentum indicators for signals of increased buying activity.
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