(Boursier.com) — The US rating is expected to fall sharply after the publication of US retail sales. The DJIA lost 0.8% and the S&P 500 0.9%. The Nasdaq is also dropping 0.9%. A barrel of WTI crude advanced 0.2% on the Nymex at $82.3. The ounce of gold also grabbed 0.2% to $1,824. The dollar index is stabilizing against a basket of currencies. Bitcoin drops more than 4% to $42,000.
At the end of this week marked above all by the confirmation hearings of Jerome Powell and Lael Brainard, investors are therefore becoming aware of worrying consumption figures.
The president and the future vice-president of the Fed were rather nuanced, but nevertheless indicated that the priority of the American central bank for the time being is the fight against inflation, which is nearing a peak. 40 years in the United States. The Fed’s accelerated tapering is therefore confirmed. It will be followed by three or four rate hikes this year, the first being expected in March, barring a financial accident or major adverse event. The reduction in the size of the Fed’s balance sheet, which doubled during the pandemic, is also on the agenda in a later phase.
Nevertheless, the Fed has just lost one argument today, namely that of the strength of the economic recovery… Retail sales in the United States for the month of December 2021 collapsed by 1.9% in comparison of the previous month, far from the consensus that aimed for stability. Excluding cars, the fall even reached 2.3% compared to November, while operators were hoping for a timid increase. Excluding cars and petrol, the sanction reaches 2.5%! In short, here is a statistic that will greatly complicate the Fed’s task.
Import and export prices have also just been revealed. December import prices declined by 0.2% compared to the previous month against +0.1% consensus. They increased by 10.4% over one year. Export prices, meanwhile, fell by 1.8% compared to November (+0.3% consensus), but increased by 14.7% over one year.
Industrial production for December will be revealed at 3:15 p.m. by the Fed (consensus +0.3% compared to the previous month, +0.5% for manufacturing production and 77% capacity utilization rate).
Business inventories and sales for the month of November will be announced at 4 p.m. (consensus +1.3% on inventories compared to the previous month).
The University of Michigan’s preliminary consumer sentiment index for the month of January 2022 will finally be released at 4 p.m. (consensus 70).
The Fed’s Patrick Harker and John Williams will speak during the day. Harker runs the Philadelphia branch and Williams the New York branch.
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JP Morgan exceeded market expectations in terms of profitability over the quarter, but the title is currently down sharply before the stock market on Wall Street. The firm reported a 14% decline in fourth-quarter profit, but beat analysts’ estimates, with a stellar performance from its investment banking unit offsetting a slowdown in its trading arm. The largest U.S. credit institution posted earnings of $10.4 billion, or $3.33 per share, for the quarter ended Dec. 31, compared with $12.1 billion, or $3.79 per share. , one year earlier. Analysts were expecting earnings close to $3 per share. The investment bank therefore supported the accounts, with global mergers and acquisitions activity hitting records in 2021. Revenue for the quarter ended was 29.3 billion, slightly below expectations.
Wells Fargo, the California-based banking and financial group, announced on Friday an increase in its profits in the fourth quarter, supported by gains from the sale of its corporate trust and asset management businesses. The fourth-largest U.S. lender said profit rose to $5.75 billion, or $1.38 per share, for the quarter ended Dec. 31, from $3.09 billion, or 66 cents per share, a year earlier. earlier. Analysts on average had expected earnings of $1.11 per share, according to the FactSet consensus. Revenue increased to $20.86 billion from $18.49 billion a year earlier. The San Francisco banking giant thus beats the consensus in terms of revenue ($18.79 billion).
Citigroup corrects before the stock market on Wall Street, while the American bank has just reported a 26% decline in its quarterly profits. For the fourth fiscal quarter, earnings per share were $1.46, while revenues totaled $17 billion (+1%). Revenues are above market expectations. Quarterly profit was $3.2 billion, compared to $4.3 billion a year earlier. Investment banking revenue was better than expected at $1.85 billion. Adjusted earnings per share came in at $1.99, above expectations.
BlackRock, the US fund management giant, reported fourth-quarter earnings that beat analysts’ estimates as fee income rose, with assets under management hitting a new high of $10 trillion. dollars. Assets under management therefore amounted to more than 10,000 billion at the end of the quarter, against around 8,680 billion a year earlier. Net inflows for the quarter were $212 billion. “Our business is more diverse than ever. Active strategies, including alternatives, contributed more than 60% of organic base fee growth in 2021,” said CEO Larry Fink.
BlackRock’s revenue from investment advice, securities lending and administrative fees, its largest segment, reached $3.9 billion in the fourth quarter, with global trading volumes hitting an all-time high in 2021 , surpassing $5 trillion for the first time. Adjusted earnings rose 2.5% to $1.61 billion, or $10.42 per share, in the quarter ended December 2021, from $1.57 billion a year earlier. Analysts had expected earnings of $10.16 per share. Revenue improved 14% to $5.1 billion.
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