1 . 2. 1 . Ericsson right now is down more than 10 . It as well giving a sober picture of asia, saying that it may be a little bit too optimistic on profitability 2020. S for back to the main story in the United States, bank of america with record secondquarter earnings on the Interest Income despite a beat on trading revenues. Bank of america following peers lower. Here with more is the gentleman owner and finance reporter. Stocks are up, clearly not disappointing too much, but a net interest margin. The stock is up i think because the trading results are good. Fixed income trading revenue is unchanged from a quarter of the year ago and that is surprising because all of the other banks that have reported, the big banks including goldman, they had sizable declines in fixed income trading. Bank of america held on to its revenue and thats a good sign. Equities is down but sort of almost everybodys was down. So that matters just as much for these big banks in the u. S. Is what happens on
Conference. Standard chartered shrugs off trade tensions to surpass expectations with firsthalf underlying revenue. Please speak to the cfo and next. Societe generale beats but revenue for fixed income dips in the quarter. We will hear from the ceo imminently. Matt the Federal Reserve has cut rates for the first time is really, but that only half the story. After the quarterpoint cut was announced, the chairman gave investors more than a little food for thought in what is widely described as a muddled press conference. He described the cut as essentially in the nature of a midcycle adjustment. Stocks hit session lows and the closely watched twoyear and 10 year spread flattened to the narrowest since march of this year. To say the move had an insurance aspect rather than signaling the start of an extended easing cycle. To thefurther adding confusion it with the comment that said i didnt say it is just one cut. The president said on twitter powell let us down. Keepovernors voted to rates
Shares in Royal Dutch Shell drop as weaker prices hit the Second Quarter and profits fall to the lowest level in two years. And best in a decade barclays profits soar 80 in the first half as they hike its dividend our return on equity was 9. 3 so for the first half of the year it was over 9 , 9. 4 its probably the best statutory first half performance that barclays has had in nearly a decade and rio tinto shares come under pressure after the miners first half profits miss expectations despite a bumper special dividend we have a very decent Capital Allocation weve been implementing this for the last few years in terms of strength of balance sheet, in terms of investment in either growth project and returning cash to shareholders weve been doing that. Welcome to the Program European earnings season in full swing with key reports in the oil, mining, financial and industrial sectors shell its missed expectations reporting Second Quarter profit that fell 25 to a 30month low thanks in part t
Relatively mixed loyal shares on track for their worst day in nine months after top line growth misses the mark in the Second Quarter dont miss our interview with jeanpaul agon at 11 30 Central European time. And apple shares jump in afterhours trade after beating expectations and returning to growth in the Third Quarter but iphone sales miss estimates. A bit of a mixed message in the european markets the xetra dax performing relatively well as is the ftse mib in italy the cac 40 in paris and the ftse in london in the red its the thick of earnings season in europe a lot of these numbers being driven by whats going on in those various markets. As we talk about some of the companies that are in focus in the thick of therapyings season, you have major reports from the financi airli airlines airfranceklm up strongly after posting a 15 rise in quarterly operating profit loreal over here in the far right corner for me is trading near the bottom of the index after posting weaker than expected
We heard from jay powell. We will hear from him again today. The eurodollar, 1. 1278. There is a lot going on, not only about trade. Official taxes that france will vote on. There is a mood on what happened to euro depending on what we get from the ecb minutes that will be released after midday. We will watch for that and any movement on currency. Coming up, we speak with the sao paulo governor, he is joao doria. Plus we will speak to sheriff brown about u. S. Politics. Lets get to the work first word news. Deutsche bank is now being probed u. S. Justice department as an expanded investigation. The u. S. Is reportedly taking a closer look at a former Goldman Sachs executive who later worked at the german bank. Authorities havent accused which a bank of wrongdoing. Another federal probe, the u. S. Investigating frances plan to tax tax giants. Socalled 301 investigation is the same tool donald trump used to impose tariffs on china. Korear japan nor south has much political incentive to c