the latest of the country's major banks to report. Elsewhere, China's growth exceeded expectations, while U.K. wage growth showed signs of stabilizing.The first quarter earnings season will continue Tuesday, with the U.S. banking sector remaining in focus as Bank of America turned the tide with strong numbers that were fueled by a recovery in underwriting, deals and bond trading in the first quarter that lifted its earnings per share to the highest since late 2021.
The reading came as purchasing managers index data released for the first three months of 2024 showed some improvement in business activity, especially in the manufacturing sector. One of the bank’s prime concerns has been the potential for wage-driven inflation, and this may have been partially lifted by the latest data, released earlier Tuesday.