Inflation and lower bank profits hit US stocks

  • 📰 abcnews
  • ⏱ Reading Time:
  • 30 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 83%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

Rising business inflation and lower profits at big Wall Street banks weigh on US stocks. European stocks end lower, while the Australian share market is set to fall after iron ore prices tumble.

US stocks have fallen back as surging inflation in North America kept investors nervous and amid weaker-than-expected earnings from a Wall Street titan.The Dow Jones index fell 0.5pc to 30,630, the S&P500 fell 0.3pc to 3,791, while the Nasdaq Composite index was steady at 11,251

North America's biggest bank, JP Morgan Chase, reported a 28 per cent fall in second-quarter profit to $US8.6 billion and suspended share buybacks.Chief executive Jamie Dimon warned that geopolitical tension, high inflation, waning consumer confidence, the withdrawal of stimulus, and the war in Ukraine, "are very likely to have negative consequences on the global economy sometime down the road".

"In the past hiking cycle, we have observed that inflation kept rising during the hiking cycle … It takes time for monetary policy to affect inflation."

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

faketoshi If you can't attack the data. We in $BTC must attack the people in $BSV

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines