Making sense of the markets this week: October 22, 2023 Oct 21st

Learn more about Canada’s top banks rates, rules and the latest news – read on!

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Making sense of the markets this week: October 22, 2023

– moneysense.ca

Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors.

Big wins for big U.S. banks

If you’ve been betting against American consumers over the last few years, then you haven’t won very often. That strength continued as the U.S.A.’s major financial institutions all had very positive earnings announcements over the past week. (All numbers are in USD for this and the following section.)

U.S. banking earnings highlights
Here’s a breakdown of of the latest earnings announcements this week

JPMorgan (JPM/NYSE): Earnings per share of $4.33 (versus $3.97 predicted). Revenue of $40.69 billion (versus $39.63 billion estimate).

Bank of America (BAC/NYSE): Earnings per share of $0.90 (versus $0.82 predicted). Revenue of $25.32 billion (versus $25.14 billion predicted).

Wells Fargo (WFC/NYSE): Earnings per share of $1.48 (versus $1.29 predicted). Revenues of $20…

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