Corporate results:

  • Wells Fargo already released its results, which are rather good, with Q3 earnings of $1.48 per diluted share, up from $0.86 a year earlier. Revenues were boosted by higher interest paid by customers on loans.
  • JPMorgan Chase reported an increase in third-quarter earnings on Friday, thanks to higher net interest income amid high borrowing costs and the acquisition of regional bank First Republic Bank. Share price up 0.5% in pre-market trading.
  • Citigroup reported stable overall third-quarter earnings on Friday, buoyed by higher interest rates and fee income in investment banking.
  • Blackrock reported a 13% rise in third-quarter earnings on Friday, although this was marked by a sharp drop in net inflows. 
  • UnitedHealth reported third-quarter earnings ahead of analysts' expectations, thanks to a smaller-than-feared increase in medical costs in its health insurance division.

In other news:

  • The State of New York rejected an appeal by developers of offshore renewable energy projects (Orsted, Equinor...) for higher contract prices.
  • The British CMA authorizes Microsoft's takeover of Activision.
  • After Microsoft, Google will defend users of generative artificial intelligence systems against copyright infringement claims.
  • Generali sells its TUA subsidiary to Allianz for €280 million.
  • California will block Albertsons-Kroger deal, according to Bloomberg.
  • Telia appoints Patrik Hofbauer as CEO.
  • Didi may seek a Hong Kong listing in 2024, having abandoned the project in the past.
  • Stadler Rail to deliver hydrogen trains to California.
  • Intel, AMD, Nvidia - Joe Biden's administration is considering closing a loophole that allows Chinese companies to access US semiconductors for artificial intelligence (AI) via overseas subsidiaries, four people close to the matter told Reuters.
  • Boeing and Spirit Aerosystems have expanded their ongoing inspections to include new elements concerning a probable production defect affecting 737 Max 8 aircraft.
  • Meta Platforms said on Friday that it would remove messages praising and supporting Hamas from its platforms.
  • KKR - The US investment fund is preparing to submit a multi-billion euro bid for Telecom Italia's (TIM) fixed-line telecoms network ahead of Sunday's deadline, in a project backed by Rome.
  • Newmont Corporation- Newcrest Mining shareholders voted overwhelmingly in favor of the gold mining giant's A$26.2 billion takeover bid. This is the largest buyout in Australia so far this year.
  • Dollar General on Thursday brought back its former CEO Todd Vasos to replace Jeffery Owen, less than a year after his appointment, as the low-cost retailer said it wanted to stabilize its troubled business, sending its shares up 7.1% in pre-market trading. The group also lowered its profit forecast for this year.

Main earnings reports today: UnitedHealth, JPMorgan Chase, Wells Fargo, Blackrock, Citigroup, Tryg, Fraport, Ashmore, TomTom...The full earnings calendar is here.