Banks beat 💪 US stocks decline ☔ US housing🔮 Earnings: Netflix, Hermes, Tesla🔌 GBPUSD🚦

FlowBank's hand-curated fresh financial news [View in browser](113/cXx8Z04/VVDSDJ23mdwYVFMg_l7qZbTWW7Pgndt4RdGrRN44_D9w4Zjb_V3Zsc37CgGYTW41RC953MqHB1W4RKz3w2-B8YgW2fw5Vf6p_m9XW8By_KW92Yc4zW3phrz-73yxY8W48ZS9l4mD_tjN58_cjjqCVCTW1-Zf9m1_hWglW8qsjtn5tHGFjW5VsS856V8vvlW2-WVWW71fzMCMpjYkB2KdtWW79K6Tw3Lc5nPW18jKN07PRCk5W7nZ_FX3jQ-FtV-vRDb1jBmnNW6l6yfQ6XQ-VfW1mGWrS7_6ZK9W8-xmpr3t7KYFVMJN-45989_LW7pDX8v2DByRQW2CY0T_4Pp13lW8T7yzF3DzHTfW5T8kXR2GHmQyN7LbPW5CYgbNW4kvTYV4Fkq13VD8t1d4VHwxfW1frjg62pDgYKW2FC6y33nD49GW3frvJL5RFYb_W2GpDVP4gXGTzW3pRJCv29vlmfW94FXSY4XPG2NW1HdpVl95fYQn3b0W1) [header_noDither] 17.10.2022 Good morning FlowBankers! Here's the latest market news, hand-curated by our research team. The Big Story [shutterstock_741995332 (1)] Major banks such as JPMorgan Chase, Citigroup, and Wells Fargo beat estimates but saw a sharp drop in profits as deal-making and IPO activity slowed. Nonetheless, double-digit increases in net interest income offset some of the shortfalls, reflecting the effect of higher interest rates. Despite a down day in the market, the three ended the day positive. [Start Trading](113/cXx8Z04/VVDSDJ23mdwYVFMg_l7qZbTWW7Pgndt4RdGrRN44_D9Q2-MK5V1-WJV7CgDt4W4hGYb-1Rd3YhW7W9szx2-QDGhW6ht3hD9jrJ-6W7KsQTc5B6k8XN232RMjPwBT2W5j0GzL7WmWq9W4jqDhq5dRH93W8dMzjB6TgL4QVcC68Y1Fg2ddVd9n_640bm0BN7KsTH6mD2fCW82ybl95JZMnJW5C8VQ01WzyMdW116nyw7MwK0QW5L0m1K1ww9DPN44ZxW9StsC4W8rR_Fx5vVh-rVZ_tWl4-Fgk7W6Lg0hX1Kvt2JV232hM615bkT3b_k1) Trader's Corner In focus this week • Earnings disclosures are heating up, with several major companies set to disclose their quarterly results. On Tuesday, streaming giant Netflix (NFLX) will release its third-quarter report. Much of the focus will center on its ability to regain lost subscribers. • Investors will also get an update on the US housing market where the increase in borrowing costs has already led to cooling demand. • Lastly, traders will keep an eye on the cable (GBPUSD) as Jeremy Hunt will start his first full week as Chancellor after Prime Minister Liz Truss was forced to fire his predecessor. Economic data this week • US Philadelphia Fed Manufacturing, building permits, industrial production, Philly Fed employment & new orders • EU CPI, ZEW economic sentiment, consumer confidence • German PPI, ZEW current conditions • UK retail sales, CPI, PPI Earnings this week • Bank of America, Goldman Sachs, State Street • Rio Tinto, BHP, Freeport-McMoran • J&J, Roche, Nestle, Abbott Labs, L'Oreal, Hermes, Kering • Netflix, Tesla, ASML, IBM, ABB, Sika, Renault • United Airlines, Volvo, AT&T Crypto • This morning, Bitcoin continues to trade just above USD19.2k as risk appetite remains on the defensive. Ethereum trades just above 1'300. • Crypto wallet MetaMask in the US, is making it easier for users to turn their fiat into crypto through an integration with fintech firm Sardine. Users will now be able to fund their crypto wallets instantly. [Screenshot 2022-10-16 at 16.14.48] [Start Trading](113/cXx8Z04/VVDSDJ23mdwYVFMg_l7qZbTWW7Pgndt4RdGrRN44_D9Q2-MK5V1-WJV7CgBTtW8rk4s-4gmPDrW42bThX1Tn1LWW632xcW3y1LVZW5bS-rX8bJMGnW4krBVP3VbRDrW6ZWV0F5D0xTTW7G9-lD5zQKbqW3vtkfW25g_MRW78BpTd5j0y-5W1FX_rL1z2PQRW7nx_Db7P_hDgN5DJQPC6xkGMW6gMhWc77M3TjW2nRJQP6ytR-GW3c0CPb3xvbN2MK6gH61yC0XW4qZCg33nJgrlW9dmlYT7G_lw4W5J2W3H6KkyCRW1lfL6g8bcsb_38JD1) Market Recap Stocks on Friday gave up an early advance and sold off sharply after 10-year Treasury yields jumped above 4% when a gauge of inflation expectations rose more than expected. The S&P500 ended the week -1.5% near the 3'600 level. Consumer cyclical stocks (tech, discretionary, miners) underperformed the most. Oil prices retreated as global recession fears and weak oil demand outweighed the support from OPEC+ supply cut. Hawkish comments Friday from Fed officials were bullish for the dollar. USDJPY advanced on the back of higher yields. And GBPUSD retreated after UK Prime Minister Truss announced a revised tax plan and ousted Chancellor Kwarteng. This morning, US equity futures contracts are slightly up. The dollar strength is easing, providing a touch of breathing room for stocks, the euro, and cryptos. And the dollar-yen is flat at 148.7. Chart Of The Day University of Michigan's next 12-month inflation expectation surprised, increasing to 5.1%, maintaining pressure on the US Federal Reserve. [Screenshot 2022-10-16 at 17.11.43](113/cXx8Z04/VVDSDJ23mdwYVFMg_l7qZbTWW7Pgndt4RdGrRN44_D9w2-MJQV1-WJV7CgXM9W2_FQTt1xYdLDW9hTMxG3bxPVhW1YR0GQ3Hjg5VW15hSDR2Z3y15W3L5X3H16KZcvW5bcjVz3NKMqcW2P3D6s6SZPcvN3DQXNFCRyqDW7FJz2F8h2g8kW6PD8p37j_3wcW2-D5Tn8XkPtfW9jQJBx7_L_dvW2rd9hf74HvGnW8jLZgy5rb-JzW1QSXl-35tBxZW80QqXs7Y4fQqN8dYyg5l493rW4hp1yk7pY20G3lJH1) FlowBank Blog Crude Oil Starts Q4 Well - Is the Bottom in? [Screenshot 2022-10-16 at 17.16.42](113/cXx8Z04/VVDSDJ23mdwYVFMg_l7qZbTWW7Pgndt4RdGrRN44_D9w2-MJQV1-WJV7CgGdDW2w5TNw43CsgwN7Mhr6q_8hz2W27jNbD2FsxWbW9gYvdS72jy1PW7zhZtY20_-GKW6gy08s54YmllW6pk4gQ6TV-NBN7SrrR6BKFfnW6bbRHS1lSx66W6MVJ5f8X2sZgW14BLHH1x6mW-W4l_n3M1R9rSdW9hCPjS4--Z1mW6PZw0m4RNVHYW9kcrCx8XVrSwV7b-gD3WR9n4W3XGRh_19scfbW2srXp34GcF3t38TW1) Volatility is one of the main reasons traders are drawn to trading oil. ‘Black gold’, as it is often referred to in trading circles, is notorious for outsized price swings when compared with more typically stable assets such as equities. Read More [Stay on top of market moves with our LiveWires](113/cXx8Z04/VVDSDJ23mdwYVFMg_l7qZbTWW7Pgndt4RdGrRN44_D9c2-MJwV1-WJV7CgFqFW8wvcZJ57RczQW4qKn4r7T27QkW7lZWVb5c68CcN6zByvtGVgG_W4RD8vv5WMTVrW2JgPnV7M8-cjW8P5vS75MJ_lTW3N6Bpx2Hfc0_W89YhxF2mL-GVW6rRzhL2ZC62XW2yYTKw8vlv75W7Yd7ry1Xggf1W1hRtRR4BDRGHW4wWy7Y5jy1z0N466sg6-nVScW3LT6Cf4dhZcx3hGG1) [Don't miss our Popular Themes](113/cXx8Z04/VVDSDJ23mdwYVFMg_l7qZbTWW7Pgndt4RdGrRN44_D9w2-MJQV1-WJV7CgPpXW2DtYK93Bsv_4VC9xCt6gBsr5W3FTC9p5C24bpN72m_VWyF322N6VBFzwc7kx6W117KSB3kV9kqW1gpq1_511bSTW6HTv8c4Jd7wLW7T1Wz38Yt89gW6Zk6wJ5yrXP1W4Kf4j68VWDTWW7XxSl538jBvGW3D2CLY3S-NmdN4hq2RnWhD01W795DJx8tt2BKW7YTfDG82ZTjTW4sSM0c7sY0v-W4WzR5q6h9L983gDT1) [Read our latest Research](113/cXx8Z04/VVDSDJ23mdwYVFMg_l7qZbTWW7Pgndt4RdGrRN44_D9w2-MJQV1-WJV7CgP5cW67dm7z7v-7fhW6Mdf-G71FxQQW7mFh5z4jJ7N_W5flwPW5SC10yW7Pcw_s3T2HGFW6nSZcP53mDzKVGfvhz4sBbZVW7T9rsQ9hFlYNW7mF_GF4J0-z6W7l6mSg81Bg53N6dXD4MQBXBLW8BTBSD64bf4MW4lyZnw1gHR0TW9htg-J2wR6z9W94F2pC9kW-zBW3K-V0X38m8jkW8MG3pM3ykKNKW55N2J28Cn2w134p81) [Follow us on Flow TV](113/cXx8Z04/VVDSDJ23mdwYVFMg_l7qZbTWW7Pgndt4RdGrRN44_D9c2-MJwV1-WJV7CgGLMMtsK3s1TjFxW3vvKV88Xn3csW7nXGzl40lxgGVcGZ5s3Vk6yCW5m_RkB5tPBMJW7wC5b_7sWnr_W7F_Pgy7vrsH4W7m6zhf6twmwQW1HGk3p52DsCJW1Z6Vz56fZ4jLW7prS2j2KHXr5W3TC7pL3Z9YL-W20YD5V7pPG9xW5Tqf_f9jTNShN81sGn8Z5HD-W6Csynb22hChD3pGf1) [flowbank-logo-2022-green-3] Facebook [LinkedIn](113/cXx8Z04/VVDSDJ23mdwYVFMg_l7qZbTWW7Pgndt4RdGrRN44_D9w2-MJQV1-WJV7CgMmhW4ClbS_7vhv_hN7Dz8d1qgdn_W8gPx5r3pw0m_VrQnYB8CfNRcF3HnSmhScqWW216pzT3HL439W1xy2gg2q_q44W6DzDSZ3xhRW8W27k61V7vkM8RW5jF2Rf4CXL8GW4d2csJ1rsNQbW2d-0Sb5RvmK4W6tBq836WHbsNW4Qb5bN8f5BbCW8zxvF8964LJGVr9_Wf8VmFqMW68zqbb7TSshPW80w8Xx5dBFK_3f511) [Twitter](113/cXx8Z04/VVDSDJ23mdwYVFMg_l7qZbTWW7Pgndt4RdGrRN44_D9c2-MJwV1-WJV7CgG-1W2ThxV24bbthmW2Sm6lw3cNwWWW58SM175zy111N8vhqdzHj06JW865Gcz2_TmqyW6tSbMp3S6G0jW7R3t4W22HbRnW5_9-4h8_pQhPW8VvsrW8V5YFsW8VRy1t3HzxRGVn041c29GpCKW6-HNH42jS4rnW26mvYV7YHpcQW33c1bX894MLbW5N9gvF8gN41nW7hFnQj7SMS-B3cqS1) [Instagram](113/cXx8Z04/VVDSDJ23mdwYVFMg_l7qZbTWW7Pgndt4RdGrRN44_D9c2-MJwV1-WJV7CgY1QN3McYSg816PNW93Nvvh6KSzlvW1Nm_7X8XDqYTW2td9m56mxx0QW4xvCKj4sxrV-W1d7Y4w4trXvjVDsq2q4nsL2rN8m3gCJLvXmfW1_G5F15gpqScW4Sy3xs2bv9MwW6N1w5y6bFjlMW6B8Rjp1-S4ZDW3979Ff24Z1vTW7fzmDb90rytBN11KgHmWLPy6W6FFL9D3Z6vWd3gKp1) [YouTube](113/cXx8Z04/VVDSDJ23mdwYVFMg_l7qZbTWW7Pgndt4RdGrRN44_D9Q2-MK5V1-WJV7CgZ1cW6YjlGj3SVJ1xW7TtkbH6lrgmbVQnFJj8DgFs4W1JNdY28ZCxcnW7FJt9p6_l2z0VL6d1q3d9f-4W8Gv7Vh40b7CDW7pb8Qp2FMv80VHSdpb1FzrkFN1Kqc4BhVHMdVCRBfj6pNgWBW1z2hWB3G0HhnW8kBShC5Z4CCFM2PRRZGGfStVWsFNS5217y9Vmp26w5kkppZW3xFxqN5rtcY1W46Lq0H1m8gZNW8FG_Tt2bChC9W4BWbSG5ff4gm31k71) FlowBank SA, Esplanade de Pont-Rouge 6, P.O. Box 1303, 1211 Geneva 26, Switzerland, +41 (0) 22 888 60 00 [Unsubscribe]( [Manage preferences]( This email and any files transmitted with it are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error, please notify us immediately, and delete it from your system. If you are not the intended recipient, you are notified that disclosing, copying, distributing or taking any action in reliance on the contents of this information is strictly prohibited. Although we scan attachments, we advise you to carry out your own virus check before opening any attachment.