{"id":556239,"date":"2021-10-17T03:58:17","date_gmt":"2021-10-17T03:58:17","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/17\/wall-street-banks-report-stellar-3q2021-earnings-diverge-on-investment-strategies\/"},"modified":"2021-10-17T03:58:17","modified_gmt":"2021-10-17T03:58:17","slug":"wall-street-banks-report-stellar-3q2021-earnings-diverge-on-investment-strategies","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/17\/wall-street-banks-report-stellar-3q2021-earnings-diverge-on-investment-strategies\/","title":{"rendered":"Wall street banks report stellar 3Q2021 earnings, diverge on investment strategies"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>Wall Street sails through global headwinds to post blockbuster<\/strong><strong> 3Q2021 earnings: <\/strong>Goldman Sachs looks set to post its best year ever after reporting a 59% yearly increase in earnings to hit USD 5.4 bn in the third quarter, rounding off a week of stunning results from US investment banks, the <a href=\"https:\/\/www.ft.com\/content\/692b5b3e-af2c-44d6-8dc3-2985bd781647\">FT<\/a> reports. Concerns that higher expenses could squeeze earnings as other sectors face cost-related pressures proved unfounded, with Goldman\u2019s <a href=\"https:\/\/www.goldmansachs.com\/media-relations\/press-releases\/current\/pdfs\/2021-q3-results.pdf\">third-quarter earnings (pdf)<\/a> per share of USD 14.93 described by Oppenheimer analysts as \u201cquite literally off the charts.\u201d <a href=\"https:\/\/www.jpmorganchase.com\/content\/dam\/jpmc\/jpmorgan-chase-and-co\/investor-relations\/documents\/quarterly-earnings\/2021\/3rd-quarter\/3983239a-3b6f-4e6b-a52f-6ce651dfd70f.pdf\">JP Morgan Chase (pdf)<\/a>, <a href=\"https:\/\/www.morganstanley.com\/about-us-ir\/shareholder\/3q2021.pdf\">Morgan Stanley (pdf)<\/a>, <a href=\"https:\/\/investor.bankofamerica.com\/\">Bank of America<\/a> and <a href=\"https:\/\/www.citigroup.com\/citi\/news\/2021\/third-quarter-2021-earnings.htm#:~:text=New%20York%20%E2%80%93%20Citigroup%20Inc.%20today,for%20the%20third%20quarter%202020.\">Citigroup<\/a> also posted impressive Q3 results last week, as the Fed\u2019s easy-money policy spurred a boom in transactions.<\/p>\n<p><strong>Those big banks also saw USD tns of deposits flow into their balance sheets on the back<\/strong> <strong>of pandemic-era stimulus<\/strong>. When it comes to deploying those funds into good use, however, they seem to be pursuing different strategies when it comes to interest rates, with JPMorgan Chase, America\u2019s biggest bank, content keeping them idle rather investing in what it sees as overpriced government bonds and BofA, the second-biggest, growing its treasuries portfolio some 77% over the past year, according to the <a href=\"https:\/\/www.ft.com\/content\/0731c2ad-2e33-4023-a35e-a4fcdbc49c17\">Financial Times<\/a>. The latter strategy will prove wise if rising inflation nudges interest rates higher, thereby making bonds worth less.<\/p>\n<p><strong>First US BTC ETF set to start trading this week: <\/strong>Exchange-traded fund manager ProShares will launch Amreeka\u2019s first ETF for Bitcoin futures on the NYSE Arca Exchange as soon as Monday, according to a <a href=\"https:\/\/www.sec.gov\/ix?doc=\/Archives\/edgar\/data\/0001174610\/000168386321006052\/f10028d1.htm\">bourse filing<\/a>. BTC prices surpassed USD 60k to approach all-time highs on Friday following reports of the listing, which is expected to widen access to crypto trading among retail investors, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-10-15\/proshares-signals-first-u-s-bitcoin-etf-could-launch-on-monday?sref=mmeFTDW1\">Bloomberg<\/a> reports. The fund is set to be tacitly approved by the Securities and Exchange Commission (SEC), signaling increasing institutional acceptance of cryptocurrencies, with other similar securities expected to be launched in its wake. The move marks the end of a near-decade-long lobbying campaign from the sector, after Cameron and Tyler Winklevoss \u2014 yes, the twins who sued Mark Zuckerberg \u2014 first applied to launch a BTC ETF in 2013.<\/p>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10995.59<\/p>\n<\/td>\n<td>\n<p>+1% (YTD: 1.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>8.25% deposit<\/p>\n<\/td>\n<td>\n<p>9.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>11,699.11<\/p>\n<\/td>\n<td>\n<p>+0.6% (YTD: 34.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>7,811.60<\/p>\n<\/td>\n<td>\n<p>+0.3% (YTD: 54.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>2,789.51<\/p>\n<\/td>\n<td>\n<p>- (YTD: 11.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,471.37<\/p>\n<\/td>\n<td>\n<p>+0.8% (YTD: 19%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,234.03<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: 12%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 84.86<\/p>\n<\/td>\n<td>\n<p>+1%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 5.41<\/p>\n<\/td>\n<td>\n<p>-4.9%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,768.30<\/p>\n<\/td>\n<td>\n<p>-1.7%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 60,648.26<\/p>\n<\/td>\n<td>\n<p>-1.2% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 rose 1.1% at Thursday\u2019s close<\/strong> on turnover of EGP 1.08 bn (28% below the 90-day average). Foreign investors were net sellers. The index is up 1.4% YTD.<\/p>\n<p><strong>In the green: <\/strong>MM Group (+6.3%), Egypt Kuwait Holding (+4.8%), and Abou Kir Fertilizers (+4.0%).<\/p>\n<p><strong>In the red:<\/strong> Gadwa Industrial Development (-4.1%), Pioneers Properties (-4.1%) and CIRA (-2.5%).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wall Street sails through global headwinds to post blockbuster 3Q2021 earnings: Goldman Sachs looks set to post its best year ever after reporting a 59% yearly increase in earnings to hit USD 5.4 bn in the third quarter, rounding off a week of stunning results from US investment banks, the FT reports. Concerns that higher [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[3334,344,72,2108,119,260,122,388,897],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-556239","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-bank-earnings-dealmaking-boom","tag-cryptocurrency","tag-enterpriseam","tag-etfs","tag-financial-markets","tag-goldman-sachs","tag-planet-finance","tag-us-federal-reserve","tag-wall-street","wpautop","entry"],"acf":{"mongo_id":"deb18763-6e24-4ab7-8db0-56c897048d68","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[556215],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Wall street banks report stellar 3Q2021 earnings, diverge on investment strategies - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/17\/wall-street-banks-report-stellar-3q2021-earnings-diverge-on-investment-strategies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wall street banks report stellar 3Q2021 earnings, diverge on investment strategies\" \/>\n<meta property=\"og:description\" content=\"Wall Street sails through global headwinds to post blockbuster 3Q2021 earnings: Goldman Sachs looks set to post its best year ever after reporting a 59% yearly increase in earnings to hit USD 5.4 bn in the third quarter, rounding off a week of stunning results from US investment banks, the FT reports. 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