By THE NEW YORK TIMES
April 13, 2017
We’re following major developments in the markets throughout the day. Check below for the latest updates.
JPMorgan’s Strong Quarter
JPMorgan Chase kicked off a day of financial results for some of America’s biggest banks with a rise in profit. The Wall Street stalwart reported a nearly 17 percent increase in net profit thanks to rising loans and a bump from its trading business. The numbers could presage similar results from other banks with big trading operations, as last year’s presidential election set off a flurry of trading and sent markets higher, though stocks have steadied a bit in recent weeks. A shift in the United States toward higher interest rates could also help bank results.
China Posts Strong Trade Figures
China’s exports surged in March in a potential sign of strengthening global demand. Beijing released data on Thursday showing exports increased 16.4 percent in March compared with a year earlier. Imports also strengthened, rising 20.3 percent. Part of the rise in imports came from oil, as China topped the United States as the world’s largest overseas buyer.
For the first quarter, China’s trade surplus with the United States shrank slightly but remained high, in a reminder that — even though President Trump backed off from his threat to label China a currency manipulator — the trade issue isn’t likely to go away.
Trump Weakens the Dollar
About that trade gap…
The United States dollar fell against a number of other currencies overnight on Thursday after President Trump told The Wall Street Journal that he thought the dollar was “getting too strong.” A stronger dollar makes American exports less competitive, complicating Mr. Trump’s pledge to close the trade gap with China and other countries.
“It’s very, very hard to compete,” he said, “when you have a strong dollar and other countries are devaluing their currency.”
What to Watch For: More Bank Earnings and Consumer Confidence; Markets Are Closed Friday
■ Citigroup and Wells Fargo are among other banks scheduled to report their quarterly results.
■ The University of Michigan’s monthly survey of consumer confidence will offer an indication of whether Americans’ sentiment is still improving.
■ Many markets will be closed on Friday for the Good Friday holiday.
■ And don’t forget to read today’s DealBook newsletter.