LONDON (AP) – Global shares rose Friday as investors focused on a run of earnings statements from U.S. banks. The British pound, however, was in retreat after President Donald Trump appeared to dash hopes of any imminent U.S.-U.K. trade deal.
KEEPING SCORE: In Europe, Britain’s FTSE 100 was up 0.4 percent at 7,683 while Germany’s DAX rose 0.3 percent to 12,537. France’s advanced 0.4 percent to 5,427. Wall Street was poised to flat with Dow futures and the broader S&P 500 futures down 0.1 percent.
US BANKS: The absence of any fresh trade war comments has allowed traders to focus on the start of the U.S. corporate results season. On Friday, JP Morgan Chase, Citigroup and Wells Fargo all report results. Already, JP Morgan said its second-quarter profits rose by 18 percent from a year ago, as it continued to benefit from higher interest rates and a lower tax bill following last year’s passage of President Donald Trump’s tax law.
Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, July 13, 2018. Asian stock markets were mostly higher on Friday rebounding from jitters over the U.S.-China trade disputes for a second straight day. (AP Photo/Ahn Young-joon)
ANALYST TAKE: “Investors will be paying close attention not just to the results but also references to trade tariffs and the impact they are expected to have on future results, particularly those that have already been targeted in counter-measures taken or proposed against the U.S.,” said Craig Erlam, senior market analyst at OANDA.
US-CHINA TRADE: China has yet to give details on