EU FINANCIALS: Bank of America - Earnings Preview
Apr-11 07:59
- Interest income is expected to be flat QoQ and up 2.3% YoY
- Non-interest income expected +13% QoQ and +5.2% YoY driven by Global Markets (trading)
- Global markets revenue expected to be up c30% on gains in equities and FICC trading. Both FICC and equities are expected to be very strong, whereas at other US banks are generally expected to outperform in one or the other category.
- Consumer banking revenue expected at -0.3% QoQ, +3.2% YoY
- Provisions are expected to keep climbing higher, +5.4% QoQ and 16.1% YoY.
- Wealth expected flat QoQ, +7.2% YoY
- Pre-tax profits expected up 6.9% QoQ and 4.6% YoY
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Historical bullets
GILTS: Opening calls
Mar-12 07:57
Gilt Opening calls, another wide range given the divergence between the EU and the US.
- Calls, 91.64/91.90 range.
USDCAD TECHS: Remains Above Last Week’s Low
Mar-12 07:57
- RES 4: 1.4793 High Feb 3 and key resistance
- RES 3: 1.4700 Round number resistance
- RES 2: 1.4641 76.4% retracement of the Feb 3 - 14 bear leg
- RES 1: 1.4473/4543 High Mar 10 / 4 and a bull trigger
- PRICE: 1.4453 @ 07:57 GMT Mar 12
- SUP 1: 1.4242 Low Mar 6
- SUP 2: 1.4151/4107 Low Feb 14 / 50.0% of Sep 25 - Feb 3 bull run
- SUP 3: 1.4011 Low Dec 5 ‘24
- SUP 4: 1.3944 61.8% retracement of the Sep 25 ‘24 - Feb 3 bull cycle
The bull cycle in USDCAD that started Feb 14 remains in play for now, and recent weakness appears corrective. The pair has recovered from its Mar 6 low and a continuation higher would signal scope for a test of the short-term bull trigger at 1.4543, the Mar 4 high. On the downside, support to watch lies at 1.4242, the Mar 6 low. A break of this level would instead expose key short-term support at 1.4151, the Feb 14 low.
EQUITIES: EU Cash Opening calls
Mar-12 07:54
EU Cash Opening Calls, Futures have bounced back off the lows.
- Calls: Estox 50: +0.85%, Dax: +0.88%, CAC: +0.73%, FTSE +0.28%, SMI +0.64%.
