5 banks in addition to $21 billion in profits. Get set for a big week in earnings

Wells Fargo draws bipartisan anger through Congress

1. Big banks, even bigger profits: America’s leading banks are minting money.

a few of the country’s biggest banks are anticipated to rain down a combined $21 billion in profits of which week.

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The vast quarterly earnings through JPMorgan Chase, Bank of America, Citigroup, Wells Fargo in addition to PNC are likely to account for nearly half of the entire banking industry’s profits.

of which’s no wonder Wall Street can be feasting on bank stocks. Investors are betting bank profitability will only be enhanced by proposed corporate tax cuts in addition to deregulation. These positives have overshadowed hiccups through turbulent trading revenue in addition to soft loan growth.

Not surprisingly, JPMorgan (JPM) remains at the front of the class. Not only can be JPMorgan the most valuable U.S. bank in addition to the one with the most assets ($2.1 trillion), nevertheless of which’s the most profitable. Jamie Dimon’s company, kicking off the parade of bank earnings on Thursday morning, can be anticipated to post $6.4 billion in profits.

Bank of America (BAC) in addition to Citigroup continue to hit milestones in their taxpayer-assisted recovery through the financial crisis. For the 1st time since 2007, Citi can be worth over $0 billion. of which’s thanks to a 52% surge in Citi’s (C) stock cost since President Trump’s election.

BofA celebrated a landmark of its own last week. Its stock cost topped $26 for the 1st time since September 2008, the month Lehman Brothers collapsed. Of course, of which’s still shy of the all-time high of $55 set in November 2006, before subprime became a bad word.

Even Wells Fargo (WFC) continues to rake in fat profits — of which’s anticipated to post $5 billion in earnings on Friday. nevertheless CEO Tim Sloan should face tough questions about Wells Fargo’s recent auto insurance in addition to mortgage fee controversies. The bank’s chronic scandals have left of which out of the bank party on Wall Street.

in addition to don’t forget about PNC (PNC). The No. 6 U.S. bank by assets can be the one poised to reveal the strongest earnings growth through last quarter.

Of course, of which’s not just the largest banks generating big money. The overall U.S. banking industry earned a record $48.3 billion during the second quarter, according to the FDIC. of which’s well above the pre-crisis high of $38 billion in 2006.

These mega profits support Trump’s argument of which the economy can be doing actually well. nevertheless they also undercut his rationale for doing “a big number” on bank regulations.

Related: The Dow could be so hot of which of which melts

2. All eyes on Catalonia. Spain has been in turmoil since last Sunday’s contested Catalonian independence referendum.

Spanish banks Caixabank in addition to Banco Sabadell both announced plans to move their headquarters out of Catalonia, in addition to others may follow in their footsteps.

Independence would certainly mean chaos for Spain: Catalonia accounts for nearly a fifth of Spain’s economy in addition to one quarter of the country’s exports. Plus, a split would certainly create legal uncertainty for banks in addition to businesses from the region.

Catalonia’s government planned to make a declaration of independence during a parliamentary session on Monday, nevertheless the Spanish Constitutional Court banned the meeting in an apparent attempt to block the decision.

Related: Top bank moving HQ out of Catalonia over threat of split through Spain

3. NAFTA talks resume. The next round of NAFTA talks can be set to begin in Washington, D.C., on Wednesday. There have been three rounds of negotiations so far, in addition to not much has been resolved.

The Trump administration can be trying to redraft parts of the agreement of which believes are unfair to American workers in addition to companies. A completely new deal can be supposed to be done by the end of 2017, nevertheless U.S. Trade Representative Robert Lighthizer recently refused to predict whether the aggressive timeline can be possible.

Related: Boeing-Bombardier battle looms over NAFTA talks

4. Retail sales in addition to consumer confidence: On Friday, the U.S. Census Bureau will announce retail sales numbers for September. August’s figures showed a 0.2% dip through July, nevertheless an increase of 3.2% through August 2016.

We’ll see another indicator of how Americans feel about shopping when the University of Michigan releases its preliminary figures for consumer sentiment in October. The widely-used survey found a 1.7% dip in confidence through August to September. The October reports also releases Friday .

5. Coming of which week:

Monday — Nobel Prize for economics

Tuesday — IMF World economic outlook

Wednesday — Delta (DAL) earnings; BlackRock (AOCXX) earnings

Thursday — JPMorgan earnings; Citigroup earnings

Friday — Bank of America earnings; Wells Fargo earnings

sy88pgw (completely new York) First published October 8, 2017: 8:06 AM ET

5 banks in addition to $21 billion in profits. Get set for a big week in earnings

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