With Q3 results starting to roll in, major financial institutions are setting the tone for what’s shaping up to be a crucial reporting period. Despite a mixed economic outlook, a flurry of key updates from corporate giants like JPMorgan and PepsiCo is fueling investor attention. Meanwhile, oil prices are surging amid rising geopolitical tensions, and the USD/JPY pair nears a critical level due to Bank of Japan rate hike speculations.
Let’s dive into the latest updates shaking the markets this week!
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Earnings reporting season starts this week
The earnings season has officially kicked off, with some of America’s largest financial institutions already releasing their Q3 results. On Friday, October 11, JPMorgan ($JPM), Wells Fargo ($WFC), and BlackRock shared their performance, highlighting a decline in net profits compared to the previous quarter and the same period last year due to elevated interest rates.
Earlier in the week, PepsiCo ($PEP) and Delta Air Lines ($DAL) also reported their earnings, setting the stage for a busy season ahead.
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PepsiCo reports a 'slower' consumer recovery
PepsiCo ($PEP) executives said they’re seeing a “slower” recovery of the U.S. consumer as the snack-and-drink giant turned in its latest quarterly results, one of the first major reports to arrive in the new earnings season.
The company said it would scale back its full-year outlook for organic sales growth, pointing to a “low-single-digit” rise instead of the roughly 4% that was previously announced (which was itself a cut from an earlier forecast).
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Middle East tensions: Oil prices at risk of further increases
Crude oil ($USOUSD) prices soared nearly 9% last week, marking the biggest weekly gain since March 2023, following a significant escalation in Middle Eastern conflicts.
Some analysts believe that OPEC+ spare capacity and US production could offset any immediate supply shocks. However, a broader regional conflict in the Middle East could lead to long-term disruptions in the oil markets.
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USD/JPY climbs near 149.00 amid BoJ rate hike uncertainty
$USDJPY gained momentum during Friday's Asian session, approaching the 149.00 level as uncertainty around the Bank of Japan’s potential rate hike continues to pressure the Yen. While the pair benefits from this speculation, a cautious market sentiment and the US Dollar’s consolidation might cap further gains. Investors await key US data for the next move.
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This concludes our weekly recap. Have a great weekend and see you next week! 👋
