Morning Bid: Bank results boost Wall St, China plan leaves questions
As the trading week begins in Asia, Chinese stocks are coming off several days of retrenchment while U.S. equities keep churning higher.) and Wells Fargo shares jumped after both major banks beat profit estimates, a bullish kick-off for corporate America's third-quarter reporting season. The two lenders also touted resiliency of the U.S. consumer, which will be in focus in the coming week of earnings and retail sales data.
The omission of a dollar figure may prolong investors' nervous wait for a clearer policy roadmap until the next meeting of China's legislature, a date for which has yet to be announced. In the U.S., market expectations coalesced around a view that the Fed will make a modest 25 basis-point cut at its next meeting in November. U.S. producer prices were unchanged in September, according to data on Friday, a day after a report showed consumer prices rose a bit above expectations in September.
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