18 OCT 2021

Q3 Earnings Not Removing Existing Concerns

News and insights

Key Points

Strong reversal in sentiment triggered by Q3 US bank earnings, while existing concerns around supply shortage, weakening GDP growth and a hawkish CentralBank tone are not receding

Solid Q3 US banks earnings on all aspects incl. better net interest margin, strong loan growth momentum as well as a busy corporate activity pipeline

Energy shortage hitting utility-intense sectors, spilling over to other manufacturing businesses, leading to a somehow more “persistent” short-term pricing pressure and weighing on margin and growth

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