Q3 Earnings Not Removing Existing Concerns

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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