Thanks good we got the banks!!
Shares of JPMorgan Chase & Co jumped 6.1% to $36.10 after it reported $4.4 billion of credit trading losses in the second quarter, but still earned an overall profit of nearly $5 billion.
JPMorgan results outpaced the University of Michigan Survey of Consumers, the index of consumer sentiment fell to 72 from 73.2 in June.
The European cash market is closed so let's toast now: Stoxx50 gained 1.39% to 2,259.09, German Dax double the gaines closing at 6,557.10 or 2.15% higher, Italian Ftsemib the day after the Moddy's downgrade gained 0.96% closing at 13,714.68. The Eur/$ cross is now trading at 1.2232$, 0.24% higher.
It's worth a mention the decline of Peugeot, it tumbled 7.7% after Moody's Investor Service place the French auto manufacturer's Ba1 credit rating under review for a downgrade. In addition, Citigroup downgrade the European auto sector to neutral from overweight.
At cash close Italian Government's bond yield fell 0.08% to 6.08, after a successful Italian auction. Details on the matter can be found in the MidSession Review section.
So let's put this week behind us and let the weekend begin.
Have a pleasant one.
Originally posted at www.77sigmatrading.com
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