The Reuters Tankan survey, a measure of buisness confidence in Japan, fell for the first time in six months
The firm reported an adjusted $1.24 per share and $13.46 billion in revenue, while analysts polled by Refinitiv forecasted $1.15 and $15.08 billion.Bank of America earnings and revenue exceeded estimates,"All businesses performed well, and we saw improved market shares, particularly in our Sales and Trading and Investment Banking businesses," CEO Brian Moynihan said in a statement.
Consumer spending was weaker than expected in June despite a seemingly brighter inflation picture, theAdvance retail sales showed just a 0.2% increase for the month over May, less than the 0.5% increase that economists surveyed by Dow Jones had been expecting. Excluding autos, the increase also was 0.2%, below the 0.3% estimate.
Falling prices saw gasoline station sales drop 1.4%, offsetting a 2% gain from miscellaneous stores and a 1.9% increase on online purchases. The numbers are not adjusted for inflation; the consumer price index rose 0.2% for the month, indicating that real sales were about flat.
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