JPMorgan profit eases economic fears
NEW YORK - Global stocks rose on Friday after JP Morgan’s results kicked off the U.S. corporate earnings season in style, while signs of stabilization in China’s economy helped riskier assets amid talk that the growth outlook worldwide is better than thought.
Investors are looking for signs of a Chinese economic recovery to temper global growth worries, especially after the International Monetary Fund this week downgraded its 2019 world economic outlook for the third time. U.S. stocks rallied on JPMorgan and an 11.5% jump in Walt Disney Co shares, which lifted the Dow Industrials by 1% and helped the S&P 500 total return index post a record close.
Regional lenders in Europe, including StanChart, Deutsche Bank, BNP Paribas and Credit Suisse, also rallied on JPM’s results, taking the European bank index up 1.9 percent to a five-month high. The dollar index fell 0.21%, with the euro up 0.38% to $1.1293. The Japanese yen weakened 0.30% versus the greenback at 112.02 per dollar.
Involuntary supply cuts in Venezuela, Libya and Iran have supported perceptions of a tightening market, already constrained by production cuts from the Organization of the Petroleum Exporting Countries and its allies.
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