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Watch for the joker in US bank results
US financial results are likely to be much more disappointing this financial season, according to Saxo Bank's Head of Equity Strategy, Peter Garnry. Higher interest rates are likely to take their toll. But watch, he says, for the "joker" in the pack and that's lower loan provisions.
Wells Fargo and JP Morgan are among the first to report this Friday. Financial institutions had already warned in the second quarter that a rise in rates would impact earnings. Since then, interest rates have gone up further.
However, Peter says there's still value in financials because of the more positive momentum in the economy and loan loss provisions are coming down significantly.
01:41 minutes
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