14 April

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Wells Fargo profit beats estimates as bank frees reserve funds By Reuters

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By Noor Zainab Hussain and David Henry (Reuters) -Wells Fargo & Co reported first-quarter profit ahead of Wall Street estimates on Wednesday as the bank reduced its reserves by $1.6 billion and costs tied to its years-old sales practices scandal stabilized. The San Francisco-based lender did not report material restructuring and remediation charges in the quarter as Chief Executive Officer Charlie Scharf undertakes what he has said will be a "multi-year journey" to overhaul the bank. The fourth-largest U.S. lender said profit rose to $4.74 billion, or $1.05 per share, in the three months ended March,...

14 April

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Explainer-What is a global minimum tax and how could it affect companies, countries? By Reuters

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By Leigh Thomas and David Lawder PARIS/WASHINGTON (Reuters) - Treasury Secretary Janet Yellen has thrown the weight of the U.S. government behind a push for a global corporate minimum tax rate, possibly carving a path to a long-sought deal updating international tax rules for the first time in a generation. Yellen said earlier this month that she is working with G20 countries to agree on a global minimum, which she said could help end a "30-year race to the bottom on corporate tax rates." WHY A GLOBAL MINIMUM TAX? Major economies are aiming to discourage multinational...

14 April

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U.K. shares higher at close of trade; Investing.com United Kingdom 100 up 0.71% By Investing.com

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Investing.com – U.K. equities were higher at the close on Wednesday, as gains in the Industrial Metals & Mining, Oil & Gas Producers and Aerospace & Defense sectors propelled shares higher. At the close in London, the Investing.com United Kingdom 100 rose 0.71%. The biggest gainers of the session on the Investing.com United Kingdom 100 were Tui AG (LON:TUIT), which rose 5.95% or 22.40 points to trade at 399.00 at the close. EasyJet PLC (LON:EZJ) added 5.84% or 54.00 points to end at 978.00 and Glencore PLC (LON:GLEN) was up 5.44% or 15.60 points...

14 April

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Goldman, JPMorgan Traders Show the Reddit Crowd How It’s Done By Bloomberg

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(Bloomberg) -- A quarter that began with retail investors declaring the end of the status quo on Wall Street just ended with big banks tallying surprisingly massive hauls. Goldman Sachs Group Inc (NYSE:GS). and JPMorgan Chase & Co. (NYSE:JPM) -- two of the most gilded names in finance -- kicked off bank earnings season with revenue windfalls from trading and dealmaking, defying warnings from within the industry that good times couldn’t last. The boon was thanks in part to the burgeoning optimism of little investors who tried to stage a trading revolution...

14 April

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Facebook Slips After Wedbush Downgrades To Hold, Cuts Price Target By Investing.com

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By Dhirendra Tripathi Investing.com – Facebook (NASDAQ:FB) shares weakened by nearly 2% in Wednesday’s trade following a downgrade by Wedbush analyst Ygal Arounian. The analyst lowered his rating to hold from buy and also cut his price target to $340 from $375, which is still almost 12% higher than stock’s level after the erosion. From the previous target, the latest forecast is 9% lower. Among Arounian’s coverage of mega-cap tech stocks, he believes Facebook is “most exposed to privacy risks” though the social commerce initiatives it is building into its platform are positive. Furthermore, the analyst...

14 April

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British PM reduces length of India trip over COVID By Reuters

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LONDON (Reuters) - British Prime Minister Boris Johnson has reduced the length of his trip to India later this month because of the COVID-19 situation in the country, his spokesman said on Wednesday, adding he would meet Prime Minister Narendra Modi. "We've been in close contact with the Indian government about the PM's upcoming visit in light of the COVID situation in India. As a result of these discussions the prime minister has made the decision to reduce the length of the visit," he told reporters. "This programme will be focused on high level discussions...

14 April

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ECB’s Lagarde says euro zone economy still on crutches By Reuters

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FRANKFURT (Reuters) -The euro zone economy is still standing on the "two crutches" of monetary and fiscal stimulus and these cannot be taken away until it makes a full recovery, European Central Bank President Christine Lagarde said on Wednesday. The comments, at a Reuters Newsmaker event, marked a rare intervention by Lagarde in the policy debate and signalled a pushback on suggestions, expressed by some euro zone central bank governors last week, that the ECB start dialling back its emergency bond purchases as soon as July. "Think of a patient which is out of a deep...

14 April

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FTSE 100 rallies, Tesco shares fall, Bitcoin jumps as Coinbase goes public By Investing.com

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Key Points FTSE 100 closing price of 6939.91, +0.7% Tesco (LON:TSCO) shares fall after trading update Goldman, JPM and Wells Fargo (NYSE:WFC) kick off US earnings season Markets await first Coinbase trade Oil rallies after crude drawdown By Samuel Indyk Investing.com – The FTSE finished Wednesday in the green amid a broad risk-on tone with miners and travel & leisure shares finishing higher. Glencore (LON:GLEN) shares were the best performing in the blue-chip index after an upgrade pre-market by Goldman Sachs (NYSE:GS). The US investment bank took Glencore’s...

14 April

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Coinbase heads for $91 billion valuation in Nasdaq debut By Reuters

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(Reuters) -Cryptocurrency exchange Coinbase Global Inc was set to be valued at more than $91 billion in a stock market debut on Wednesday that marked another big milestone in the development of bitcoin and other digital assets. At 10:21 a.m. ET, the company's stock was indicated to open at $350, up 40% from a reference price of $250 per share, making its implied value more than three times that of exchange operator Nasdaq. The listing, launched directly to investors instead of through a traditional IPO process run by banks, marks a victory for digital currency...

14 April

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Instagram launches test where users can choose to see likes By Reuters

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By Elizabeth Culliford (Reuters) - Instagram is launching a small global test on Wednesday where users can choose whether to hide like counts on their own posts or other people's posts, a Facebook spokeswoman said. The photo-sharing site, which is owned by Facebook Inc (NASDAQ:FB), said this latest test came after seeing mixed responses to its experiments in which it removed likes, commonly used as a measure of popularity. "In 2019, we started hiding like counts for a small group of people to understand if it lessens some pressure when posting to Instagram,"...

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Wells Fargo profit beats estimates as bank frees reserve funds By Reuters

Explainer-What is a global minimum tax and how could it affect companies, countries? By Reuters

U.K. shares higher at close of trade; Investing.com United Kingdom 100 up 0.71% By Investing.com

Goldman, JPMorgan Traders Show the Reddit Crowd How It’s Done By Bloomberg

Facebook Slips After Wedbush Downgrades To Hold, Cuts Price Target By Investing.com

British PM reduces length of India trip over COVID By Reuters

ECB’s Lagarde says euro zone economy still on crutches By Reuters

FTSE 100 rallies, Tesco shares fall, Bitcoin jumps as Coinbase goes public By Investing.com

Coinbase heads for $91 billion valuation in Nasdaq debut By Reuters

Instagram launches test where users can choose to see likes By Reuters

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