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What’s happening: Shares of Goldman Sachs Group gained on Monday, after the bank reported its quarterly results.
What happened: The fifth-largest US bank reported better-than-expected sales for the first quarter.
Goldman Sachs also announced a significant rebound in investment banking, which took its earnings to the highest level since late 2021.
How were the results: The New York-based bank reported a low double-digit increase in sales for the first quarter.
Why it matters: Goldman Sachs reported upbeat trading and investment banking figures amid improved market conditions. The announcements were similar to the ones made by Citigroup and JPMorgan Chase, which released their first-quarter results on Friday.
Global M&A activity made a sharp recovery during the first quarter, with overall deal volumes surging 30% year-over-year to slightly over $755 billion.
Income from Global Banking & Markets grew by 15% year-over-year to $9.73 billion, driven by a 32% surge in investment banking fees to $2.08 billion. Asset & Wealth Management jumped 18% to $3.79 billion in the quarter.
Net revenues in Fixed Income, Currency, and Commodities grew by 10% to $4.32 billion, while revenues from equities rose 10% to $3.31 billion.
The bank’s provisions for credit losses increased to $318 million in the latest quarter versus a year-ago net benefit of $171 million.
How shares responded: Shares of Goldman Sachs gained 2.9% to close at $400.88 on Monday, following the release of quarterly results. The stock has added around 28% over the past six months.
What to watch: Investors will continue monitoring comments from Fed’s officials as well as inflation rate figures.
Context: Bitcoin prices moved higher on Monday, following reports related to the Hong Kong Bitcoin ETF.
Details: Bitcoin had surged to a record high of around $73,800 during mid-March, boosted by demand for US ETFs (exchange-traded funds). However, prices of the world’s most valuable cryptocurrency fell sharply over the weekend, representing the steepest retreat since March 2023, amid growing geopolitical concerns.
Rising tensions over the weekend provided a boost to the demand for safe havens, including the US dollar and gold. The US dollar index, which measures the greenback’s performance versus a basket of major peers, gained 0.1% to 106.30 this morning on Tuesday. Strength in the US dollar makes cryptocurrencies more expensive for foreign currency holders.
Several issuers in Hong Kong, including China Asset Management and Bosera Capital, posted on WeChat their approval for listing spot bitcoin and ether ETFs. However, the Securities and Futures Commission has not posted any list of approved issuers.
Bitcoin prices fell 3.2% to $63,257 this morning, while Ethereum declined more than 1% to trade at $3,090.
What to watch: Investors await the Bitcoin halving event on April 20. Rising geopolitical concerns and major global economic reports are also expected to impact Bitcoin prices ahead.
Other Markets: US trading indices closed lower on Monday, with the Dow Jones index, S&P 500 and Nasdaq 100 down by 0.65%, 1.20% and 1.65%, respectively.
Ukraine’s President Volodymyr Zelenskyy once again asked the US Congress to clear the aid package that had been blocked for months. The news sent the safe-haven US dollar index higher in forex trading this morning.
China’s new home prices fell by 2.2% year-over-year in March, after a 1.4% decline in the previous month, exerting pressure on the CNY/USD forex pair.
South Korea’s export prices climbed by 2.6% year-over-year in March, decelerating from the 4.5% increase reported a month ago. This sent the KRW/USD pair lower in forex trading this morning.
Colombia’s retail sales declined by 1.8% year-over-year in February. This being the twelfth straight month of contraction exerted pressure on the COP/USD forex pair.
Israel’s annual inflation rate rose to 2.7% in March, from 2.5% in the prior month, sending the ILS/USD pair lower in forex trading this morning.
Germany’s wholesale prices, ZEW economic sentiment index and ZEW indicator of current conditions, UK’s unemployment rate, average weekly earnings, employment change and claimant count change, Turkey’s retail sales, Italy’s inflation rate and balance of trade, Eurozone’s balance of trade and ZEW indicator of economic sentiment, Canada’s inflation rate, US building permits, housing starts, Redbook index, industrial production, capacity utilisation and API crude oil stock change, as well as India’s total passenger vehicles sales.
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