Account
New to ADSS? Open an
account now to get started.
Already have an account?
Add funds to your ADSS account
Account
New to ADSS? Open an
account now to get started.
Add funds to your ADSS account
News
Wednesday, October 15, 2025
What’s happening: US banks started the third-quarter earnings season on a strong note on Tuesday, although macro concerns remain in focus.
What happened: The four biggest banks reporting – Citigroup, Wells Fargo, Goldman Sachs Group and JPMorgan Chase – exceeded market expectations.
While shares of Citigroup and Wells Fargo rose, Goldman Sachs and JPMorgan fell sharply on Tuesday.
How were the results: All four US banks reported better-than-expected revenues and earnings for the latest quarter.
Why it matters: All four major banks topped market expectations, indicating persistent strength across trading, lending and consumer banking.
Citigroup CEO Jane Fraser said that the US economy had continued to grow, driven by resilient consumer spending and AI related investments.
Wells Fargo reduced its credit loss provisions, signalling confidence in a more resilient US economy with consumers expected to pay back loans. CEO Charlie Scharf highlighted the bank’s fee-based growth across its consumer and commercial business. Spending on debit and credit cards continued to increase and the year-on-year growth of auto loan originations had been “strong,” Scharf added.
Goldman Sachs reported its provision for credit losses at $339 million, below consensus of $361 million. However, markets grew concerned after the bank said its total operating expenses rose to $9.45 billion, significantly above Wall Street projections of $8.98 billion and higher than the previous quarter’s $9.24 billion and the $3.32 billion recorded in the same quarter last year.
JPMorgan added more than 400,000 net new checking accounts in consumer banking, with first-time investors topping 43,000 to hit new highs. The bank increased its charge-off reserves, targeting credit portfolio growth.
However, CEO Jamie Dimon highlighted the ongoing macroeconomic uncertainty amid signs of the softness in the labour market and continued geopolitical concerns.
How shares responded: Citi’s stock gained 3.9% to settle at $99.84 on Tuesday, while Wells Fargo’s shares jumped 7.2% to close at $84.56. Shares of Goldman Sachs fell 2% to settle at $770.76, while JPMorgan’s shares declined 1.9% to $302.08.
What to watch: Investors will continue monitoring the overall geopolitical environment and the credit provisions being kept by US banks.
Context: Equity markets in China rose this morning, as investors assessed the latest inflation data.
Details: Chinese stock indices rebounded from the previous session’s losses as continuous deflationary pressures raised speculations of further policy support.
Consumer prices declined more than expected in September, while producer prices extended the deflation streak following renewed trade concerns and weak demand.
China’s consumer prices fell 0.3% year-over-year in September, more than market expectations of 0.1%. This followed a 0.4% decline in the previous month. Food prices in prices tumbled 4.4% year-over-year in September, falling for the eighth straight month.
China’s producer prices dipped 2.3% year-over-year in August, after declining 2.9% in the previous month. Although the latest reading came in-line with market estimates, it marked the third year of deflation in factory-gate prices.
The CSI 300 Index gained around 0.1% to 4,543.16 this morning, while the Shanghai Composite index rose more than 0.1% to 3,870.61.
What to watch: With no major economic reports scheduled for release this week, investors await data on industrial production, retail sales and GDP growth rate on Monday. China’s industrial production, which rose by 5.2% year-over-year in August, is expected to grow by 5.6% in September.
China’s retail sales, which grew by 3.4% year-over-year in August easing from 3.7% in July, are expected to surge by 6.2% in September. Analysts expect China’s economy to expand by 5.4% year-over-year in the third quarter, accelerating from 5.2% growth in the previous quarter.
Other Markets: European indices closed mostly lower on Tuesday, with DAX 40, CAC 40 and STOXX Europe 600 Index down by 0.62%, 0.18% and 0.37%, respectively, and the FTSE 100 up by 0.10%.
Russia’s military forces launched drones and glide bombs in Kharkiv, Ukraine’s second-largest city. The news sent the RUB/USD pair higher in forex trading this morning.
Australia’s Westpac-Melbourne Institute Leading Economic Index came in unchanged in September, after a 0.1% decline in the previous month, which lent some support to the AUD/USD forex pair.
India’s growth outlook for FY2025/26 was raised by the IMF to 6.6%, from the prior projection of 6.4% which sent the INR/USD pair higher in forex trading this morning.
Argentina’s consumer prices surged by 2.1% month-over-month in September, compared to a 1.9% gain in August, exerting pressure on the ARS/USD forex pair.
Poland’s trade deficit widened to €2.15 billion in August, from €2.11 billion in the year-ago period. However, the PLN/USD pair rose in forex trading this morning.
Eurozone’s industrial production (1300 UAE Time), 12-month Bill auction (1410 UAE Time), 3-month Bill auction (1410 UAE Time) and 6-month Bill auction (1410 UAE Time), UK’s Index-linked Treasury Gilt 2031 auction (1300 UAE Time), Germany’s 30-year Bund auction (1330 UAE Time), India’s unemployment rate (1430 UAE Time), monetary policy meeting minutes (1530 UAE Time) and M3 money supply (1530 UAE Time), South Africa’s retail sales (1500 UAE Time), US MBA mortgage applications (1500 UAE Time), NY Empire State manufacturing index (1630 UAE Time), 17-week Bill auction (1930 UAE Time) and Fed Beige Book report (2200 UAE Time), Brazil’s retail sales (1600 UAE Time), Canada’s manufacturing sales (1630 UAE Time), new motor vehicle sales (1630 UAE Time), wholesale sales (1630 UAE Time) and 30-year Bond auction (2000 UAE Time), as well as Russia’s current account (1700 UAE Time).
ADSS
8th floor, CI Tower
Corniche Road
PO Box 93894
Abu Dhabi
United Arab Emirates
Trading Services
ts@adss.com
+971 2 657 2414
Investing in CFDs involves a high degree of risk that you will lose your money due to the use of leverage, particularly in fast moving markets, where a relatively small movement in the price can lead to a proportionately larger movement in the value of your investment. This can result in loses that exceed the funds in your account. You should consider whether you understand how CFDs work and you should seek independent advice if necessary.
ADS Securities LLC – S.P.C (“ADSS”) is authorised and regulated by the Securities and Commodities Authority (“SCA”) in the United Arab Emirates under First Category: Dealing in Securities and Fifth category: Arrangement and advice (Introduction). ADSS is a Limited Liability Company – Sole Proprietorship Company incorporated under United Arab Emirates law. The company is registered with the Department of Economic Development of Abu Dhabi (No. 1190047) and has its principal place of business at 8th Floor, CI Tower, Corniche Road, P.O. Box 93894, Abu Dhabi, United Arab Emirates.
The information presented is not directed at residents of any particular country outside the United Arab Emirates and is not intended for distribution to, or use by, any person in any country where the distribution or use is contrary to local law or regulation.
ADSS is an execution only service provider and does not provide advice. ADSS may publish general market commentary from time to time. Where it does, the material published does not constitute advice, or a solicitation, or a recommendation to a transaction in any financial instrument. ADSS accepts no responsibility for any use of the content presented and any consequences of that use. No representation or warranty is given as to the completeness of this information. Anyone acting on the information provided does so at their own risk.
