Day: October 14, 2020

Stock futures struggle for direction as bank earnings come in mixed

Stock futures traded flat to slightly lower Wednesday morning, as a host of major banks released their quarterly results.

Goldman Sachs (GS) on Wednesday reported third-quarter results that well exceeded consensus estimates, as investment banking and fixed income trading revenue each grew over last year and topped expectations. The trading boost Goldman Sachs and other banks including JPMorgan Chase and Citigroup reported for their third quarters did not extend to Bank of America (BAC), however, which posted lighter-than-expected trading revenue from stocks and bonds, and a miss on overall revenue compared to estimates. Bank of America

Wholesale potato prices more than double; WPI inflation hits seven-month high in September

India is struggling through supply disruptions and a rise in food prices.

India’s wholesale prices rose at a seven-month high rate of 1.32 per cent in the month of September, after rising 0.16 per cent in the previous month. It was the second straight increase in wholesale prices, and the strongest pace since February, as the economy gradually recovers from the pandemic shock. While vegetable prices surged 36.5 per cent, the prices of potato rose by 107.6 per cent in the month. Among the major groups, the prices of food items rose at the fastest rate of 6.92 per cent

RBI says farm loans excluded from resolution framework; lists out loan categories eligible for scheme

Loans to allied activities, such as dairy, fishery, animal husbandry, poultry, bee-keeping, and sericulture would be eligible for the resolution scheme.

The Reserve Bank of India today clarified that the farm credit exposures of all lending institutions, including NBFCs, are excluded from the scope of the resolution framework. However, the Reserve Bank added that the loans to allied activities, such as dairy, fishery, animal husbandry, poultry, bee-keeping, and sericulture would be eligible for the resolution scheme. It further said that the loans given to farmer households would be eligible for resolution if they do not meet any other conditions for