Wall Street stocks slipped at the open on Wednesday as investors digested quarterly earnings from the likes of Bank of America (BAC), Citigroup (C) and Wells Fargo (NWT.HM).

Bank of America (BAC) and Wells Fargo (NWT.HM) both posted a surge in profit as trading activity powered results. Citigroup (C) stock jumped as the bank posted an 84% jump in financial advisory fees.

The results were closely watched after JPMorgan Chase (JPM) led off earnings season Tuesday with an underwhelming release.

The FTSE 100 (^FTSE) and European stocks mostly advanced on Wednesday as China reported strong trade numbers for 2025, with its surplus rising to a record high despite a slump in exports to the US after president Donald Trump hiked tariffs.

Beijing revealed the world’s largest-ever trade surplus, the value of goods and services sold overseas compared to its imports, at $1.19tn (£890bn) year-on-year. It is the first time China’s full-year trade surplus has passed $1tn, beating 2024’s record figure of $993bn.

The trade war between the US and China, which at one point saw reciprocal tariffs in triple digits, led to a 20% plunge in exports, with imports falling 14.6%.

However, other trade partners more than filled the gap, increasing Chinese exports overall by 5.5% in 2025, while imports stayed flat in dollar terms. Exports to the European Union were also up 8.4%, but imports from the bloc dipped.

Wang Jun, the deputy director of China’s customs, said during a press conference on Wednesday that the figures are “extraordinary and hard-won” given the “profound changes” and challenges in global trade.

He added: “It should be noted that some countries politicise economic and trade issues, restricting high-tech product exports to China under various pretexts. Otherwise, we would have imported even more.”

Worries also rose about US action against Iran, as president Trump ramped up military threats in response to a deadly crackdown on public protests.

Oil (BZ=F, CL=F) prices climbed to their highest levels since October after Reuters reported US staff have been told to leave an American airbase in Qatar. Elsewhere, precious metals added to their recent gains to hit new record highs overnight, with silver up more than 4% thanks to the prospect of interest rate cuts by the US Federal Reserve this year.

  • London’s benchmark index (^FTSE) was 0.3% higher in afternoon trade.

  • Germany’s DAX (^GDAXI) slipped 0.4% and the CAC (^FCHI) in Paris headed 0.05% into the green.

  • The pan-European STOXX 600 (^STOXX) was up 0.1%.

  • The tech-heavy Nasdaq Composite (^IXIC) slid 0.8%, while the S&P 500 (^GSPC) fell nearly 0.6%. Meanwhile, the Dow Jones Industrial Average (^DJI) moved down around 0.2%, coming off a pullback in financial stocks that dragged Wall Street indexes off record highs.

  • The pound was 0.2% up against the US dollar (GBPUSD=X) at 1.3446.