{"id":695650,"date":"2026-01-14T15:34:13","date_gmt":"2026-01-14T15:34:13","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/695650\/"},"modified":"2026-01-14T15:34:13","modified_gmt":"2026-01-14T15:34:13","slug":"wall-street-slips-and-ftse-hits-record-high-post-us-bank-earnings","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/695650\/","title":{"rendered":"Wall Street slips and FTSE hits record high post US bank earnings"},"content":{"rendered":"\n

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

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

The results were closely watched after JPMorgan Chase (JPM<\/a>) led off earnings season Tuesday with an underwhelming release<\/a>.<\/p>\n

The FTSE 100 (^FTSE<\/a>) 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.<\/p>\n

Beijing revealed the world’s largest-ever trade surplus, the value of goods and services sold overseas compared to its imports, at $1.19tn (\u00a3890bn) year-on-year. It is the first time China’s full-year trade surplus has passed $1tn, beating 2024’s record figure of $993bn.<\/p>\n

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%.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.”<\/p>\n

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

Oil (BZ=F<\/a>, CL=F<\/a>) prices climbed to their highest levels since October after Reuters reported US staff have been told to leave an American airbase in Qatar<\/a>. 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.<\/p>\n