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Major U.S. Banks Deliver Q3 Results: Global Week Ahead
Read MoreHide Full Article
Key Takeaways
Big Banks Lead Q3 Earnings Season, Starting Tuesday Morning
Think Gold Is the Top Performing Precious Metal? Think Again
France Is the Latest EU Economy to Grow "Sick"
What market-moving events happen, across this Global Week Ahead?
Major U.S. banks kick off the latest S&P500 earnings season, while
The U.S. Federal government shutdown drags on
High-level political turmoil in France and Japan also looms large over markets, as
Finance Ministers gather in Washington DC, for the IMF and World Bank annual meetings
Next are Reuters’ five world market themes, re-ordered for equity traders—
(1) Major U.S. Banks Kick Off Q3 Earnings Season
Major U.S. banks report financial results in the coming week as the third-quarter earnings season kicks into high gear, with investors counting on solid profits to support record-high stock prices.
Overall, S&P500 companies are expected to post an +8.8% rise in third-quarter earnings year-on-year, according to LSEG IBES. Financial sector earnings are expected to increase almost +13%.
With closely watched economic reports being delayed due to the government shutdown that started on October 1st, corporate reports are taking on added significance.
Reports on consumer and producer prices and retail sales are among those scheduled for the coming week that could be pushed out if the shutdown is still in effect.
(2) YTD Performances in Precious Metals Look Astonishing: Platinum (+84%), Silver (+70%), Palladium (+61%), and then Gold (+54%)
Gold has dominated the headlines, with its +50% annual gain to above a record $4,000 an ounce, beating even stellar performers like the S&P 500 (SPX) and Bitcoin (BTC).
Zoom in on the precious metals complex, and gold is a laggard. Silver has risen +70% to a record $51 an ounce, beating its previous high in 1980, when a bid by the Hunt brothers — two Texan oil billionaires — to corner the market failed, causing the price to collapse.
Silver often enjoys something of a halo effect from gold, drawing in funds from investors that want an alternative to the dollar, or a real asset to hold.
But it also has industrial use and an anticipated deficit of physical metal has boosted the price. It has always been more volatile, outpacing gains in gold on the way up, only to fall faster and harder on the way down.
(3) France is the Eurozone’s New “Sick Man”
The Eurozone has a new 'sick man': France. It’s hard to ignore, being the bloc's second biggest economy, a key architect of the euro and home to three globally systemic banks.
It has one of the biggest budget deficits in Europe and a weak economy. A political crisis makes improvements impossible.
Sebastien Lecornu, France's fifth prime minister in two years, resigned on Monday, and time is running out to get the 2026 budget through a fractured parliament.
Latest developments are more positive: French President Emmanuel Macron appointed a new prime minister on Friday Oct. 10th, reducing the risk of fresh snap elections to break the impasse.
French bonds and stocks have recovered slightly.
Still, the prognosis remains grim. If the Socialists run the next government — a possibility — rolling back a key pension reform could be part of the deal.
This could swell the deficit by 3 billion euros ($3.5 billion) in 2027, say analysts. And that won't sit well with Brussels, ratings agencies and bond vigilantes.
(4) A First Female Premier is Likely for Japan
Sanae Takaichi, leader of the Liberal Democratic Party, looked set to become Japan's first female premier in a parliament vote that had been expected on October 15th.
But the date will be likely pushed back after junior coalition partner Komeito pulled its support, breaking their 26-year-old alliance.
Komeito has been at odds with the hardline conservative Takaichi, known for her expansionist fiscal and monetary agenda.
The uncertainty is set to stoke worries about the outlook for one of the world's most indebted countries.
Japanese markets have already had a whirlwind few sessions, with stocks surging and the yen and long-dated government bonds sliding as investors bet on a revival in big spending and loose monetary policy.
(5) Annual IMF & World Bank Meetings Occur, with G7 and G20 Finance Ministers
Policymakers head to Washington for the annual International Monetary Fund (IMF) and World Bank meeting featuring Group of Seven and G20 finance ministers and central bank governors gathering on the sidelines and the release of the Fund's World Economic Outlook on Tuesday, among other reports.
Away from the set pieces, there's no shortage of hot topics to discuss –
Where the fiscal-fueled rally will leave government debt burdens
The economic effects from Trump's trade policy
The push to use Russian frozen assets to fund Ukraine
A Middle East in flux, and
The impact of stable coins
Meanwhile on the sidelines, Argentina's President Javier Milei will meet Trump in the Oval Office as final details of Washington's $20 billion lifeline for Buenos Aires are eagerly anticipated.
Zacks #1 Rank (STRONG BUY) Stocks
This week?
I picked a Zacks #1 Ranked large cap Canadian Oil & Gas, Exploration & Production (E&P) company
A large cap U.S. internet software company, and
A large cap U.S. Natural Gas E&P company
Energy is an unloved sector. It is time to show it off here.
(1) Canadian Natural Resources Ltd. (CNQ - Free Report) : This is a $33 a share stock, with a market cap of $68.2B. It is found in the Zacks Oil & Gas Exploration and Production industry. There is a Zacks Value score of C, a Zacks Growth score of D, and a Zacks Momentum score of F.
Image Source: Zacks Investment Research
Established in 1973, Calgary-based Canadian Natural Resources is one of the largest independent energy companies in Canada engaged in the exploration, development and production of oil and natural gas.
The company boasts of a diversified portfolio of crude oil, natural gas, bitumen and synthetic crude oil (SCO).
Canadian Natural Resources’ core operations are focused in Western Canada, the United Kingdom sector of the North Sea and offshore Africa, which includes Côte d’Ivoire, Gabon and South Africa.
The company reports its activities into two segments: Exploration & Production, and Oil Sands Mining and Upgrading.
Of particular significance is Canadian Natural’s substantial world class oil sands mining assets - Horizon Oil Sands and the Athabasca Oil Sands Project (AOSP).
Through these properties, the company holds leases that contain an estimated 8.2 billion barrels of proved and probable SCO reserves
As of year-end 2024, Canadian Natural held total proved reserves of 15.2 billion barrels of oil equivalent (BOE), with a total proved plus probable reserves base of 20.1 billion BOE-both reflecting a 9% increase from 2023
Approximately 74% of total proved reserves consist of long-life, low-decline assets, supporting a total proved reserve life index (RLI) of 33 years and a total proved plus probable RLI of 44 years
This includes a 43-year RLI for its oil sands mining and upgrading assets, ensuring decades of sustainable production and profitability
Canadian Natural has strengthened its market reach by increasing crude oil transportation capacity to 256,500 barrels per day (bbl/d), enhancing access to Canada’s west coast and the U.S. Gulf Coast.
Key investments include additional commitments on the Trans Mountain Expansion (TMX) and Flanagan South pipelines, further securing diversified market access
The company also continues to focus on optimizing production efficiency through technological advancements, including solvent enhanced oil recovery technology aimed at improving bitumen extraction
Canadian Natural Resources has maintained its dividend commitment for 25 years in a row, reflecting a CAGR of 21%. Coupled with C$1.6 billion in shareholder returns during the second quarter of 2025 and ongoing share buybacks, the company is committed to delivering value to its shareholders.
(2) Workday (WDAY - Free Report) : This is a $238 a share stock, with a market cap of $63.6B. It is found in the Zacks Internet Software industry. There is a Zacks Value score of F, a Zacks Growth score of A, and a Zacks Momentum score of C.
Image Source: Zacks Investment Research
Founded in 2005 and headquartered in Pleasanton, CA, Workday is a provider of enterprise-level software solutions for financial management and human resource domains.
The company’s cloud-based platform combines finance and HR in a single system that makes it easier for organizations to provide analytical insights and decision support.
Notably, organizations ranging from medium-sized businesses to Fortune 50 enterprises have opted for Workday solutions. The company also offers open, standards-based web-services application programming interfaces and pre-built packaged integrations and connectors.
In Q2 of fiscal 2026, the company reported revenues of $2.34B. Subscription revenues accounted for 94% of total revenues, while professional revenues comprised the rest.
Apart from Financial Management and Human Capital Management (HCM) solutions, the company offers applications related to Payroll, Time Tracking, Recruiting, Learning, Planning, Professional Services Automation and Student.
The company offers Adaptive Insights Business Planning Cloud solutions, Workday Prism Analytics, Workday Data-as-a-Service (DaaS) and Workday Marketplace.
Workday Prism Analytics helps in business planning and in collaborative approaches
Workday Prism Analytics helps customers to bring Workday data and data from any outside source together in order to make better business decisions
Workday DaaS is a cloud service that provides important data to customers which in turn help in decision-making
The company serves technology, financial services, business services, healthcare and life sciences, manufacturing, and consumer and retail industries, as well as education and government industries.
Workday ended fiscal 2024 with more than 60% of the Fortune 500 customers. Its peers in HCM market include SAP SE, Oracle Corporation, Automated Data Processing, and Ceridian, among others.
(3) Cheniere Energy (LNG - Free Report) : This is a $231 a share stock, with a market cap of $50.8B. It is found in the Zacks Oil & Gas Exploration industry. There is a Zacks Value score of C, a Zacks Growth score of F, and a Zacks Momentum score of D.
Image Source: Zacks Investment Research
Houston, TX-based Cheniere Energy Inc. is primarily engaged in businesses of liquefied natural gas (LNG - Free Report) . It constructs and operates LNG terminal, and is also involved in LNG and natural gas marketing.
The company, through its controlling interest in Cheniere Energy Partners L.P., owns and operates the Sabine Pass LNG terminal in Louisiana – North America’s first large-scale liquefied gas export facility.
Furthermore, Cheniere Energy owns and operates the 94-mile Creole Trail Pipeline – an interconnect between the Sabine Pass receiving terminal and the downstream markets – through its subsidiary.
Cheniere Energy owns the Sabine Pass LNG facility consisting of six operational trains, with each train having a capacity of about 5 million tons per annum (Mtpa) for a total run-rate of about 30 Mtpa.
Cheniere Energy has a liquefaction and export terminal in Corpus Christi, TX, having three operational trains. The complex has an aggregate production capacity of approximately 15 Mtpa of LNG, three LNG storage tanks and two marine berths.
Cheniere Energy intends to develop seven midscale liquefaction trains adjacent to the Corpus Christi Liquefaction facility (CCL), which are expected to be completed in 2026. The company has initiated the regulatory approval process regarding same. The total production capacities for these trains are expected to be more than 10 Mtpa.
In March 2025, Chenerie completed the first liquefaction train at the Corpus Christi Stage 3 ahead of its targeted schedule and budget, resulting in increased export capacity.
Cheniere Energy is also involved in LNG and natural gas marketing activities through its subsidiary, Cheniere Marketing LLC.
Global LNG demand is likely to continue growing for the next few years.
Cheniere Energy, the U.S.’s only listed LNG export pure play, foresees the fundamentals of LNG to be favorable in the long run, considering the secular shift to the cleaner burning fuel for power generation worldwide and in the Asia-Pacific region in particular.
While the increasing demand for gas in the European power sector will be a key factor in the near-term LNG supply rise, the consumption boost is primarily set to come from Asian importers like China, India, South Korea and Pakistan.
Key Global Macro
The IMF-World Bank annual meetings start on Sunday, and run all week long, in DC.
On Monday, the latest Reserve Bank of Australia (|RBA) minutes come out.
The U.K.’s ILO household unemployment rate is 4.7%. We get a SEP update.
On Tuesday, Fed Chair Powell gives a speech.
Mainland China’s PPI update for SEP comes out. The consensus looks for -02.3% y/y, after a -2.9% y/y prior reading. That is deflationary PPI data, folks.
What about a downstream Mainland China CPI update? Their CPI looks to be down -0.1% y/y, after a -0.4% y/y prior reading. Stagnation?
On Wednesday, the U.S. CPI for SEP should have come out. The prior broad CPI reading was +2.9% y/y. Core CPI was up +3.1% y/y.
The Fed’s latest Beige Book of regional economic conditions comes out.
On Thursday, U.S. retail sales should have come out. Ex-Auto Retail Sales should have been up +0.4% m/m. That looks like a solid consumer spending number.
The Fed’s influential Waller gives a speech.
On Friday, the Euro Area’s core HICP consumer inflation reading comes out. Core HICP should be up +2.3% y/y, in line with a prior +2.3% y/y print.
Conclusion
On Oct. 8th, 2025 Zacks Research Director Sheraz Mian put out his initial Q3 outlook.
Four key points:
(1) For Q3-25, Zacks expects total S&P500 index earnings to be up +5.5% y/y, on +6.2% higher revenues.
(2) What if Zacks excludes the all-important Info Tech sector contribution?
Q3 EPS for the rest of the S&P500 index would be up only +2.7% (vs +5.5% otherwise).
(3) What about breaking out the Magnificent 7 group?
Zacks expects Q3 earnings for the “Mag 7” to be up +12.0% y/y, on +14.8% higher revenues.
This would follow the “Mag 7” group’s +26.4% earnings growth, on +15.5% revenue growth in the preceding Q2 period.
(4) For the 21 S&P500 members that have recently reported quarterly results — for their fiscal quarters ending in August (which Zacks considers a part of the Q3 tally).
Total earnings are up +10.5% from the same period last year, on +6.8% higher revenue.
Outlooks from management — particularly on the effects of the still-litigated ‘emergency’ tariffs — will be of great interest to stock markets, both here and abroad.
Happy trading and investing!
Warm regards,
John Blank, PhD. Zacks Chief Equity Strategist and Economist
See More Zacks Research for These Tickers
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Major U.S. Banks Deliver Q3 Results: Global Week Ahead
Key Takeaways
What market-moving events happen, across this Global Week Ahead?
Next are Reuters’ five world market themes, re-ordered for equity traders—
(1) Major U.S. Banks Kick Off Q3 Earnings Season
Major U.S. banks report financial results in the coming week as the third-quarter earnings season kicks into high gear, with investors counting on solid profits to support record-high stock prices.
JPMorgan Chase (JPM - Free Report) , Citigroup (C - Free Report) , Wells Fargo (WFC - Free Report) and Goldman Sachs (GS - Free Report) , are due to report, as well as asset manager BlackRock (BLK - Free Report) .
Overall, S&P500 companies are expected to post an +8.8% rise in third-quarter earnings year-on-year, according to LSEG IBES. Financial sector earnings are expected to increase almost +13%.
With closely watched economic reports being delayed due to the government shutdown that started on October 1st, corporate reports are taking on added significance.
Reports on consumer and producer prices and retail sales are among those scheduled for the coming week that could be pushed out if the shutdown is still in effect.
(2) YTD Performances in Precious Metals Look Astonishing: Platinum (+84%), Silver (+70%), Palladium (+61%), and then Gold (+54%)
Gold has dominated the headlines, with its +50% annual gain to above a record $4,000 an ounce, beating even stellar performers like the S&P 500 (SPX) and Bitcoin (BTC).
Zoom in on the precious metals complex, and gold is a laggard. Silver has risen +70% to a record $51 an ounce, beating its previous high in 1980, when a bid by the Hunt brothers — two Texan oil billionaires — to corner the market failed, causing the price to collapse.
Silver often enjoys something of a halo effect from gold, drawing in funds from investors that want an alternative to the dollar, or a real asset to hold.
But it also has industrial use and an anticipated deficit of physical metal has boosted the price. It has always been more volatile, outpacing gains in gold on the way up, only to fall faster and harder on the way down.
(3) France is the Eurozone’s New “Sick Man”
The Eurozone has a new 'sick man': France. It’s hard to ignore, being the bloc's second biggest economy, a key architect of the euro and home to three globally systemic banks.
It has one of the biggest budget deficits in Europe and a weak economy. A political crisis makes improvements impossible.
Sebastien Lecornu, France's fifth prime minister in two years, resigned on Monday, and time is running out to get the 2026 budget through a fractured parliament.
Latest developments are more positive: French President Emmanuel Macron appointed a new prime minister on Friday Oct. 10th, reducing the risk of fresh snap elections to break the impasse.
French bonds and stocks have recovered slightly.
Still, the prognosis remains grim. If the Socialists run the next government — a possibility — rolling back a key pension reform could be part of the deal.
This could swell the deficit by 3 billion euros ($3.5 billion) in 2027, say analysts. And that won't sit well with Brussels, ratings agencies and bond vigilantes.
(4) A First Female Premier is Likely for Japan
Sanae Takaichi, leader of the Liberal Democratic Party, looked set to become Japan's first female premier in a parliament vote that had been expected on October 15th.
But the date will be likely pushed back after junior coalition partner Komeito pulled its support, breaking their 26-year-old alliance.
Komeito has been at odds with the hardline conservative Takaichi, known for her expansionist fiscal and monetary agenda.
The uncertainty is set to stoke worries about the outlook for one of the world's most indebted countries.
Japanese markets have already had a whirlwind few sessions, with stocks surging and the yen and long-dated government bonds sliding as investors bet on a revival in big spending and loose monetary policy.
(5) Annual IMF & World Bank Meetings Occur, with G7 and G20 Finance Ministers
Policymakers head to Washington for the annual International Monetary Fund (IMF) and World Bank meeting featuring Group of Seven and G20 finance ministers and central bank governors gathering on the sidelines and the release of the Fund's World Economic Outlook on Tuesday, among other reports.
Away from the set pieces, there's no shortage of hot topics to discuss –
Meanwhile on the sidelines, Argentina's President Javier Milei will meet Trump in the Oval Office as final details of Washington's $20 billion lifeline for Buenos Aires are eagerly anticipated.
Zacks #1 Rank (STRONG BUY) Stocks
This week?
Energy is an unloved sector. It is time to show it off here.
(1) Canadian Natural Resources Ltd. (CNQ - Free Report) : This is a $33 a share stock, with a market cap of $68.2B. It is found in the Zacks Oil & Gas Exploration and Production industry. There is a Zacks Value score of C, a Zacks Growth score of D, and a Zacks Momentum score of F.
Image Source: Zacks Investment Research
Established in 1973, Calgary-based Canadian Natural Resources is one of the largest independent energy companies in Canada engaged in the exploration, development and production of oil and natural gas.
The company boasts of a diversified portfolio of crude oil, natural gas, bitumen and synthetic crude oil (SCO).
Canadian Natural Resources’ core operations are focused in Western Canada, the United Kingdom sector of the North Sea and offshore Africa, which includes Côte d’Ivoire, Gabon and South Africa.
The company reports its activities into two segments: Exploration & Production, and Oil Sands Mining and Upgrading.
Of particular significance is Canadian Natural’s substantial world class oil sands mining assets - Horizon Oil Sands and the Athabasca Oil Sands Project (AOSP).
Canadian Natural has strengthened its market reach by increasing crude oil transportation capacity to 256,500 barrels per day (bbl/d), enhancing access to Canada’s west coast and the U.S. Gulf Coast.
Canadian Natural Resources has maintained its dividend commitment for 25 years in a row, reflecting a CAGR of 21%. Coupled with C$1.6 billion in shareholder returns during the second quarter of 2025 and ongoing share buybacks, the company is committed to delivering value to its shareholders.
(2) Workday (WDAY - Free Report) : This is a $238 a share stock, with a market cap of $63.6B. It is found in the Zacks Internet Software industry. There is a Zacks Value score of F, a Zacks Growth score of A, and a Zacks Momentum score of C.
Image Source: Zacks Investment Research
Founded in 2005 and headquartered in Pleasanton, CA, Workday is a provider of enterprise-level software solutions for financial management and human resource domains.
The company’s cloud-based platform combines finance and HR in a single system that makes it easier for organizations to provide analytical insights and decision support.
Notably, organizations ranging from medium-sized businesses to Fortune 50 enterprises have opted for Workday solutions. The company also offers open, standards-based web-services application programming interfaces and pre-built packaged integrations and connectors.
In Q2 of fiscal 2026, the company reported revenues of $2.34B. Subscription revenues accounted for 94% of total revenues, while professional revenues comprised the rest.
Apart from Financial Management and Human Capital Management (HCM) solutions, the company offers applications related to Payroll, Time Tracking, Recruiting, Learning, Planning, Professional Services Automation and Student.
The company offers Adaptive Insights Business Planning Cloud solutions, Workday Prism Analytics, Workday Data-as-a-Service (DaaS) and Workday Marketplace.
The company serves technology, financial services, business services, healthcare and life sciences, manufacturing, and consumer and retail industries, as well as education and government industries.
Workday ended fiscal 2024 with more than 60% of the Fortune 500 customers. Its peers in HCM market include SAP SE, Oracle Corporation, Automated Data Processing, and Ceridian, among others.
(3) Cheniere Energy (LNG - Free Report) : This is a $231 a share stock, with a market cap of $50.8B. It is found in the Zacks Oil & Gas Exploration industry. There is a Zacks Value score of C, a Zacks Growth score of F, and a Zacks Momentum score of D.
Image Source: Zacks Investment Research
Houston, TX-based Cheniere Energy Inc. is primarily engaged in businesses of liquefied natural gas (LNG - Free Report) . It constructs and operates LNG terminal, and is also involved in LNG and natural gas marketing.
The company, through its controlling interest in Cheniere Energy Partners L.P., owns and operates the Sabine Pass LNG terminal in Louisiana – North America’s first large-scale liquefied gas export facility.
Furthermore, Cheniere Energy owns and operates the 94-mile Creole Trail Pipeline – an interconnect between the Sabine Pass receiving terminal and the downstream markets – through its subsidiary.
Cheniere Energy owns the Sabine Pass LNG facility consisting of six operational trains, with each train having a capacity of about 5 million tons per annum (Mtpa) for a total run-rate of about 30 Mtpa.
Cheniere Energy has a liquefaction and export terminal in Corpus Christi, TX, having three operational trains. The complex has an aggregate production capacity of approximately 15 Mtpa of LNG, three LNG storage tanks and two marine berths.
Cheniere Energy intends to develop seven midscale liquefaction trains adjacent to the Corpus Christi Liquefaction facility (CCL), which are expected to be completed in 2026. The company has initiated the regulatory approval process regarding same. The total production capacities for these trains are expected to be more than 10 Mtpa.
In March 2025, Chenerie completed the first liquefaction train at the Corpus Christi Stage 3 ahead of its targeted schedule and budget, resulting in increased export capacity.
Cheniere Energy is also involved in LNG and natural gas marketing activities through its subsidiary, Cheniere Marketing LLC.
Global LNG demand is likely to continue growing for the next few years.
Cheniere Energy, the U.S.’s only listed LNG export pure play, foresees the fundamentals of LNG to be favorable in the long run, considering the secular shift to the cleaner burning fuel for power generation worldwide and in the Asia-Pacific region in particular.
While the increasing demand for gas in the European power sector will be a key factor in the near-term LNG supply rise, the consumption boost is primarily set to come from Asian importers like China, India, South Korea and Pakistan.
Key Global Macro
The IMF-World Bank annual meetings start on Sunday, and run all week long, in DC.
On Monday, the latest Reserve Bank of Australia (|RBA) minutes come out.
The U.K.’s ILO household unemployment rate is 4.7%. We get a SEP update.
On Tuesday, Fed Chair Powell gives a speech.
Mainland China’s PPI update for SEP comes out. The consensus looks for -02.3% y/y, after a -2.9% y/y prior reading. That is deflationary PPI data, folks.
What about a downstream Mainland China CPI update? Their CPI looks to be down -0.1% y/y, after a -0.4% y/y prior reading. Stagnation?
On Wednesday, the U.S. CPI for SEP should have come out. The prior broad CPI reading was +2.9% y/y. Core CPI was up +3.1% y/y.
The Fed’s latest Beige Book of regional economic conditions comes out.
On Thursday, U.S. retail sales should have come out. Ex-Auto Retail Sales should have been up +0.4% m/m. That looks like a solid consumer spending number.
The Fed’s influential Waller gives a speech.
On Friday, the Euro Area’s core HICP consumer inflation reading comes out. Core HICP should be up +2.3% y/y, in line with a prior +2.3% y/y print.
Conclusion
On Oct. 8th, 2025 Zacks Research Director Sheraz Mian put out his initial Q3 outlook.
Four key points:
(1) For Q3-25, Zacks expects total S&P500 index earnings to be up +5.5% y/y, on +6.2% higher revenues.
(2) What if Zacks excludes the all-important Info Tech sector contribution?
Q3 EPS for the rest of the S&P500 index would be up only +2.7% (vs +5.5% otherwise).
(3) What about breaking out the Magnificent 7 group?
Zacks expects Q3 earnings for the “Mag 7” to be up +12.0% y/y, on +14.8% higher revenues.
This would follow the “Mag 7” group’s +26.4% earnings growth, on +15.5% revenue growth in the preceding Q2 period.
(4) For the 21 S&P500 members that have recently reported quarterly results — for their fiscal quarters ending in August (which Zacks considers a part of the Q3 tally).
Outlooks from management — particularly on the effects of the still-litigated ‘emergency’ tariffs — will be of great interest to stock markets, both here and abroad.
Happy trading and investing!
Warm regards,
John Blank, PhD.
Zacks Chief Equity Strategist and Economist