On Friday, President Trump announced that Russia will supply large volumes of diesel to the U.S. and global markets after a phone call with Vladimir Putin, and the Treasury Department waived sanctions on Russian diesel the same day. With diesel prices at record levels, the headline numbers sound big. Here is what is confirmed and what isn't. What Was Announced Trump wrote on Truth Social that Russia will immediately supply more than 300,000 tons of diesel, followed by 500,000 tons in November and 1 million tons right after that. A further 3 million tons would follow within a short period, he said, depending on the condition of Russia's refineries. Added together, the four tranches come to 4.8 million tons, while CNBC reported the total as more than 4 million. Trump predicted diesel prices would be "coming down, in record numbers, and fast," according to Axios. The Sanctions Waiver Shortly afterward, the Treasury's Office of Foreign Assets Control issued General L...
Wall Street’s third-quarter earnings season begins in earnest on Tuesday, October 13, when four of the six largest US banks report results. The timing is delicate: the 10-year Treasury yield was approaching 5.35% on Thursday, its highest level since 2002, according to Investrade, and oil is hovering near $100 a barrel. Because banks sit at the center of lending, dealmaking and consumer spending, their results double as a health check on the economy. What the Banks Are Expected to Report Reuters reports that third-quarter earnings are expected to rise as much as 20% from a year earlier for the largest banks, with investment banking and trading revenue significantly higher and no signs of deterioration in credit quality. LSEG estimates as of October 7 call for JPMorgan to earn $5.94 per share versus $5.07 a year ago, Citigroup $2.41 versus $2.24, Wells Fargo $1.85 versus $1.66, and Goldman Sachs $12.44 versus $12.25. By our calculation, that implies growth of roughly 17%, 8%, 11% and 2...