Goldman earnings prompt investors to worry
|Heading into the close the FTSE 100 is 7 points lower, while the Uber grey market has begun to feel the pressure from Lyft’s decline.
- Equities move lower following Goldman earnings
- Mnuchin comments keep investors on edge
- Uber grey market suffers a fall
Weaker Goldman Sachs figures and a warning from the US Treasury Secretary about the likelihood of a new deal between the US and China have helped equities to move lower, frustrating the hopes of those that thought today might see the start of a triumphal procession back to record highs for the S&P 500. Caution prevails, still leaning towards overall optimism, and given how well JPMorgan has done investors seem content to view the vampire squid’s figures as a problem of its own making, and not something symptomatic of broader problems in the US banking industry. The back-and-forth of China negotiations leaves markets vulnerable to comments about progress or the lack thereof, but who wouldn’t
be surprised if sufficient progress is made this week so that the President can issue a triumphant tweet, get US indices back to record highs and send America off to the Easter holidays with a spring in its step?
IG’s Uber grey market has seen some sellers arrive, pushing the price down by more than 4.5% on the day so far, suggesting a market cap of around $102 billion for the taxi service. With Lyft’s post-IPO retreat turning into a rout it is not surprising to see clients become more sceptical about the potential IPO-day performance of Uber.
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