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by Patrick Vignal
PARIS (Reuters) – Wall Street is treading water on Friday in early trade, the contrasting quarterly results released by three major US banks do not erase the uncertainties related to trade tensions.
Dow Jones index lost 2.19 points, or 0.01%, to 24,922.71 points a few minutes after the first exchanges.
The Standard & Poor's 500, wider, fell by 0.05% to 2,797.01 points and the Nasdaq Composite gained 0.03% to 7,826.09 points. [19659002] JPMorgan, Citigroup and Wells Fargo gave before the opening of the corporate earnings season in the second quarter
If the publication of JPMorgan is greeted by the market, those of Citigroup and Wells Fargo are sanctioned.
JPMorgan Chase takes 0 , 52% in the first exchanges after announcing a quarterly profit up 18.3%, consequence of both higher interest rates, a reduction in its taxation and an increase in income from its activities
The Citigroup share, however, loses 0.72%. The bank has announced a 16% increase in its profit over the three months to June but this increase is due in part to share buybacks.
Wells Fargo gives up 1.98% after reporting 'a 12% drop in earnings in the second quarter, mainly due to lower lending and higher expenses.
S & P 500 component profits are expected to rise 21% in average in Q2, according to Thomson Reuters data, but the market will be alert to any warnings related to trade tensions between the United States and the rest of the world, China in the lead, which are far from disappearing.
THE MONTREAL DOLLAR STILL
On the foreign exchange market, the dollar index, which measures the evolution of the greenback against a basket of six reference currencies, takes 0.25% to get closer to a peak nearly year-end at the end of June
The US currency benefits from recent indicators the US economy and also plays a safe-haven role in the uncertainties created by the protectionist policy of Donald Trump.
The euro is around 1.1642 dollars, not far from its lowest since the beginning of the month.
Currency traders will monitor at 14:00 GMT the release of the first estimate of the confidence index of the University of Michigan, which could show an impact of trade tensions on the morale of US consumers. The index is expected down to 98.2 in July, against 99.3 last month, according to economists polled by Reuters.
On the oil market, crude prices stabilize after being penalized by persistent trade tensions and fears of an increase in production.
At the time of the opening on Wall Street, European indices are in the green, supported by the fall of the euro as the pound sterling
The Paris CAC 40 takes 0.42%, the British FTSE 0.35% and the German Dax 0.40%.
(Edited by Bertrand Boucey)
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