Top News in Finance for July 14, 2023

KEY POINTS

Dive into this week’s key financial happenings with our succinct, easy-to-understand summaries of the most crucial economic events. Designed to keep you up-to-date, our roundup empowers you to navigate the week ahead and seize unfolding opportunities

• Earnings exceed expectations for JPMorgan Chase and Wells Fargo
• Review of Microsoft-Activision deal gets extension from UK regulator
• Anticipation of a rise in the Michigan Consumer Sentiment Index
• Prime Day boosts sales for Amazon and other retailers
• WHO warning on aspartame raises concerns in the food industry

Banking giants surpass quarterly predictions

In a turn of events, JPMorgan Chase posted quarterly earnings that outperformed analysts’ estimates, clocking in at $4.37 per share, compared to the anticipated $4. A revenue of $42.4 billion, significantly higher than the forecasted $38.96 billion, was also reported. Likewise, Wells Fargo excelled in net interest income, which drove its share prices up by 3%.

Microsoft-Activision merger still under scrutiny

Microsoft’s plan to acquire Activision Blizzard is still under examination by the UK competition regulator, which extended the review deadline by an additional six weeks. Despite a recent defeat of the Federal Trade Commission’s move to stop the $69 billion merger by a U.S. federal judge, the deal is still under evaluation by UK officials.

Rising optimism in consumer sentiment

The preliminary July data for the University of Michigan Consumer Sentiment Index, slated for release at 10 a.m. ET, is expected to continue reflecting upbeat economic outlooks. The index is predicted to climb to 65.5, up from last month’s 64.4 and May’s 59.2.

Record-breaking sales on Prime Day

Amazon announced that the first day of its two-day Prime Day sales event set a new company record. The retail giant sold over 375 million items across the two days, outpacing the previous year’s 300 million. While Amazon didn’t reveal sales revenue, market analysts estimated a total spending of $12.7 billion across Amazon, Walmart, Target, and other retailers during the week, a 6% annual increase.

Health concerns loom over artificial sweetener

The World Health Organization (WHO) issued a warning regarding the potential carcinogenic properties of aspartame, a common sweetener in sugar-free products. While the risk is associated with high daily consumption, the findings could potentially impact consumer choices and prompt the food industry to explore new product formulations.