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Good evening, welcome to Market Watch.
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US stocks rose ahead of Washington and Beijing preparing to sign their initial trade deal
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with investors also digesting the latest earnings results from big American banks.
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The Dow Jones Industrial Average index is now up 149 points at 29,088
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On tonight's Market Watch were joined by the Director of Market Making at Haitong International Mr. Joseph Hermes
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on the line live from New York. Thank you for joining us.
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Thanks for having me. First let's look at the news on earnings results again JPMorgan Chase
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and Citigroup announced impressive earnings results yesterday are we seeing
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the same trend with the Bank of America and Goldman Sachs Bank of America Bank
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of America and Goldman Sachs continue to trend of beating expectations in fixed
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income trading the units were up 13% and 63% respectively however both companies
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initially were trading lower for different reasons Bank of America's
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fixed income gain was well below what we saw out of JP in City yesterday and
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their consumer banking business fell by nine point seven percent as interest
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income fell Goldman's earnings per share missed which was mostly driven by higher
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litigation and regulatory expenses Goldman took over a billion dollar
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charge as the firm gets closer to a settlement of one of the one MBD scandal
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that has been a monkey on its back since 2016 Bank of America is trading down
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about 2 percent and Goldman Sachs has reversed and is now up about three
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quarters of one percent no to Joe and finally the US and China will sign the
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longer way to face one trade deal today what's next after the face1 agreement is
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signed in what President Trump calls a beautiful monster the two countries will
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sign the trade deal today as you mentioned now we look to see if the
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relationship between the two countries has evolved enough to have an easier
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time clearing up future differences as we move to phase 2 and beyond Steve
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minutiae noted that the punitive tariffs still remain on about two-thirds of US
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imports the administration will now wait and see if China
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honors the commitments listed in the 86 page document topping the list is
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purchasing 200 billion dollars worth of goods over two years and the enforcement
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of intellectual property theft and piracy as much as we may be tired of
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talking about a trade deal there's more to come after today Joseph thank you for
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your insight and that's Michael watch for tonight thanks for watching