Bank earnings show split economy
Lending slows, trading surges

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Bank earnings underline a split economy

America’s biggest banks are off to a steady but unspectacular start to earnings season. Results from JPMorgan Chase, Wells Fargo, and BlackRock show, as expected, gains coming from trading activity and deal-making. At the same time, blowout numbers mostly failed to materialize.
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Is China winning the trade war? Beijing’s September export surge — up 8.3% even as U.S. sales sank — shows it’s quietly rebuilding global trade lines that make Washington’s leverage weaker.

Markets are learning to read Trump’s moods. Futures rebounded after his “all will be fine" with China post, with traders once again betting that the president’s tariffs are more bluff than business plan.

The trade war has found its taxpayer. Goldman’s economists say U.S. consumers are paying the majority of Trump’s tariff costs, proving the bill for economic patriotism is increasingly finding its way home.

Finance just joined the front lines. JPMorgan’s $1.5 trillion plan enlists private capital for defense, AI, and critical manufacturing, extending Wall Street’s reach into the machinery of U.S. industrial power.


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