Better than expected bank earnings show that the US economy is still going strong,
plus how frustrated shoppers are dealing with grocery prices that just keep rising.
And as countries back off their EV targets, what does that mean for automakers?
Many people still see EVs as the future in the industry,
but it's a future which will arrive a bit later than previously anticipated.
It's Wednesday, October 15th.
I'm Alex Ocilla for The Wall Street Journal.
This is the PM edition of What's News,
the top headlines and business stories that move the world today.
On yesterday's show,
we told you that a handful of big U.S. banks had reported better than expected earnings for the third quarter.
Today, Bank of America said its profit rose 23% to $8.5 billion,
thanks to healthy consumer activity and a busy summer in its investment banking division.
As a group, the sixth largest banks in the U.S. earned nearly $41 billion in the last three months,
up 19 percent from a year ago.
Banks are viewed as barometers for the broader economy
because they see details of the financial health of millions of American households and companies.
In earnings calls this week, executives pointed out signs of strength.
We do see in our data that the consumer spending more.
That was Bank of America Finance Chief Alistair Borthwick talking about consumers putting more on their credit and debit cards.