Welcome to another edition of Under60 Daily - a brief rundown of the top happenings in the business world, curated by hand to exclude the clutter and ensure you get up to speed in under a minute.
[Trade] China’s imports have jumped by 13.2% yearly, making it the most significant increase since 2018. Similarly, China’s exports have risen by 9.9% for the month of September.
Over60: The Economic Times
[Earnings] JPMorgan recorded Q3 revenues of $29.1 billion while recording a 30% increase in revenue from its markets division. The company also recorded a provision for bad loans to the tune of $611 million compared to the mammoth $10.5 billion it recorded in the previous quarter.
[Tariffs] According to the World Trade Organization (WTO), the EU is planning on levying $3.99 billion in tariffs on Boeing Co. jets and other U.S. goods annually. This move is seen as a retaliation to the tariff of $7.5 billion on Airbus SE by the U.S. government and makes the dispute the longest in WTO history.
[Earnings] Maersk, the world’s largest container shipping company, reported $2.4 billion as EBITDA in Q3, up from the $1.7 billion that it reported in Q2. The company increased its profits forecast, attributing it to a faster than expected increase in demand, which is usually used as a proxy for global trade. However, Maersk also announced that it would cut up to 2,000 jobs.
Over60: FT Exclusive
[Earnings] The world’s largest asset manager, BlackRock, reported an EPS of $9.22 and an 18% increase in fund manager revenue compared to 2019. The company also revealed that its assets under management stood at $7.8 trillion.