Morning Brief
Bank earnings beat, gold at record highs, Trump escalates China threats
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US stocks rebound as investors digest another wave of strong bank earnings and rising geopolitical tension. Gold hits a new record above $4,200 an ounce, extending its 60% year-to-date surge amid fears over trade escalation and ongoing Fed easing. Bank of America (BAC) and Morgan Stanley (MS) topped expectations, boosted by a 40%+ jump in investment banking fees and robust trading revenue. Dutch chipmaker ASML (ASML) rallied after reporting $6.3B in quarterly bookings, fueled by AI infrastructure demand, even as it warned that US export restrictions to China could limit sales. Meanwhile, President Trump threatened to ban imports of Chinese cooking oil in retaliation for Beijing halting US soybean purchases, adding fresh uncertainty to trade talks ahead of a potential meeting with Xi Jinping. On the commodities front, silver soared alongside gold, now up 75% year-to-date, while analysts at Goldman Sachs and Bank of America forecast gold could hit $10,000 by 2030.
Takeaways:
Bank of America and Morgan Stanley beat estimates as dealmaking rebounds
Gold surges past $4,200; analysts see $5,000—$10,000 potential long term
Trump threatens Chinese cooking oil embargo amid worsening trade rift
ASML beats earnings on AI demand but warns of China sales risk
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