While interest rates went down to a historic low, it hurts the bank's ability to make money via lending. Covid 19 cases increase and a lot of businesses are in trouble. Moreover, the unemployment rate is getting higher. Individuals and Organizations are strapped for cash and they raise the prospect of big loan losses. The economic situation remains unclear and unstable. Therefore, we may think that banks are in trouble too. But JPMorgan Chase, arguably the largest US lender, reported a $9.4 billion profit from July to September. To compare, it is approximately 4% more than the last year's number.

JPMorgan benefits from the situation on the market and encourages companies to sell debt and equity and consider mergers. At the same time, U.S citizens started to take low-interest rates. People simply spend less on credit cards and the bank continues to worry about the current situation.


According to Citi's report on Tuesday, investment banking revenue rose and managed to generate a sum of 3.2 Billion Dollars in profits for the bank.

On the other hand, the EU stocks are having the worst day in over three weeks today 15.10.2020. The drop happened due to the fast-growing numbers of Covid 19, which can lead the EU governments to shut down their economies again and hit investors' confidence.

New Covid 19 Cases are hitting 100,000 daily with 20,000 only in Berlin. France already declared a public health state of emergency having 22,000 infection cases a day. Germany, France, and other EU countries are considering stricter regulations in order to slow down the spread of the virus. At the same time, the WHO is not giving any hope for the vaccine in a short period of time. The euro fell to its two-week low of $1.1707 against the dollar,

On Thursday, a lot of financial companies like Morgan Stanley, Walgreens Boots Alliance, and Charles Schwab are going to release their quarterly results.

Ford Motors announced that it is delaying the production of the new plug-in hybrid Escape until 2021 because the SUVs that use the same battery cells were recalled in the EU as several of them caught fire.