This mess started in the financial sphere and it’s going to have to get cleaned up there first, before strength can spread to the rest of the economy.
Today British bank Barclays PLC reported “better than expected” earnings for the last quarter. They still lost profits, but not as much as was expected. Their profits were down 14% to 6.1 billion pounds. It was expected they would only take in about 5.8 billion pounds.
OK, 0.3 billion pounds is still 300 million pounds, that’s a lot of cash. But admittedly with today’s stimulus numbers, that number might be starting to seem small (and if you think it is – then you’d better start investing for inflation!).
But Barclay’s shares jumped 12% on hearing this news. And if one financial does better, it’s taken as a proxy for others. So keep an eye on this and other bank earnings as they come in.
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I would love to think it possible, but it doesn’t seem likely my friend.