Wells Fargo & Co. reported a profit of more than $3 billion in the third quarter, thanks in part to higher interest rates. However, those same rates also reduced the company's capital by nearly three-quarters.
A rally across Asian markets is starting to look precarious as some analysts caution that China reopening euphoria will give way to the sober reality of a looming global recession.
China has unveiled a new package of measures to revive its struggling housing market, in the most significant policy shift since the country began tightening credit conditions two years ago. The new measures include tax breaks and subsidies for home buyers, as well as increased funding for housing construction.
There is much speculation about what will happen to China's Covid Zero policy. Some believe that the policy will remain in place, while others think that it may be relaxed or even abandoned altogether. No one knows for sure what the future holds, but the debate continues to rage on.