Jul. 19 at 5:04 PM
The quiet winner of Q2 bank earnings: dealmaking is back.
The biggest signal wasn’t lending growth it was capital markets recovery.
$GS delivered a 48.8% EPS surprise and 26.6% revenue beat, while
$MS posted 23.1% EPS upside, helped by renewed investment banking activity and underwriting fees from the SpaceX IPO.
$JPM and
$BAC continued showing credit strength, but the bigger takeaway is clear: IPOs, M&A, and risk appetite are reopening.
A stronger capital markets cycle could become a catalyst for
$XLF as financials attempt to regain momentum.
Every update builds a bigger picture.
