Apr 9, 2020 - Health

Banks' first-quarter profits are expected to get rough

Illustration: Sarah Grillo/Axios

Investors expect the earnings season that kicks off on Tuesday to be ugly.

What to watch: The banks are among the first to report. They still made a ton of money, but the results — and the companies' outlooks — will give insight into our current unprecedented halt in economic activity.

  • One example: Analysts expect a ramp-up of provisions for loan loss reserves. That's a sign the banks anticipate that borrowers won't be able to pay back loans.

By the numbers: The "big four" banks — JPMorgan Chase, Bank of America, Wells Fargo and Citibank — are estimated to collectively bring in profits of about $20 billion in Q1, roughly $6 billion less than the same time last year, according to FactSet.

The calendar: JPMorgan and Wells Fargo release results on Tuesday. Bank of America and Citi report on Wednesday. So do Morgan Stanley and Goldman Sachs.

Go deeper: The Fed goes to war with coronavirus

Go deeper

Trump to invite Russia, South Korea, Australia and India to G7 summit

President Trump at Cape Canaveral, Florida, on Saturday. Photo: Saul Martinez/Getty Images

President Trump told reporters on Saturday evening he would postpone the G7 summit to September and expand the meeting to more nations.

Details: Trump said he would invite Russia, South Korea, Australia and India to the summit, according to a pool report. "I don’t feel that as a G7 it properly represents what’s going on in the world. It’s a very outdated group of countries," he said.

Updated 28 mins ago - Politics & Policy

George Floyd protests: What you need to know

Thousands of protesters march in Denver, Colorado, on May 30. Photo: Michael Ciaglo/Getty Images)

Curfews are being imposed in Portland, Oregon, and Cincinnati, while the governors of Georgia, Kentucky, Ohio and Texas activated the National Guard following unrest in the states, per AP.

The big picture: Floyd's fatal run-in with police is the latest reminder of the disparities between black and white communities in the U.S. and comes as African Americans grapple with higher death rates from the coronavirus and higher unemployment from trying to stem its spread.

Updated 3 hours ago - Health

World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

India extended its nationwide lockdown — one of the longest-running in the world — on Saturday, as deaths and infections rise, per Johns Hopkins. The country also moved to allow restaurants, hotels and churches outside of hotspots to begin reopening.

By the numbers: Nearly 6 million people have tested positive for COVID-19 worldwide and over 2.5 million have recovered from the virus. Over 367,000 people have died globally. The U.S. has reported the most cases in the world with over 1.7 million.