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

Axios

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

Global: Total confirmed cases as of midnight ET: 19,792,519— Total deaths: 730,089 — Total recoveries — 12,060,877 — Map.
U.S.: Total confirmed cases as of midnight ET: 5,044,821 — Total deaths: 162,938 — Total recoveries: 1,656,864 — Total tests: 61,792,571 — Map.
Politics: Pelosi says states don't have the funds to comply with Trump's executive order on unemployment — Mnuchin says Trump executive orders were cleared by Justice Department.
States: New York reports lowest rate of positive coronavirus test results since pandemic began
Public health: Ex-FDA head: U.S. will "definitely" see 200,000 to 300,000 virus deaths by end of 2020.
Schools: 97,000 children test positive for coronavirus in two weeks — Nine test positive at Georgia school where photo showing packed hallway went viral .

Go deeper (<1 min. read)

Rebecca Falconer

1 hour ago - Health

97,000 children test positive for coronavirus in two weeks

A boy has his temperature checked as he receives a free COVID-19 test in South Los Angeles in July. Photo: Mario Tama/Getty Images

At least 97,000 children tested positive for COVID-19 in the final two weeks of July and there's been an estimated 338,000 cases involving kids in the U.S. since the pandemic began, a new report finds.

Why it matters: The findings in the report by the American Academy of Pediatrics and the Children’s Hospital Association comes as schools and day cares look to reopen in the U.S., with New York Gov. Andrew Cuomo (D) announcing Friday that school districts in the state can reopen in the fall amid lower coronavirus transmission rates.

Go deeper (1 min. read)

Rebecca Falconer

Updated 3 hours ago - World

Hong Kong media tycoon Jimmy Lai arrested under national security law

Media tycoon Jimmy Lai at the Next Digital offices in Hong Kong in June. Photo: Anthony Wallace/AFP via Getty Images

Hong Kong pro-democracy activist Jimmy Lai has been arrested for "collusion with foreign powers," said Mark Simon, an executive at the tycoon's media firm Next Digital Monday morning local time.

Why it matters: He was arrested under the new national security law that gives Beijing more powers over the former British colony. Lai is the most prominent person arrested under the law, which prompted the U.S. to sanction Chinese officials, including Hong Kong leader Carrie Lam, over Beijing's efforts to strip the territory of its autonomy.