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   The investing week ahead |
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               👋 Hi Sarah. Here’s what you need to know for the week ahead and what you might've missed last week.
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               Bank Jobs
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               Wall Street’s about to crack open the vault, and what comes out could be a lot more than just last quarter’s numbers.
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                        🔍 The focus this week: Big bank earnings
                       </p>
                       <p data-block-key="6az05" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                        Some of the biggest names in finance –
                        <b>
                         JPMorgan
                        </b>
                        ,
                        <b>
                         Bank of America
                        </b>
                        ,
                        <b>
                         Morgan Stanley
                        </b>
                        ,
                        <b>
                         Goldman Sachs
                        </b>
                        , and
                        <b>
                         BlackRock
                        </b>
                        – are set to report quarterly results. And there’s plenty to look for in these giant ledgers.
                       </p>
                       <p data-block-key="2i0il" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                        🔺 After all, the trading desks are expected to report record revenues. Makes sense: the recent market volatility and shifting global interest rate expectations mean more buying and selling. And that’s how those desks make their money.
                       </p>
                       <p data-block-key="b52v5" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                        ▶ But as any seasoned trader will tell you, not everything’s a winner. So investors will be combing the results for signs of trouble elsewhere. They’ll be looking for knock-on effects from the slowdown in private credit. And, importantly, they’ll be sizing up the American consumer to see what kind of toll higher gasoline prices are taking.
                       </p>
                       <p data-block-key="2g7je" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; margin: 0;">
                        ⚠️ That means keeping an eye on “loan loss provisions”: the money that banks set aside to cover potential defaults by borrowers. If the banks have been boosting those holdings, it could be an early sign that inflation, higher borrowing costs, and a cooling economy are starting to squeeze folks’ finances.
                       </p>
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                        📅 On the calendar
                       </p>
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                         <b>
                          Monday:
                         </b>
                         No major economic data.
                         <b>
                          Earnings:
                         </b>
                         Goldman Sachs.
                        </li>
                        <li data-block-key="bd1t4" style="line-height: 1.5; margin-bottom: 8px; color: #283444; color: rgba(40, 52, 68, 1); font-size: 16px; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif;">
                         <b>
                          Tuesday:
                         </b>
                         China economic growth (first quarter), China retail sales (March), China industrial production (March), UK retail sales (March), US small business survey (March), US producer price index (March).
                         <b>
                          Earnings:
                         </b>
                         BlackRock, Citigroup, JPMorgan, Johnson &amp; Johnson, Wells Fargo.
                        </li>
                        <li data-block-key="2sjlp" style="line-height: 1.5; margin-bottom: 8px; color: #283444; color: rgba(40, 52, 68, 1); font-size: 16px; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif;">
                         <b>
                          Wednesday:
                         </b>
                         EU industrial production (February).
                         <b>
                          Earnings:
                         </b>
                         Bank of America, Morgan Stanley.
                        </li>
                        <li data-block-key="16jta" style="line-height: 1.5; margin-bottom: 8px; color: #283444; color: rgba(40, 52, 68, 1); font-size: 16px; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif;">
                         <b>
                          Thursday:
                         </b>
                         UK industrial production (February), UK economic growth (February), US industrial production (March)
                         <b>
                          . Earnings
                         </b>
                         : Abbott, PepsiCo, TSMC, Netflix.
                        </li>
                        <li data-block-key="bvms3" style="line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-size: 16px; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-bottom: 0;">
                         <b>
                          Friday:
                         </b>
                         Nothing major.
                        </li>
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                        👀 What you might’ve missed last week
                       </p>
                       <p data-block-key="6z208" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                        🌐
                        <b>
                         Global
                        </b>
                       </p>
                       <p data-block-key="8l5vb" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                       </p>
                       <p data-block-key="adjso" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                        After nearly six weeks of conflict in the Middle East, a ceasefire was announced. And though the agreement was immediately called into question – as Israeli strikes continued and the Strait of Hormuz remained closed – global stocks and bonds
                        <a style="color: #204CE9; color: rgba(32, 76, 233, 1); font-weight: 500; text-decoration: underline;">
                         rallied
                        </a>
                        , and the oil price fell.
                       </p>
                       <p data-block-key="7rn3m" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                       </p>
                       <p data-block-key="192fa" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                        <b>
                         🇺🇸 US
                        </b>
                       </p>
                       <p data-block-key="de0oo" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                       </p>
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                        <b>
                         Anthropic
                        </b>
                        <a style="color: #204CE9; color: rgba(32, 76, 233, 1); font-weight: 500; text-decoration: underline;">
                         unveiled
                        </a>
                        a long-term agreement with
                        <b>
                         Alphabet
                        </b>
                        and its chipmaker,
                        <b>
                         Broadcom
                        </b>
                        , to use Google’s custom-designed processors at scale. The buzzy AI firm also announced that its annual revenue “run rate” had jumped to $30 billion, from $9 billion a few months ago, thanks to rapid growth in demand for its popular Claude AI model.
                       </p>
                       <p data-block-key="dvs8k" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                       </p>
                       <p data-block-key="eg22h" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                        US consumer prices
                        <a style="color: #204CE9; color: rgba(32, 76, 233, 1); font-weight: 500; text-decoration: underline;">
                         rose
                        </a>
                        by 3.3% in March, much quicker than February’s 2.4% pace, as the energy shock stemming from the war in Iran rippled across the economy. The “core” inflation rate – the one that excludes the typically more volatile energy and food prices – came in at just 2.6%. Prices in the energy category alone, meanwhile, jumped 12.5%.
                       </p>
                       <p data-block-key="fqgsh" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                       </p>
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                        <b>
                         🇨🇳 China
                        </b>
                       </p>
                       <p data-block-key="7f3dn" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                       </p>
                       <p data-block-key="9u529" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; margin: 0;">
                        China
                        <a style="color: #204CE9; color: rgba(32, 76, 233, 1); font-weight: 500; text-decoration: underline;">
                         shipped
                        </a>
                        140% more electric and hybrid vehicles this March than a year earlier, as higher fuel prices pushed buyers toward autos that plug in. Those cars still aren’t making it into the US – 100% tariffs keep them priced out. But the demand for EVs is strong stateside: sales of used ones jumped 17% last quarter, compared to the same period last year.
                       </p>
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