The unofficial kickoff to the 19Q3 earnings season initiates Oct. 15, when the S&P 500 banks industry’s Citigroup Inc (C.N), First Republic Bank (FRC.N), JPMorgan Chase & Co (JPM.N), and Wells Fargo & Co (WFC.N) deliver quarterly results. Analysts have been increasingly bearish on banks heading into 19Q3 earnings season, and currently expect the S&P 500 banks industry to see 19Q3 YoY earnings decline 1.2%, net interest income to increase 0.6%, and net interest margin to contract 9.9 bps to 2.67%.  

Citi is playing a smart game with China’s government bond market. The U.S. bank on Tuesday said  it will include sovereign debt issued by the People’s Republic in three existing fixed-income indices – the first major international benchmark provider to do so. That’s a propaganda victory for Beijing, which has struggled to enthuse foreign investors. For Citi it’s a relatively low-risk diplomatic win. China has been trying to attract more foreign bond buyers since the International Monetary Fund designated the yuan as an official reserve currency last year. It’s been a tough sell. The country’s capital account is not fully