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The Fed, the ECB, Brexit and even the U.S. election finally took a back seat to driving stock market results in October as third quarter corporate earnings reports dominated the headlines. While they got off to a shaky start, with industrial companies such as Honeywell, Alcoa and PPG Industries all missing expectations or pre-announcing, the numbers started to get better once the major U.S. banks took the stage. To be fair, the bar had been set pretty low for the banks given that their earnings were expected to be down year-over-year as low interest rates, slower economic growth and problem loans were all expected to impact results. But JP Morgan, Citi, Bank of America and even beleaguered Wells Fargo all beat expectations on strong trading and investment banking results. (more…)