JPMorgan and Wells Fargo reported a steep 15% sequential drop in mortgage‑banking volumes, eclipsing the 8% industry slowdown analysts had penciled in. Despite the contraction, UBS notes that housing‑credit performance stayed solid, with JPMorgan posting negative net charge‑offs and trimming its loan‑loss allowance, while Wells Fargo saw stable or improving trends. The divergence suggests lenders can sustain earnings despite a cooling housing market, offering investors a credit exposure.

European alternative‑asset managers have rallied after a sharp sell‑off earlier this year, as investors sift through private‑credit worries. Vontobel analyst Arben Hasanaj argues the market will now separate long‑term winners from laggards. Shares of CVC Capital jumped 4.1%, ICG PLC rose 3% and is near a 17% monthly gain, while Partners Group and EQT each climbed roughly 3%. The bounce is reviving fee‑generation prospects for the sector.

Bank of America said its customers pumped more than $1 trillion into the economy in Q1, buoying spending on entertainment, travel, retail and even higher gas prices, according to CEO Brian Moynihan. The bank’s research team projects moderate U.S. and global growth while keeping a close watch on geopolitical risks and volatile trade flows.