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Oil rebounds above 62 tracking broader markets
By Simon Falush LONDON Reuters Oil rose above 62 a barrel on Monday mirroring gains in equities as investors became confident there would be no further substantial price loss in the run up to the new year Saudi Arabia s powerful oil minister Ali al Naimi said on Sunday that lower crude prices would help de...
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Ex minister Kudrin warns of full fledged crisis in Russia
By Darya Korsunskaya Lidia Kelly and Katya Golubkova MOSCOW Reuters Russia s government has pushed the country into an economic crisis by not tackling its financial problems fast enough former finance minister Alexei Kudrin said on Monday as evidence mounted of trouble spreading through the economy The centra...
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Most Americans Still Await Wage Growth And Real Recovery
By Like so many shiny presents piling up under the tree good economic news is suddenly abundant the Dow soared above 18 000 on Tuesday for the first time ever Third quarter GDP growth rang up at 5 percent Last month unemployment registered at 5 8 percent down from 7 percent in November 2013 And so far thi...
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Shake Shack Files For 100M IPO
By Fast food burger joint Shake Shack Inc filed for a 100 million initial public offering Monday with the U S Security and Exchange Commission which could value the company at 1 billion The company applied to have its stock listed on the New York Stock Exchange under the symbol SHAK Shake Shack is owned b...
JPM
Bitcoin bounces 20 percent after dipping below 3 000
By Jemima Kelly LONDON Reuters Bitcoin bounced by more than 20 percent in the space of just four hours on Friday having skidded below 3 000 earlier as Chinese authorities ordered Beijing based cryptocurrency exchanges to stop trading After a vertiginous climb to record highs close to 5 000 earlier this month b...
JPM
Gundlach on Bitcoin I m going to let this mania go on without me
Just about everyone has questions about bitcoin these days including Jeffrey Gundlach s 86 year old mom Gundlach DoubleLine Capital s founder said she texted with a link to a story urging readers to buy bitcoin She wanted to know whether she should get in the game But the cryptocurrency is not something that Gu...
JPM
MBS investors nonchalant about Fed tapering JPMorgan
Nearly 50 of those surveyed see no impact to MBS spreads from what s expected to be the Fed s balance sheet reduction announcement this week In fact 10 of respondents expect spreads to tighten not an absurd expectation given that investors have had many weeks to price in the news Forty six percent see a modest i...
JPM
Cryptos Bitcoin Prices Jump Back Above 4K in Impressive Turnaround
Investing com Bitcoin the world s biggest digital currency by market cap surged back above the 4 000 level on Monday in an impressive bounce back from last week s heavy losses Bitcoin was last up about 400 or around 11 at 4 068 60 by 9 45AM ET 1345GMT The digital currency lost more than 1 000 in value la...
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Citigroup CFO says U S tax rate cut could bring 4 billion charge
NEW YORK Reuters If federal corporate tax rates decline 20 percent under President elect Donald Trump Citigroup Inc N C may have to take a 4 billion charge to profits to reflect lower values for its deferred tax assets the bank s chief financial officer said on Wednesday However a charge of that size and n...
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Citi makes Aussie branches cashless
Citi s NYSE C Australian arm is going cashless telling customers that it will no longer handle notes and coins as of Nov 24 because fewer than 4 of customers have used them in the last year While Citi is a small force in domestic retail banking the move is a sign of how banks are being forced to reinvent branche...
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What s Going On In Saudi Arabia
Major political upheaval is underway in Saudi Arabia after dozens of top officials were arrested on Saturday along with a series of other events that are unlikely to be a coincidence The Canadian dollar was the top performer last week while the pound lagged CFTC positioning showed a shift against commodity currencie...
JPM
Fixing The Fixes Can Silver Gold Be More Transparent
It seems everyone is clamoring to provide a Silver fix when the current collaborative bank decided arrangement ceases after 117 years on August 14 According to Reuters the front runner might be the London Metal Exchange in spite of it being mired in controversy itself over the warehouse debacle and resulting sky hi...
JPM
Bonus Trade Idea J P Morgan Chase Co
J P Morgan Chase Co NYSE JPM JP Morgan has been rising off of a double bottom at 53 The last two weeks it has consolidated under 58 and above the 100 day SMA The RSI is in the bullish range and the MACD is leveling after a rise but looks to be avoiding a cross down A break of consolidation to the upside has ...
JPM
Bonds Bubble Bubble Toils And Troubles
A funny thing happened on the way to inflation Long term Treasury yields failed to rise as well And although the shadow of the markets reaction is short relative to the daylight provided the conundrum that became the long term US Treasury market over the past 20 years appears to be penning a new chapter in how to ...
JPM
JPM Slides Watch This Level
Today s leading global bank stock J P Morgan Chase Co NYSE JPM is trading lower by 0 09 cents to 55 66 a share Traders and investors should note that JPM is the most important financial stock in the industry group The stock has now made a lower high on the daily chart after topping out in March 2014 at 61 48 a ...
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Italy Downgrade Casts Gloom Over Euro Zone
By Reuters European stocks and government bonds dipped on Monday as weak data from Asia a rating downgrade for Italy and the slump in oil prices stoked concerns about global growth The U S dollar bucked the trend extending gains after a surprisingly strong U S labor data on Friday and adding further press...
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Brent oil futures crash to lowest since October 2009
Investing com Brent oil futures tumbled to the lowest level since 2009 on Monday as concerns over the global economic outlook and the impact on future oil demand prospects continued to dampen the appeal of the commodity On the ICE Futures Exchange in London Brent oil for January delivery fell by as much as 3 28 to...
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NYMEX crude weaker in early Asia with focus on upcoming U S stocks data
Investing com Crude oil prices dipped further in early Asia on Tuesday as investors turn focus to industry and government data on U S stocks Later Tuesday the American Petroleum Institute will release data on industry estimates of stocks last week The more closely watched Department of Energy data for the same per...
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Fiat Chrysler prices share offering at 11 each
Reuters Fiat Chrysler Automobiles NV MI FCHA N FCAU said it had priced an offering of 87 million common shares at 11 00 each as the carmaker seeks funds to cut debt and pay for an ambitious investment plan FCA is also offering 2 5 billion of mandatory convertible securities due 2016 with a coupon of 7 875 p...
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Standard Chartered In Deal To Sell HK Shenzhen Consumer Finance Units
By Reuters Standard Chartered is selling its Hong Kong and Shenzhen consumer finance businesses to a consortium that includes a Chinese state firm helping the emerging markets focused lender to clinch its biggest asset disposal as part of a restructuring In what is expected to be the first of many divestiture...
JPM
Bitcoin exchange BTCChina says to stop trading sparking further slide
By Brenda Goh and Jemima Kelly BEIJING SHANGHAI LONDON Reuters Chinese bitcoin exchange BTCChina said on Thursday that it would stop all trading from Sept 30 setting off a further slide in the value of the cryptocurrency that left it over 30 percent away from the record highs it hit earlier in the month China h...
JPM
Gasoline rents boost U S consumer inflation weekly jobless claims fall
By Lucia Mutikani WASHINGTON Reuters U S consumer prices accelerated in August amid a jump in the cost of gasoline and rental accommodation signs of firming inflation that boosted the probability of an interest rate increase from the Federal Reserve in December Other data on Thursday showed an unexpected drop in...
JPM
China s JD com unit eyes 1 5 billion stake in First Capital sources
By Julie Zhu HONG KONG Reuters JD Finance a unit of China s No 2 e commerce firm JD com O JD is in talks to buy a 24 percent stake worth about 1 5 billion in domestic brokerage First Capital Securities Co Ltd SZ 002797 people with knowledge of the matter said If the deal goes through it would be a precur...
JPM
Beijing cryptocurrency exchanges told to announce trading halt source
By Brenda Goh SHANGHAI Reuters Chinese authorities have ordered Beijing based cryptocurrency exchanges to stop trading and immediately notify users of their closure signaling a widening crackdown by authorities on the industry to contain financial risks Exchanges were also told to stop allowing new user registrat...
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Harmony Gold 15 after Q3 results Citi downgrade to Sell
Harmony Gold HMY 14 8 plunges despite reporting a production profit of 1 4B rand 97M on its highest ever quarterly revenue of 5 25B rand 374M up 9 Q Q and 16 Y Y HMY says its Q3 production rose 10 Y Y to more than 277K oz and that it is on track to achieve its full year output guidance of 1 05M oz Q3 ...
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Citi preparing to move 900 staff to Dublin from London Sunday Times
LONDON Reuters U S bank Citi N C is preparing to move up to 900 jobs from London to Dublin as part of its contingency plans for Britain s exit from the European Union the Sunday Times reported The newspaper said the bank held a board meeting in Dublin last month and cited sources in the Irish capital as sayin...
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Brexodus Citi to move 900 staff to Dublin
Citigroup NYSE C is preparing to move up to 900 jobs from London to Dublin as part of its preparations for Britain s exit from the EU the Sunday Times reports They have been testing the Irish political and regulatory regime on a macro level sources added saying that Citi was exploring options for office space a...
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Seth Klarman s new Q3 positions
Baupost Group new positions as of Sept 30 4 4M shares of Colony Capital NYSE CLNY 5 5M of Northstar Realty Finance NYSE NRF 9 9M of Northstar Asset Management NYSE NSAM 13M of Office Depot NYSE ODP and 17 6M of Synchrony Financial NYSE SYF Klarman also raised his stake in 21st Century Fox NASDAQ FOXA...
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Energy Transfer seeks court intervention on Dakota Access
Energy Transfer Partners ETP 0 5 and its Sunoco Logistics Partners SXL 0 4 subsidiary file papers in U S district court in Washington D C seeking declaratory relief to end the Administration s political interference in the Dakota Access Pipeline review process and noting government delays already have c...
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CIT Group s CIT Stock Down 3 9 Despite Q3 Earnings Beat
CIT Group Inc s NYSE C third quarter 2017 adjusted earnings from continuing operations of 1 02 per share beat the Zacks Consensus Estimate of 84 cents Further the reported figure was up 88 9 year over year Lower expenses and a fall in provision for credit losses helped the company deliver exceptional results ...
JPM
Is That It For Housing s Dead Cat Bounce
I have been saying this for a while You can t have a housing recovery unless actual home buyers are involved We are very far away from seeing the housing market reach its 2005 highs and as time passes it becomes clearer that this generation may never see them again How can I say that What we have seen in the h...
JPM
Dow Retakes Triple Digit Slide
Stocks finished higher Monday overcoming initial weakness after a measure of the U S sector showed better than expected growth during April Most sectors in the S P 500 closed with gains paced by advances by shares of utility and healthcare companies Financial stocks led decliners falling about 0 4 as a group af...
JPM
Will We Hold It Wednesday S P 1 920 Edition
Yesterday was a close one We briefly failed our first test of 1 920 but another low volume rescue kept us from fulfilling the Wave C predicion on this Elliot Wave chart for now Not that I m an Elliot Wave person of course my theory is that if you are going to draw 5 points on a graph you can imagine al...
JPM
Long Setups RARE JPM And TWTR
Here are a few setups I m watching These are longs that assume a trending to sideways market and no black swan events Ultragenyx NASDAQ RARE is a biotech all potential widow makers so if drinking Ensure is part of your daily diet then avoid Anyhoo the stock has been basing for a while now and is seeing two cl...
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Aviva agrees to terms of 8 8 billion Friends takeover
By Huw Jones and Carolyn Cohn LONDON Reuters British insurer Aviva L AV agreed terms on Tuesday for a 5 6 billion pound 8 8 billion all share takeover of rival Friends Life L FLG responding to pressures caused by pension industry reform Pension providers are rushing to revise their product ranges after t...
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Morgan Stanley to defer less of employees future bonuses
NEW YORK Reuters Morgan Stanley said on Friday it will pay more of its bonuses to employees upfront and defer less because the bank is on a better financial footing and can move its pay practices more in line with those of competitors The step will increase its fourth quarter compensation by roughly 1 2 billio...
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Asia stocks dip somber data offsets strong U S job numbers
By Shinichi Saoshiro TOKYO Reuters Asian shares were mostly lower on Monday after sobering data highlighted the sluggishness of the region s key economies and tempered the lift from much stronger than expected U S employment numbers Spreadbetters expected a subdued start for European stocks forecasting Britain...
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Oil futures trade near 5 year lows amid supply glut concerns
Investing com Oil futures were down for the third consecutive session on Monday as investors piled on to their short positions in anticipation of lower prices On the ICE Futures Exchange in London Brent oil for January delivery fell by as much as 1 94 to touch a session low of 67 73 a barrel before trading at ...
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Oil slips towards 68 after Morgan Stanley cuts price forecast
By Jack Stubbs LONDON Reuters Brent crude oil fell more than a dollar to around 68 a barrel on Monday just above five and a half year lows after Morgan Stanley cut its forecasts saying oversupply would peak next year after OPEC decided not to cut output Without OPEC intervention markets risk becoming unbalan...
JPM
Bubble spotting in Europe
By Dhara Ranasinghe Saikat Chatterjee and Vikram Subhedar LONDON Reuters European Central Bank chief Mario Draghi said last week he saw no bubbles in European asset prices only a day after Deutsche Bank DE DBKGn chief executive John Cryan insisted there were signs of bubbles building in the region s capital...
JPM
U S job openings at record high qualified workers scarce
WASHINGTON Reuters U S job openings rose to a record high in July suggesting a slowdown in job growth in August was an aberration and that the labor market was strong before the recent disruptive hurricanes The monthly Job Openings and Labor Turnover Survey or JOLTS released by the Labor Department on Tuesday ...
JPM
JPMorgan s Dimon says bitcoin is a fraud
By David Henry and Anna Irrera NEW YORK Reuters Bitcoin is a fraud and will blow up Jamie Dimon chief executive of JPMorgan Chase Co N JPM said on Tuesday Speaking at a bank investor conference in New York Dimon said The currency isn t going to work You can t have a business where people can invent a ...
JPM
Gundlach Equity investors to see change in dynamic with QE reversal
By Jennifer Ablan NEW YORK Reuters Investors in equities and risk assets should brace themselves for the end of quantitative easing given the high correlation it has to high stock and junk bond prices Jeffrey Gundlach chief executive at DoubleLine Capital warned Tuesday Equity and risk asset investors are un...
JPM
Bitcoin slides on fraud warning from JPMorgan s Dimon
By Jemima Kelly LONDON Reuters Bitcoin slid by more than 10 percent on Wednesday as investors sold the cryptocurrency after a warning by JPMorgan N JPM Chief Executive Jamie Dimon that it is a fraud and will eventually blow up Bitcoin the original and still the biggest cryptocurrency has been on a tear in...
JPM
JPMorgan Chase extends urban renewal investments to Chicago
Reuters JPMorgan Chase Co NYSE JPM will invest 40 million over three years in Chicago to revitalize neighborhoods finance small business growth and promote job skills training the bank said on Thursday The investment program in Chicago where the bank has significant business interests is modeled on a 100...
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Energy Transfer says not slowing construction of Dakota Access pipeline
Energy Transfer Partners NYSE ETP says it is not slowing down construction of the Dakota Access oil pipeline despite protests and is moving equipment to prepare for tunneling under Lake Oahe even as federal regulators have not yet given a go ahead to proceed An Army Corps of Engineers spokesperson reportedly had s...
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Mexican peso s massive slump deepens after Trump win
By Michael O Boyle MEXICO CITY Reuters Mexico s peso sank again on Thursday taking its biggest two day tumble in more than 20 years as investors worried about how U S President elect Donald Trump s policies could hit exports from Latin America s No 2 economy The peso lost more than 3 percent to trade around 2...
JPM
Weekly Charts Survey Yield To Yields
On Friday 10 Year yields slid into their skipped stone support from the breakout range they have meandered in since last summer They then broke through mid morning accelerating the downside reversal in the equity markets and a strengthening bid beneath the yen Clearly depicted in the chart below the strong invers...
JPM
The Long Side Beckons But Trouble Lurking In Q2
For those of you accustomed to seeing my column on Saturday mornings my apologies a weekend of college revisits began with a 4AM wakeup on Saturday and didn t finish until late Sunday afternoon Apart from disaster movies and the 1986 World Series I don t think I have ever seen so many scared looking middle aged pe...
JPM
Putin Prices And Purchases The Order Of The Week
The sunny weather and relaxed weekend belies the storm clouds gathering over the world s markets this morning courtesy of movements in Ukraine once again Ukrainian and Russian forces have clashed over the course of the weekend in the Eastern part of the country and noises from the Kremlin have been incendiary at best ...
JPM
The U S Dollar Index Fundamentals Outlook
As we suggested in the previous review on Friday the Dollar index rose for the first time during a week The reason of this was higher than expected Michigan consumer confidence index Today at 13 30 CET we are expecting for information on retail sales for March from the USA and 15 00 CET U S wholesale inventories ...
JPM
Bonds Size Matters
There have been a few articles recently on Pimco s underperformance and the increasing concentration on the buy side of the bond market There is danger here for large active managers and their clients Risk Assessment Two years ago I wrote a piece called Don t Become the Market I wrote it partly to explain JP Mo...
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After record IPO Alibaba eyes first bond sale
By Danielle Robinson NEW YORK IFR Chinese e commerce giant Alibaba will sound out investors next week in Asia Europe and the US as it mulls its first bond ever just two months after the company s record breaking IPO Alibaba which this week logged US 9 billion of sales on a single day will kick off a roadshow i...
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RenaissanceRe to buy Platinum Underwriters for 1 9 billion
By Avik Das Reuters RenaissanceRe Holdings Ltd N RNR will buy fellow Bermuda based reinsurer Platinum Underwriters Holdings Ltd N PTP for about 1 9 billion to boost its business amid intensifying competition and falling premiums RenaissanceRe will offer an equivalent of 76 per share in stock and cash repr...
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Fed rattled by elusive inflation but loath to sound alarm yet
By Jonathan Spicer and Ann Saphir NEW YORK SAN FRANCISCO Reuters With the U S economy humming along at its fastest clip in more than a decade the Federal Reserve should be confident about its ability to weather a global slowdown and start lifting interest rates around the middle of next year But then there is ...
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Moody s Downgrades Japan s Sovereign Debt Rating
By Moody s Investors Service on Monday downgraded Japan s sovereign debt rating by one notch to A1 citing rising uncertainty over the country s ability to hit its debt reduction goal The announcement briefly sent the yen to a seven year low against the dollar and pushed 10 year Japanese government bond JGB futur...
JPM
U S services data suggests upward revision to second quarter GDP
WASHINGTON Reuters The U S economy probably grew faster than reported in the second quarter with data on Thursday suggesting stronger consumer spending than previously estimated The quarterly services survey or QSS from the Commerce Department implied consumer spending increased more briskly than the 3 3 perce...
JPM
Germany s Merck hires JP Morgan to advise on consumer health review
FRANKFURT Reuters Merck KGaA DE MRCG has hired investment bank JP Morgan N JPM as a financial adviser to evaluate strategic options for its consumer health business a spokesman for the German company said on Friday People familiar with the matter told Reuters that boutique bank Guggenheim Partners has also be...
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Slowdown in orders hiring curbs U S services sector growth
By Lucia Mutikani WASHINGTON Reuters U S services industry activity cooled in October amid a slowdown in new orders and hiring suggesting a moderation in economic growth early in the fourth quarter Other data on Thursday showed planned job cuts by U S based employers dropped 31 percent to a five month low last...
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FHFA could against boost multifamily lending cap Citi
With a 26 gain in multifamily originations in Q3 Fannie Mae and Freddie Mac volumes currently at 27B are in danger of hitting the 36 5B cap for the year The FHFA has already lifted the cap twice in 2016 and could decide to boost it again suggests the team at Citigroup NYSE C Of possible interest to Walker ...
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OneMain plunges on earnings miss big cut in guidance
Alongside its Q3 report the company last night slashed its guidance for net receivables growth this year to 5 from 10 15 previously for 2017 net receivables growth is now seen at 5 10 vs 10 15 previously As for EPS 2016 is now being guided to 3 60 3 70 from 4 20 4 70 2017 is cut to 3 75 4 from 5 60 6 ...
JPM
Silver Price Fixing Conspiracy Theorists Lose Battle Continue War
Despite the legal arguments presented by dozens of appellants and their attorneys the U S Second Circuit Court of Appeals ruled that silver price manipulation theorists had legally failed to show that J P Morgan Chase Co NYSE JPM had manipulated the silver market In a summation issued Thursday Circuit Judges Ro...
JPM
Why JPM Will Beat Estimates
J P Morgan Chase Co NYSE JPM is set to report FQ1 2014 earnings before the market opens on Friday April 11th JPMorgan Chase is the largest bank in the United States This quarter Wall Street is expecting JPM s earnings to fall 11 compared to FQ1 last year while revenue is also expected to decrease by 2 3 Banks...
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Bloomberg Citi reaps 300M derivative profit
So much for the Volcker Rule Citigroup NYSE C s U S dollar interest rate swaps desk pulled down about 300M this year serving clients making bets on the direction of short term rates according to a Bloomberg story This report follows another from last week in which one trader earned more than 100M buying junk d...
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Dollar surges against Swedish crown on Riksbank gains against yen
By Sam Forgione NEW YORK Reuters The U S dollar hit its highest in more than seven and a half years against the Swedish crown after dovish comments from Sweden s central bank and hit a three month high against the yen on expectations of a December Federal Reserve rate hike Sweden s Riksbank said the chances of a...
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Exclusive Deutsche Bank among bidders for HSH Nordbank s debt portfolio
By Jonathan Saul and Andreas Kr ner LONDON FRANKFURT Reuters Deutsche Bank DE DBKGn is among more than 20 bidders in talks to potentially buy a 3 2 billion euro 3 5 billion loan portfolio from state owned rival HSH Nordbank HSH UL as Germany s biggest lender tries to do deals despite its troubles sources ...
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U S Treasury s Lew urges UK and EU to ensure smooth Brexit
LONDON Reuters U S Treasury Secretary Jack Lew said Britain and the European Union need to ensure their economies remain highly integrated when Britain leaves the bloc after he met financial industry representatives in London on Monday The Secretary reiterated that a transparent smooth and cooperative process...
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Facebook users check in to support North Dakota pipeline protests
By Timothy Mclaughlin and Amy Tennery Reuters Thousands of supporters of a Native American tribe and environmental activists fighting construction of an oil pipeline in North Dakota turned to social media on Monday in a bid to confuse police who they believe are using it to track the protesters More than 4 600 peo...
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This Big U S Bank Eyes Citical Resistance
Citigroup NYSE C doesn t have much to brag about from a long term perspective as it remains 80 off its high back in 2006 Yet Citi can brag about the gains it achieved from its 2009 lows it s up several hundred percent Below looks at Citi over the past 24 years which is why I think a critically important resista...
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Markets Move to New Highs
Global Commentary Asian markets were mostly higher on Wednesday extending a rally that has seen benchmark indices across the region gaining for the past month Japan s Nikkei reached its highest level in 21 years as investors there remain upbeat ahead of the Oct 22 snap elections The Nikkei is now up 7 over the pas...
JPM
Is It Time To Buy Gold Now
Now Is the Time to Buy Gold Gold has been in a downturn for more than two years now resulting in the lowest investor sentiment in many years Hardcore goldbugs find no explanation in the big picture financial numbers of government deficits and money creation which should be supportive to gold I have an explanation f...
JPM
Better Markets v DOJ In Re 13 Billion JPM Fine A Question Of Trust
13 billion is a lot of money even by Wall Street standards But is the 13 billion fine imposed on JP Morgan by the Department of Justice an appropriate penalty for the array of transgressions involved In order to answer that question one needs to rely on the inputs reviewed and the process utilized by the Department...
JPM
3 Top Ranked ETFs From The Hottest Sectors
Better than expected jobs report for February has raised hopes that the economy is beginning to thaw Most analysts now believe that weak economic data for the past couple of months was mainly the result of unusually cold weather conditions If they are correct the economy might pick up momentum as the spring arrives ...
JPM
Investment Firm Smashes Record Notches 99 92 Win Rate
Prepare to be stupefied Over the course of 1 238 trading days from January 1 2009 to December 31 2013 Virtu Financial had one day in which it lost money One Let that sink in for a moment 1 237 days of profits and only one day of losses And we thought J P Morgan s JPM stretch of 365 days of trading without...
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Shake Shack IPO Aiming For 1 Billion Valuation Report
By Rumblings about Shake Shack s proposed initial public offering are getting louder up and down Wall Street The burger chain s privately held parent Union Square Hospitality Group LLC reportedly seeking a 1 billion valuation for the 10 year old unit as a publicly traded company Last month people familiar with t...
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Morgan Stanley to pay 95 million in U S mortgage debt settlement
By Nate Raymond NEW YORK Reuters Morgan Stanley N MS has agreed to pay 95 million to resolve a lawsuit accusing the Wall Street bank of misleading investors in mortgage backed securities in the run up to the 2008 financial crisis The settlement disclosed in court papers filed Monday in New York federal court ...
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China s Tianhe denies overstating profits cites investor support
By Pete Sweeney and Stephen Aldred SHANGHAI HONG KONG Reuters Tianhe Chemicals has denied allegations that it made false statements in its initial public offering prospectus and said key investor Morgan Stanley Private Equity Asia MSPEA has given it full support A report by Anonymous Analytics which describes i...
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Rosneft may back out of Morgan Stanley oil unit deal sources
By Dmitry Zhdannikov LONDON Reuters Rosneft MM ROSN Russia s biggest crude oil producer may back out of a deal to buy Morgan Stanley N MS s oil trading unit because Western sanctions make it virtually impossible to finance day to day operations three sources close to the state controlled company said The ...
JPM
Trump is going to pitch his massive tax plan as unrigging the economy
President Donald Trump s fall push for the Republican tax reform effort kicks off Wednesday in Springfield Missouri And according to Ben White and Tara Palmeri at Politico Trump s message will paint the tax policy as a populist change aimed at unrigging the economy The Trump administration has said for months tha...
JPM
China s wealth managers look to profit from risk and capital crackdowns
By Sumeet Chatterjee and Julie Zhu HONG KONG Reuters As regulatory crackdowns in China hit risky investment products and capital outflows the country s private banks are looking to profit as they target a bigger share of growing wealth in the world s second largest economy Wealth managers like Noah Holdings and u...
JPM
Wells Fargo boosts estimate of fake accounts to 3 5M
Wells Fargo s NYSE WFC fake account scandal is worse than thought as the company reports 67 more unauthorized consumer and small business accounts than previously thought some 3 5M accounts vs previous estimates for 2 1M That s due to an expanded third party analysis that found 1 4M new accounts potentially...
JPM
Macron s labor reforms to boost Paris in post Brexit jobs race lobby
PARIS Reuters French President Emmanuel Macron s newly unveiled labor reform will boost Paris as a destination for banking jobs post Brexit by making its labor market more flexible than Germany s the head of lobbying group Paris Europlace said on Thursday Britain s decision to leave the European Union has opened ...
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Citi denies involvement in illegal money transfer on behalf of MTN
ABUJA Reuters Citigroup N C has denied being involved in any illegal foreign currency transfer on behalf of MTN Group J MTNJ according to a presentation the U S bank gave to the Nigerian parliament Nigeria is investigating whether South African telecoms company MTN unlawfully repatriated 13 92 billion fr...
JPM
Housing Auto Retail Sales Is The Economy Starting To Free Fall
In the latest retail sales report for December auto sales were nailed down 1 8 The only reason overall retail sales from November to December showed a slight gain that November s number was revised lower Electronics fell off of a cliff The housing market is about to get crushed Feedback I m getting from my ar...
JPM
Consumer Discretionary Sector Looking Wobbly
Per ThomsonReuter s This Week in Earnings the forward 4 quarter earnings estimate for the S P 500 fell 0 14 this past week to 120 60 from 120 74 The forward P E ratio is now 15 25 x the forward estimate The PEG on the S P 500 using the forward estimate is now 2 36 x with the average PEG since July 1 13 bein...
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Morgan Stanley Q2 adjusted EPS 0 60 beats expectations
Investing com Wall Street investment bank Morgan Stanley NYSE MS reported better than expected second quarter earnings ahead of Thursday s opening bell sending its shares higher in pre market trade Morgan Stanley said adjusted earnings per share came in at 60 cents above expectations for 56 cents For the curren...
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Morgan Stanley must pay 4 5 million to Banamex panel
By Suzanne Barlyn Reuters A unit of Morgan Stanley N MS must pay 4 5 million to Citigroup Inc s N C Banamex unit which alleged the firm had allowed funds in a family s trust account to be used to repay third party loans without its authorization according to a ruling on Friday A Financial Industry Regulatory...
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Exclusive Shake Shack picks JPMorgan Morgan Stanley to lead IPO sources
By Olivia Oran NEW YORK Reuters Shake Shack the fast food restaurant chain that has developed a cult following for its Shackburgers flat top hot dogs and eponymous shakes has selected JPMorgan Chase Co N JPM and Morgan Stanley N MS to lead a proposed initial public offering according to people familia...
JPM
Liechtenstein s LGT Bank plays up princely ties to woo Asian clients
By Joshua Franklin and Angelika Gruber ZURICH Reuters Liechtenstein s LGT Bank owned by the mini state s ruling family hopes to stand out in Asia s crowded private banking market by touting the clan s own track record of preserving wealth LGT is trying to tap into Asia s emerging ranks of millionaires and billio...
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Scandal hit Wells Fargo s quarterly profit falls 3 7 percent
By Dan Freed and Nikhil Subba NEW YORK Reuters Wells Fargo NYSE WFC Co s profit dropped for the fourth straight quarter as it set aside funds for potential legal costs from a bogus account scandal that cost former Chief Executive and Chairman John Stumpf his job The bank still posted net income that topped a...
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U S stocks trade higher Dow up 100 points while waiting for Yellen
Investing com Wall Street traded higher after a string of data and slew of bank earnings with markets still looking ahead to a widely anticipated appearance by Federal Reserve Fed chief Janet Yellen At 11 21AM ET 15 21GMT the Dow Jones gained 101 points or 0 57 the S P 500 rose 8 points or 0 36 and the tec...
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Global stocks dollar rebound on Chinese U S data
By Herbert Lash NEW YORK Reuters Global stocks and the dollar rebounded on Friday from losses a day earlier buoyed by a surprising rise in Chinese producer prices and strong U S economic data that bolstered expectations the Federal Reserve would raise interest rates in December The dollar was on track for its la...
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Strong auto purchases lift U S retail sales inflation stirring
By Lucia Mutikani WASHINGTON Reuters U S retail sales rebounded in September amid a surge in motor vehicle purchases and rise in discretionary spending pointing to solid demand that reinforces expectations of an interest rate increase from the Federal Reserve in December Other data on Friday suggested a pickup i...
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Citi s e commerce digital tie ups boost Asia consumer revenues
HONG KONG Reuters Citigroup Inc s N C tie ups with e commerce companies in Asia such as ride hailing firm Grab and online retailer Lazada Group are boosting revenues at its consumer business in the region the boss of Citigroup Asia said Revenues at Citi s Asia consumer division rose 3 percent in the third qua...
JPM
3 ETFs That Will Benefit From The Capital Shift Overseas
There s not much question that the U S stock market is in a traditional sense overvalued The S P 500 currently flashes a price to earnings P E ratio that is 20 higher than its historical average over a trailing 12 month period Similarly its price to sales P S ratio of 1 6 is conservatively speaking 25 g...
JPM
Daily Insight US Economic Growth Gets A Boost
Market Snapshot US economic growth was given an extra boost as the trade deficit gave its lowest reading in 4 years driven by America s domestic energy revolution As a result Morgan Stanley MS has raised its Q4 growth to 3 3 and J P Morgan Chase Co JPM claim this is more in line with 3 as opposed to 2 5 a...
JPM
Here s What You Need To Know About Volume
How often do you hear a trader investor or the media talk about volume I would wager that you hear about this topic pretty often As you may know volume is the number of shares or contracts traded in an equity during a specific period of time While that definition might seem helpful it really doesn t tell us what ...
JPM
Why JPM Is Going Higher Despite Missing The Street s Expectations
JP Morgan Chase JPM may have officially missed Wall Street s earnings consensus this morning but the report was better than the market ACTUALLY expected And the data suggests JPM stock price will drift upward relative to the broader market not down over the next three days Here s why The information below is der...
JPM
WFC And JPM Report Earnings Know These Levels
This morning the S P 500 Index e mini futures ES H4 are trading higher by 4 00 to 1819 00 per contract Traders and investors seem to be stepping back into the market after yesterday s sharp broad based decline Earlier today both JPMorgan Chase Co JPM and Wells Fargo Company WFC reported earnings These...
MS
Fed Rejects Capital Plans Of 5 Banks
By The U S Federal Reserve on Wednesday approved the capital plans for 25 major banks but denied its approval to five others including that of Citigroup Inc NYSE C news reports said The Fed did not allow Citigroup which was the largest American bank to have its capital plan rejected to reward its investors wi...