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Wall Street closed lower on Friday after mixed economic data appeared to affirm another Fed rate hike in May, dampening investor enthusiasm after a series of big U.S. bank earnings launched the first-quarter reporting season. Other major U.S. banks including Goldman Sachs Group Inc (GS.N), Bank of America Corp (BAC.N) and Morgan Stanley (MS.N) will report through the week. "Regional bank earnings will come in very slightly positive, while bigger banks will probably post surprisingly positive results," said Sam Stovall, chief investment strategist at CFRA Research. Prometheus Biosciences Inc (RXDX.O) rallied 69.5% on Merck & Co's (MRK.N) plans to buy the biotech company for about $10.8 billion. The S&P index recorded nine new 52-week highs and one new low, while the Nasdaq recorded 29 new highs and 55 new lows.

April 17 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. The Asian calendar on Monday is light, with only Indonesian trade and Indian wholesale price inflation potentially moving markets. Indonesia's central bank begins a two-day meeting, and will announce its policy decision on Tuesday. chartInvestors will also have the first opportunity to react to two developments over the weekend - a policy steer from China's central bank chief, and Saturday's apparent attack on Japanese Prime Minister Fumio Kishida. Yi also said the central bank will seek to get real interest rates slightly below the potential growth rate.

Wells Fargo executives detailed the bank's exposure to CRE at length during a conference call with analysts. Deposits at Wells Fargo fell 2% to $1.36 trillion at the end of March, compared with $1.38 trillion at the end of last year. "Both Wells Fargo and JP Morgan delivered very, very solid results, blowing past the expected earnings. Reuters GraphicsAverage loans in the bank's commercial banking division rose 15%, while commercial loans rose roughly 7% from a year earlier. Wells Fargo is also still working to contain the fallout from a scandal over its sales practices that led to hefty fines and an asset cap imposed by the Fed.

☆ Fears mount that Europe's commercial real estate sector could be the next to blow
▼ + stars: | 2023-04-14 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +6 min

Investors are questioning the health of the commercial real estate sector following a string of recent banking crises. Mike Kemp | In Pictures | Getty ImagesConcerns are mounting around the health of Europe's commercial real estate market, with some investors questioning whether it could be the next sector to blow following last month's banking crisis. Analysts at Citi now see European real estate stocks falling by 20%-40% between 2023 and 2024 as the impact of higher interest plays out. In a worst-case scenario, the higher-risk commercial real estate sector could plummet 50% by next year, the bank said. Pere Vinolas Serra, chief executive of Spanish real estate company Inmobiliaria Colonial and chairman of the European Public Real Estate Association (EPRA), said the situation in Europe looks paradoxically strong.

☆ Oil climbs on tightening supply; IEA demand outlook awaited
▼ + stars: | 2023-04-14 | by ( ) www.cnbc.com time to read: +3 min

An oil pumpjack in the Inglewood Oil Field, seen from the Kenneth Hahn State Recreation Area, on July 13, 2022, in Los Angeles, California. Oil prices rose on Friday on signs of lower Russian output and tighter supplies, with the market looking ahead to the International Energy Agency's monthly report later in the day to clarify the global demand outlook. The possibility that the agency might downgrade the global demand outlook over faltering macroeconomic growth is helping to cap prices. "It looks like the rally in crude prices has finally hit a wall," OANDA analyst Edward Moya said in a note. Oil prices are expected to record an upward trend but the increments are expected to be capped at $90 a barrel, said CMC Markets analyst Leon Li.

☆ Meet the 31-year old VC and self-made millionaire who faced Hong Kong loan sharks and his own fear of death
▼ + stars: | 2023-04-14 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +9 min

31-year old Maurice Ng came to the US with nothing after his family fled loan sharks in Hong Kong. It was a simple spreadsheet that inspired Maurice Ng at 29 to quit his job to become a venture capitalist. He deducted a little over 2,000 days for commuting time, and allowed himself 255 "regular sick days" and 10 "serious sick days." Assuming 3 meals a day, 365 days a year, 1 hour per meal, he deducted 5,817 days for eating. Despite the current turmoil in the tech industry and venture capital, Maurice seems to be inoculated against self doubt.

☆ Marketmind: Banks to test soft landing thesis
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike DolanWorld markets have surged this week on renewed hopes of disinflation, peak interest rates and a soft economic landing - and earnings from Wall Street's biggest banks now test the thesis. Markets will be most focussed on bank guidance on how much the March bank failure will crimp lending going forward. Next month's expected interest rate rise from the Federal Reserve is now expected to be the last and futures see up to 70 basis points of cuts from that point to year-end. And with China's booming trade numbers for last month also suggesting the world economy at large will comfortably skirt recession this year, "soft landing" hopes are back in vogue. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

[1/2] A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike SegarApril 13 (Reuters) - JPMorgan Chase & Co (JPM.N) has dropped or cut credit lines to a large number of Indian metals clients, sending them looking for new brokers, the head of Nanhua Financial UK told Reuters. "Loads of Indian clients have enquired because JP Morgan cancelled their accounts," said Nong Yan, chief executive of Nanhua Financial UK, the British arm of one of the biggest future brokers in China. Broker Marex Financial has also been picking up new clients as JP Morgan and other banks reduce their exposure to metals and commodities, its chief executive said. "It's not just JP Morgan, all of these banks are sharpening their focus.

☆ JPMorgan scales down metals business - Bloomberg News
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

[1/2] A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike SegarApril 13 (Reuters) - JPMorgan Chase & Co (JPM.N) has stopped working with dozens of base metals clients and slashed bonuses of its bankers after last year's nickel crisis, Bloomberg News reported on Thursday, citing people familiar with the matter. JPMorgan's metals business has been under strict internal scrutiny due to the bank's role in the upheaval last year, when the London Metal Exchange (LME) was forced to suspend nickel trading after the metal's prices doubled. JPMorgan has cut numerous base metals clients in Asia, particularly stopping business with privately owned Chinese companies, according to the Bloomberg report. The bank is continuing to work only with a few large, long-standing clients in the region, the report added.

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, March 10, 2023. Futures also showed expectations rose of the Fed cutting rates noticeably in September, and more deeper by December. "The way we've been trading over the last sessions indicates that the market is more positively positioned with regards to their exposure to Treasuries," Skiba said. The dollar index fell 0.48%, at its lowest in two months, while the yen strengthened 0.55% at 132.41 per dollar. The Aussie dollar rose 1.0% on the back of surprise surges in both Chinese exports, which rose 14.8% compared with last March, and domestic Australian jobs.

☆ Stocks and gold cheer U.S. inflation picture, while dollar slides
▼ + stars: | 2023-04-13 | by ( Amanda Cooper | ) www.reuters.com time to read: +5 min

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, March 10, 2023. The annual 5% headline rise for U.S. inflation was the smallest since May 2021 and down from 9.1% last June. The dollar index was down 0.2%, near its lowest in two months, while U.S. stock futures , rose 0.1-0.2%, suggesting a modest rally at the open. The Aussie dollar rose 0.6% on the back of surprise surges in both Chinese exports, which rose 14.8% compared with last March, and domestic Australian jobs. Alibaba shares (9988.HK) fell by as much as 5% at one stage, but later pared losses to close 2% lower.

☆ Morning Bid: Euro(pe) is on a roll
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in European and global markets from Tom WestbrookThe euro emerged as the clearest winner of slowing U.S. inflation and a watchful Fed. The common currency climbed 0.7% on Wednesday and was still going at $1.10 in the Asian morning. It is up seven weeks in a row - the longest winning streak since the latter stages of 2020 when the dollar was falling and global markets were in a stimulus-soaked euphoria. The thinking goes that inflation will keep Europe's central bankers more hawkish than their U.S. counterparts, although perhaps not by much. Earnings this week could test the dollar's downtrend as markets look for signals on consumer behaviour and signs of tightening credit.

☆ Tech drags Hong Kong stocks, dollar squeezed as US inflation slows
▼ + stars: | 2023-04-13 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

SINGAPORE, April 13 (Reuters) - Asian stocks struggled on Thursday, dragged by selling in Hong Kong tech shares, while the dollar was under pressure and short-dated bonds were firm as softening U.S. inflation seemed to suggest the U.S. rate hike cycle was nearing its end. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) slid 0.3%, largely pressured by a 1.5% drop in Hong Kong tech stocks (.HSTECH) in the wake of the Financial Times reporting SoftBank was selling down its Alibaba stake. Alibaba shares (9988.HK) were down 3% in early trade and SoftBank (9434.T) shares flat and neither immediately responded to Reuters enquiries. Elsewhere oil prices held sharp gains made in the wake of the inflation data, with Brent crude futures steady at $87.22 a barrel. Shares of embattled Chinese property developer Sunac China (1918.HK) resumed trade after a more than year-long suspension in Hong Kong, with the company in the midst of a debt restructure.

☆ JPMorgan executives knew of Epstein sex abuse claims, court filing alleges
▼ + stars: | 2023-04-13 | by ( Lauren Del Valle | ) edition.cnn.com time to read: +4 min

New York CNN —A new court filing alleges JPMorgan Chase executives were aware of sex abuse and trafficking allegations against its then-client Jeffrey Epstein, several years before the financial institution cut ties. The new complaint against JP Morgan, filed Wednesday, comes days after its CEO Jamie Dimon sat down with CNN’s Poppy Harlow in an exclusive interview. A JP Morgan spokesperson declined to comment to CNN about the newly filed complaint, which was part of the lawsuit filed in December. Attorneys for JP Morgan have denied the allegations. High level bank officials also met about Epstein’s account and the allegations against him as far back as 2008, according to the court filing.

☆ People Can't Get Ozempic, New Weight-Loss Drugs Because of Broken Healthcare System
▼ + stars: | 2023-04-13 | by ( ) www.businessinsider.com time to read: +15 min

Wegovy is just one of a wave of revolutionary weight-loss drugs, which also includes the buzzy Ozempic, that represents a watershed moment for obesity treatment. Demand for weight-loss drugs is surgingDoctors and healthcare professionals searched for a healthy, safe, and effective weight-loss solution for years before the drugs, known collectively as GLP-1 agonists, exploded on the scene. If there is one key that could unlock access to expensive weight-loss drugs for Americans, it's Medicare. Expanding coverage for Ozempic and other weight-loss drugs for just a small segment of the population could cost Medicare up to $26.8 billion a year. Patients lose outYears from now, patients may have an easier time getting their hands on weight-loss drugs.

☆ World stocks cling to upbeat mood, dollar stalls
▼ + stars: | 2023-04-11 | by ( Dhara Ranasinghe | ) www.reuters.com time to read: +5 min

European stocks added 0.5% (.STOXX), U.S. equity futures pointed to a positive Wall Street open , and Japan's blue-chip Nikkei rallied over 1% (.N225). Markets price in a roughly 70% chance of a May hike, having last week priced such a move as a coin toss. Traders still price in rate cuts by year-end as the economic growth outlook weakens, exacerbated by banking turmoil. U.S. March inflation data on Wednesday could provide the next steer for markets on the rate outlook. U.S. Treasury yields edged down on Tuesday, however, , with rate sensitive two-year yields 4 bps lower at 3.96%.

☆ Morning Bid: Have payrolls resurrected the 'soft landing'?
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +2 min

[1/2] An employee hiring sign with a QR code is seen in a window of a business in Arlington, Virginia, U.S., April 7, 2023. Earnings for Citi, Wells Fargo and JP Morgan Chase & Co later in the week will be in focus for colour on financial conditions. Inflation figures due Wednesday can also help markets to gauge how aggressive the Federal Reserve may need to be. Friday's jobs data lifted yields, but didn't substantially shift a bigger picture view that hikes are all but finished and cuts are coming. China is running military exercises in the wake of Taiwan's president visiting the United States, while the U.S. scrambles to find the source of a damaging document leak.

Earnings per share for the six biggest U.S. banks are expected to be down about 10% from a year earlier, analyst estimates from Refinitiv I/B/E/S show. The bank is expected to report a 30% rise in EPS, buoyed by an almost 36% increase in net interest income, according the Refinitiv I/B/E/S estimates and Reuters calculations. "We expect a challenging earnings season for the banks," said David Chiaverini, banking analyst at Wedbush Securities, in a note. He said bank managements will become more defensive, implementing liquidity measures that could lead to downward revisions for net interest income. Net interest income for the six biggest U.S. banks are expected to be up about 30% from a year earlier, according to analyst estimates from Refinitiv I/B/E/S.

☆ Golf and bowling see an uptick in consumer interest following the pandemic, says JPM's Matt Boss
▼ + stars: | 2023-04-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGolf and bowling see an uptick in consumer interest following the pandemic, says JPM's Matt BossMatt Boss, leisure analyst at JP Morgan, joins 'The Exchange' to discuss the macro and micro picture for the golf industry, and post-pandemic growth in golf, and the latest innovations in golf driving spending.

☆ Analysis: Gloomy U.S. bank sector could yield payoff for contrarian options bets
▼ + stars: | 2023-04-10 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +4 min

While the S&P 500 index (.SPX) has advanced 6% since mid-March, when the failure of Silicon Valley Bank (SVB) sparked tumult in the banking sector, investors have been more wary of financial stocks. The S&P 500 Banks Group (.SPXBK) is up just 3% from its March low and remains down 14% for the year. The pervasive gloom around financial stocks has increased the cost for investors betting on more downside while making it relatively inexpensive to bet on a rebound. For investors who believe financial earnings and guidance will come in better than expected, Elevation Securities recommended buying Financial Select Sector SPDR Fund (XLF.P) call options at the 33 strike. "Given how beaten up bank stocks are, buying calls into earnings can make sense," said Michael Purves, chief executive officer at Tallbacken Capital Advisors.

☆ Central Europe's policymakers double down on hawkish message
▼ + stars: | 2023-04-07 | by ( Jan Lopatka | ) www.reuters.com time to read: +5 min

As central Europe's central banks were faster than their major peers to hike rates, they had also been expected to lead the way in easing. That message was underlined on Thursday when February data showed industrial wage growth in the double digits. "We do not expect a rate hike," it said after the Czech policy meeting last week. CEE inflation pushing past a peakThe Polish central bank also struck somewhat hawkish tones at its news conference on Thursday after holding rates steady. Romania's central bank left rates unchanged on Tuesday and said inflation may come down faster than previously thought.

☆ Unstable markets drag Canadian M&A, debt issuance to four-year low
▼ + stars: | 2023-04-06 | by ( Maiya Keidan | ) www.reuters.com time to read: +3 min

The collapse of regional banks Silicon Valley Bank and Signature Bank in the U.S. tightened credit market making funding difficult for deals. As the banking crisis abate and many global central banks move to the sidelines to assess the impact of rapid interest rates hikes, bankers are, however, betting that appetite for dealmaking would return. Canadian M&A volumes totalled $34.7 billion in the first quarter, down 52.3% from a year ago, with dealmaking off to the worst start since the same period in 2020. Some market participants noted the second quarter is already off to a stronger start, with the mining sector gathering momentum. Abeed Ramji, head of Canadian Debt Capital Markets at TD, said the lack of issuance from banks impacted the corporate debt market, adding that global markets had become more expensive for financing.

☆ TD world's most shorted banking stock, shares down -ORTEX data
▼ + stars: | 2023-04-05 | by ( Maiya Keidan | ) www.reuters.com time to read: +2 min

Around 4.1% of TD's outstanding shares were out on loan to hedge funds, while the second-most shorted bank stock, JP Morgan , only had $2.3 billion worth of shorts, showed the data. Hedge funds profit when they borrow a stock from an institutional investor and sell it back when the price falls, pocketing the difference, a practice known as short-selling. Turmoil in the banking sector began last month with the collapse of regional banks Silicon Valley Bank and Signature Bank, sparking a crisis of confidence. TD shares are down 15.7% since the beginning of the regional bank crisis and down 3.4% this week. Around 2.9% of BMO's outstanding shares were out on loan to hedge funds, or about $1.8 billion.

☆ TD world's most shorted banking stock, ORTEX data shows; shares fall
▼ + stars: | 2023-04-05 | by ( Maiya Keidan | ) www.reuters.com time to read: +2 min

☆ Club meeting recap: Jim Cramer says 'the existential threat is gone for J&J'
▼ + stars: | 2023-04-05 | by ( Paulina Likos | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Jim Cramer said Wednesday that J & J's proposal could mean, "the existential threat is gone for J & J." Watch Eli Lilly Club holding Eli Lilly (LLY) will report a key phase-3 data readout of its Alzheimer's drug Donanemab in the next one-to-two months. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

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