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☆ JP Morgan 'pulled the levers' of Jeffrey Epstein's sex-trafficking operation, US Virgin Islands says in new lawsuit
▼ + stars: | 2022-12-29 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +5 min

A new lawsuit alleges JP Morgan facilitated Jeffrey Epstein's sex-trafficking scheme. Earlier this year, the US Virgin islands settled a separate lawsuit, first brought in 2020, with Epstein's estate and its executors. "JP Morgan ignored numerous red flags and failed to comply with federal banking regulations until years later after JP Morgan was no longer benefiting from Epstein's business," the lawsuit says. In addition to the US Virgin Islands, an anonymous "Jane Doe" filed lawsuits against JP Morgan and Deutsche Bank in November, alleging the financial institutions benefitted from Epstein's sex-trafficking operation. That same company, Hyperion Air, is identified by the US Virgin Islands Attorney General as one of Epstein's accounts with JP Morgan.

☆ Bankers are expecting a terrible bonus season. A survey says 72% will consider quitting if theirs gets cut.
▼ + stars: | 2022-12-28 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +3 min

A survey of 1,096 bankers saw 72% of respondents say they will consider resigning if their bonus is cut. "Most people think it's the worst year since the financial crisis," Alan Johnson, managing director of Johnson Associates, previously told Insider. "People are worried about a lot of departures, and the kind of departures of the first-quartile people," a person close to the situation previously told Insider. Other workers in M&A and tech could also face layoffs and slowdowns in hiring, Alan Johnson previously told Insider. On the other end, investment bank advisors will likely have their bonuses cut by 15% to 20%.

☆ 2023 will be the year of central bank pivots, says JP Morgan's Jordan Jackson
▼ + stars: | 2022-12-27 | 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 Email2023 will be the year of central bank pivots, says JP Morgan's Jordan JacksonErik Knutzen, chief investment officer of Neuberger Berman's multi-asset class portfolios, and Jordan Jackson, global market strategist at J.P. Morgan, join 'Squawk on the Street' to discuss strength in the jobs market, cooling in the demand for services, and more.

Industrial profits fell 3.6% in January-November from a year earlier to 7.7 trillion yuan ($1.11 trillion), according to data released by the National Bureau of Statistics (NBS) on Tuesday. Industrial profits could fall further in December with many cities facing a surge in COVID infections, said Hao Zhou, chief economist at GTJAI. For January-November, profits at private-sector firms shrank 7.9%, a slight improvement from the 8.1% fall in the first 10 months. China's economic growth was just 3% in the first three quarters of this year and is expected to stay around that rate for the full year, one of its worst years in almost half a century. Industrial profit data covers large firms with annual revenues above 20 million yuan from their main operations.

☆ Tech fund manager backs these 2 software stocks will outperform in a recession
▼ + stars: | 2022-12-23 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Enterprise-software giants ServiceNow and Salesforce are set to be beneficiaries of a recession in 2023, according to tech fund manager Jeremy Gleeson. The two Silicon Valley giants sell software services that aim to make businesses' sales, customer service, and operational workflows more efficient. Gleeson, who manages the £1.1 billion ($1.5 billion) tech fund AXA Framlington Global Technology Fund, said both firms would benefit from companies looking to reduce costs during a recession by automating parts of their operations. Salesforce shares closed at $130 on Wednesday. JP Morgan analysts believe the company is set to outperform its peers despite the "worsening macro environment".

☆ Factbox: Russian gold taken out of exchange-traded fund stockpiles
▼ + stars: | 2022-12-21 | by ( Peter Hobson | ) www.reuters.com time to read: +4 min

In an analysis about investors shunning Russian gold, Reuters examined lists of gold bars owned by eleven large funds. By late November, the proportion of Russian gold in the stockpiles of eight had fallen. SPDR Gold MiniShares, whose gold is stored by ICBC Standard, saw an almost 50% fall in the amount of Russian gold it holds. Russian gold bars refined before March 7 this year are still eligible to own and trade, it said. GRANITESHARESGraniteShares said it did not distinguish between different brands of good delivery gold including pre-war Russian gold, and that it had not asked its custodian, ICBC Standard, to reduce its holdings of Russian bullion.

☆ Analysis: Russian gold removed from some Western funds after Ukraine
▼ + stars: | 2022-12-21 | by ( Peter Hobson | ) www.reuters.com time to read: +6 min

But the data, compiled by Reuters, shows Russian gold being removed at a significantly faster pace than that from other countries. One said he had asked the bank paid to store his fund's gold to allocate as little Russian metal as possible to it. Russian gold removed from such funds was often reassigned to other owners in the same location, the bankers said. JP Morgan, which stored around 1,050 tonnes of gold for the funds, trimmed Russian gold by 13% and non-Russian gold by 9%. However, the two largest funds, BlackRock's (BLK.N) iShares Gold Trust and the World Gold Council's SPDR Gold Shares, actually increased their proportion of Russian gold.

☆ Bank of Japan makes surprise policy tweak
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +8 min

ATUSHI TAKEDA, CHIEF ECONOMIST, ITOCHU ECONOMIC RESEARCH, TOKYO:"Today's move reflects the BOJ's determination not to alter its yield cure control policy. CAROL KONG, CURRENCY STRATEGIST, COMMONWEALTH BANK OF AUSTRALIA, SYDNEY:"I think the move was certainly unexpected, to say the least. MOH SIONG SIM, CURRENCY STRATEGIST, BANK OF SINGAPORE:"They've widened the band, and I guess that came earlier than expected. CHRISTOPHER WONG, CURRENCY STRATEGIST, OCBC, SINGAPORE:"The timing of the policy tweak is a surprise, though we have been expecting the move to come in 2Q 2023. "The tweak may seem modest but is significant for a central bank that has held dovish for a long time.

Japan's Nikkei Stock Index (.N225) shed 2.2% after trading in positive territory earlier in the day, as stocks resumed trading following the BOJ decision. The dollar dropped 2.43% against the yen to 133.62 after the BOJ decision, hitting a four-month low. In early European futures trading, the pan-region Euro Stoxx 50 futures were down 0.89% at 3,784, German DAX futures were down 0.91% at 13,888, FTSE futures were down 0.63% at 7,321. U.S. stock futures, the S&P 500 e-minis , were down 0.52% at 3,825.5. In Asian trading, the yield on benchmark 10-year Treasury notes rose to 3.6752% compared with its U.S. close of 3.583% on Monday.

☆ Bank of Japan reviews yield-curve control policy
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +4 min

Dec 20 (Reuters) - The Bank of Japan has slightly loosened the shackles on its 10-year yield target and said it will review its yield-curve control policy, surprising financial markets and sending the yen sharply higher. However, it is only a first step and yield-curve control (YCC) remains in place, as does negative rate strategy. CAROL KONG, CURRENCY STRATEGIST, COMMONWEALTH BANK OF AUSTRALIA, SYDNEY:"I think the move was certainly unexpected, to say the least. MOH SIONG SIM, CURRENCY STRATEGIST, BANK OF SINGAPORE:"They've widened the band, and I guess that came earlier than expected. CHRISTOPHER WONG, CURRENCY STRATEGIST, OCBC, SINGAPORE:"The timing of the policy tweak is a surprise, though we have been expecting the move to come in 2Q 2023.

☆ Asian markets mostly weaker as investors question China reopening
▼ + stars: | 2022-12-20 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +4 min

China is pushing on with easing restrictions after three years of COVID-19 lockdowns which is leaving to investors to question how financial markets will react to the reopening. "Once they do reopen, there will be positive sentiment and China will become a growth story for the world again." Australian shares (.AXJO) on Tuesday were down 0.72%, while Japan's Nikkei stock index (.N225) rose 0.34%. In Asian trading, the yield on benchmark 10-year Treasury notes rose to 3.5993% compared with its U.S. close of 3.583% on Monday. "The subsequent hawkish Fed policy update remains fresh in the minds of investors," NAB analyst wrote on Tuesday.

☆ BOJ may unwind ultra-easy policy in 2023, nearly half of economists say- Reuters poll
▼ + stars: | 2022-12-19 | by ( Kantaro Komiya | ) www.reuters.com time to read: +4 min

TOKYO, Dec 19 (Reuters) - The Bank of Japan (BOJ) could unwind its ultra-loose monetary policy between March and October next year, according to almost half the economists in a Reuters poll on Monday, much sooner than predicted in previous projections. Of 26 economists polled, 11 expect the central bank will unwind its ultra-loose policy between March and October, the Dec. 8-15 poll found. Half, or 13, said the BOJ wouldn't scale back until 2024 or later and two still expect the next move to be more easing of policy. The most common means tipped by analysts for the BOJ to unwind stimulus would be a tweak to its forward guidance, according to 15 respondents. DEFENCE WITHOUT DEBTAsked about how Japan's defence budget spending increase would ideally be funded, nine of 20 economists chose tax hikes.

☆ JP Morgan signs deal for stake in fintech Viva Wallet for over $800 million
▼ + stars: | 2022-12-17 | by ( ) www.reuters.com time to read: +1 min

ATHENS, Dec 17 (Reuters) - JP Morgan (JPM.N) has signed a deal to buy a 48.5% stake in Athens-based payments fintech Viva Wallet for more than $800 million, a person with knowledge of the matter told Reuters on Saturday. The source, who spoke on condition of anonymity, said the deal was expected to be announced early next week. Both JP Morgan and Viva Wallet declined to comment. JP Morgan announced in January that it had agreed to acquire a stake in Viva Wallet. Cloud-based Viva Wallet, which operates in 23 countries across Europe, provides card acceptance services through its POS application, add-on Google play devices and advanced payment systems in online stores.

[1/4] People wait in line at a coronavirus disease (COVID-19) test centre in Xinyang, China, this still image obtained from social media video released December 15, 2022. China reported 2,157 new symptomatic COVID-19 infections for Dec. 15 compared with 2,000 a day. There is particular concern about China's hinterland in the run up to China's Lunar New Year holiday starting on Jan. 22. The COVID scare in China also led people in Hong Kong, Macau and in some neighbourhoods in Australia to go in search for fever medicines and test kits for family and friends on the mainland. JP Morgan on Friday revised down its expectations for China's 2022 growth to 2.8%, which is well below China's official target of 5.5% and would mark one of China's worst performances in almost half a century.

☆ VIEW Bank of England raises rates to 3.5%, says inflation has peaked
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +7 min

LONDON, Dec 15 (Reuters) - The Bank of England on Thursday raised interest rates by a widely expected 50 basis points (bps) to 3.50%, in its ninth straight increase - and its eighth this year. UK rates began rising in December 2021, making the BoE the first of the world's major central banks to kick off a monetary policy-tightening cycle. MONEY MARKETS: Interest rate swaps showed investors expected rates to peak at 4.46% by next August, compared with an anticipated terminal rate of 4.53% just before the decision. Their own numbers have been pointing to a recession for a little while, and they've still materially hiked interest rates. EDWARD HUTCHINGS, HEAD OF RATES, AVIVA INVESTORS, LONDON:"The Bank of England duly delivered on financial markets expectations of a 0.50% hike.

☆ JPMorgan, Citi and BNP invest in risk management provider Acin
▼ + stars: | 2022-12-15 | by ( Andres Gonzalez | ) www.reuters.com time to read: +1 min

[1/3] A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike SegarLONDON, Dec 15 (Reuters) - A group of five banks including JPMorgan , Citi (C.N) and BNP Paribas (BNPP.PA) are among the investors who backed an overall $24 million fundraising for risk control specialist Acin as part of their strategy to step up their risk expertise. "We have been working with Acin for the past three years, during which they have supported our established operational risk management and assessment practices," said Julian Liau, Chief Controls Manager at JPMorgan. Both Notion Capital and Fitch Ventures backed Acin in the last fundraising. Acin helps financial institutions digitise their operational and non-financial risk analysis, using its data analytic capabilities.

☆ Goldman Sachs thinks the 60/40 portfolio is far from dead and is set to make a strong comeback in 2023, if history is any guide
▼ + stars: | 2022-12-15 | by ( Anil Varma | ) www.businessinsider.com time to read: +3 min

But Goldman Sachs Asset Management says it could come back in 2023, going by past patterns. Not so fast, according to Goldman Sachs Asset Management. Furthermore, history shows the 60/40 portfolio tends to deliver strong returns in the years immediately following a period of negative returns, Goldman Sachs Asset Management said in its note. "Performance for an illustrative traditional 60/40 portfolio has been challenged in 2022 amid surges in interest rates, recession risk, and broader market uncertainty," it said. The outlook for the 60/40 portfolio has also brightened due to increased bond yields, according to Goldman Sachs Asset Management.

☆ Half of US employers are planning layoffs. Here's how to start 'career cushioning' so that you aren't screwed if you lose your job.
▼ + stars: | 2022-12-10 | by ( Shana Lebowitz | ) www.businessinsider.com time to read: +4 min

It helps to be prepared — to "career cushion" — so you're not blindsided if you lose your job. Start by updating your LinkedIn profile, networking more creatively, and thinking about your goals. Knowing you're prepared for whatever comes next can help mitigate some of that terror. Update your social-media profilesHeitmann said the first — and potentially easiest — thing to do is update your LinkedIn profile. "It's always helped me to really think through how to be prepared," Heitmann said.

☆ JP Morgan asset managers buck the doomsayers of Wall Street, predicting a better 2023 for stocks and bonds
▼ + stars: | 2022-12-09 | by ( Anil Varma | ) www.businessinsider.com time to read: +5 min

JP Morgan Asset Management sees a better 2023 for stocks, even as big Wall Street banks warn of sharp falls. "The worst of the market volatility is behind us and both stocks and bonds look increasingly attractive," JP Morgan Asset said. More interest-rate rises look limited, bringing some cheer for markets in 2023, top asset manager Janus Henderson agreed. Here's a selection of commentary and predictions from the two asset managers on 2023 investment prospects. JP Morgan Asset Management"Our base case sees a moderate recession in most major developed economies in 2023.

☆ Investors focus on lower earnings outlook for 2023, but the evidence is so far mixed
▼ + stars: | 2022-12-07 | by ( Bob Pisani | ) www.cnbc.com time to read: +2 min

The boomlet from Fed Chair JeromePowell's speech is now over. Second, a string of hot economic reports (November nonfarm payrolls, strong hourly earnings, strong ISM Services report), has convinced many that the much anticipated year-end stock rally is not going to happen. At the Goldman Sachs Financial Services Conference on Tuesday, CEOs were cautious but not gloomy. While some chose to focus on one or two CEOs warning of a slowing economy, most CEOs at the conference were not pessimistic. The bottom line: Investors, for the moment, are choosing to believe that the outlook for 2023 is leaning more to "earnings are going lower" rather than "earnings will be flat."

☆ Wall Street bonus survey shows that most bankers and traders think they will be the exception to the 2022 compensation slump
▼ + stars: | 2022-12-06 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +5 min

Wall Street bonuses are predicted to fall as much as 45% this year amid a dealmaking slump. But a recent survey of traders and investment bankers suggests few think the slump will apply to them. The word on Wall Street ahead of the holidays has been loud and clear: Bonuses won't be good this year. Senior traders who predicted big bonus increases said they were expecting to be paid up because their personal P&L was up, according to the survey. Are you concerned about your bonus or taking steps to secure a bigger slice of the bonus pool?

☆ There's a good chance your tax refund will be smaller this year
▼ + stars: | 2022-12-06 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +3 min

However, many of those have now wound down, and it means smaller tax refunds for some filers. The Child Tax Credit and Earned Income Tax Credit will both be smaller for some taxpayers. Specifically, the enhanced Child Tax Credit (CTC) and the Earned Income Tax Credit (EITC) will revert to their pre-pandemic levels. But after Democrats failed to renew the enhanced credit, eligible parents are set to receive only up to $2,000 for the child tax credit. Now, many of those credits are winding down, although some progressives are mounting efforts to try and beef up the Child Tax Credit alongside any tax breaks for big corporations.

☆ South Africa's Ramaphosa hits back as party backs him over 'Farmgate' scandal
▼ + stars: | 2022-12-05 | by ( Kopano Gumbi | ) www.reuters.com time to read: +4 min

A copy of court papers filed by Ramaphosa's lawyers in the Constitutional Court showed Ramaphosa wanted the panel report "reviewed, declared unlawful and set aside." Ramaphosa also wants any steps taken by the lower house of parliament, the National Assembly, over the panel report to be declared unlawful and invalid, the papers showed. South Africa's parliament postponed by a week to Dec. 13 a debate that had been scheduled for Tuesday on the report. [1/5] South African President Cyril Ramaphosa leaves the African National Congress (ANC) National Executive Committee meeting in Johannesburg, South Africa, December 5, 2022. That we will not support this report," Mashatile told reporters.

☆ Wall Street's biggest landlords thought they had a great hedge against inflation. But now these giant homebuyers are getting slammed by rising costs — just like the rest of us.
▼ + stars: | 2022-12-05 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +5 min

Two Wall Street analysts are seeing warning signs for big landlords like Invitation Homes. Raymond James downgraded its rating of Invitation Homes for the first time ever. Single-family rental companies face new challengesHigh interest rates mean that it costs substantially more for single-family rental companies to buy up thousands of homes. In key markets like Texas, Florida, and Georgia, property taxes may increase by 20 to 30% year-over-year, according to Raymond James. According to Carl and Rosivach, Invitation Homes' rent collection rolls are 2% lower than they were pre-pandemic, while on-time payments are 5% lower than they were pre-pandemic.

☆ Amgen says experimental obesity drug has promising durability
▼ + stars: | 2022-12-03 | by ( Deena Beasley | ) www.reuters.com time to read: +3 min

LOS ANGELES, Dec 3 (Reuters) - Amgen Inc's (AMGN.O) experimental obesity drug demonstrated promising durability trends in an early trial, paving the way for a larger mid-stage study early next year, company officials said ahead of a data presentation on Saturday. The small Phase I trial found that patients maintained their weight loss for 70 days after receiving the highest tested dose of the injected drug, currently known as AMG133. Amgen shares have gained about 5% since the company said on Nov. 7 that 12 weeks of trial treatment at the highest monthly dose of AMG133 resulted in mean weight loss of 14.5%. Patients treated with AMG133 did have side effects including nausea and vomiting, but most cases were mild and resolved within a couple of days after the first dose, Amgen said. The drug was developed from work at Amgen to identify genetic signals associated with lower fat mass and body weight, and also healthy metabolic profiles, explained Saptarsi Haldar, head of cardiovascular metabolic discovery at Amgen.

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