JPMorgan Financial News

One of Wall Street’s most prominent bears has just turned positive on the outlook for US stocks.

Big US bond investors have been aggressively shifting money into long-dated notes, betting that the unloved asset class will be one of the winners from eventual interest rate cuts. The largest 20 mutual fund managers in the US have increased duration over the past two months as yields climbed, according to research by JPMorgan Chase. Investors have been building positions by «piling into» high-grade corporate bonds to avoid the negative carry of government debt, said Nikolaos Panigirtzoglou, a global market strategist at the lender. Long-dated corporate bonds are winning back investors who fled as the market dialed back bets on imminent easing by the Federal Reserve. Now, the allure is returning as markets price in two rate cuts this year after data showed US inflation ebbing for the first time in six months.

It’s always a question worth asking yourself when you take on a project with a defined end date or completion condition – what’s my endgame here?  When I finish the project, what will happen to me? There are all too many sad stories of bankers who worked allhours to achieve a goal, then found out that once the thing was done, they weren’t needed any more.  Conversely, there are plenty of cases where getting a deal across the line created so much tension and bad blood that it was impossible for the executives involved to go on working together.

New research by JPMorgan sheds fresh light on spending patterns of partially retired households, revealing significant challenges and differences from their fully retired counterparts.

ICICI Securities Ltd, Nomura, Jefferies, JPMorgan, and JM Financial to manage the issue. The company had explored an IPO in August 2023 and was looking to raise ₹2,500 crore, or about $300 million, a CNBC report at the time said. IKS Health eventually did not pursue the plan at the time.

JPMorgan Chase & Co.’s asset management arm has created a new European money market fund focused on public debt, a kind of investment that largely disappeared when interest rates were negative.

JPMorgan maintained an overweight rating on LIC Housing Finance, Nomura has a buy rating on Info Edge, BofA Securities recommended a buy on Biocon and Jefferies upgraded M&M to buy. We have collated a list of recommendations from top brokerage firms from ETNow and other sources:

GameStop and AMC continued their slide for a second straight session on Thursday, as the euphoria over the return of "Roaring Kitty", who was the central figure in 2021 meme stock rally, fizzles out. Shares of the struggling videogame retailer GameStop fell 12% to $34 after jumping as much as $64.83 this week, while fetching $1 billion in losses for short sellers, according to Ortex Technologies. Theater chain AMC shed 5.5% following an 88% gain since Friday's close.

Bureau of Labor Statistics said it inadvertently released Consumer Price Index data 30 minutes early on Wednesday. “In advance of today’s CPI and Real Earnings releases, BLS inadvertently loaded a subset of files to the website approximately 30 minutes prior to the release,” BLS said in a statement posted on its website Wednesday evening.

The latest week was highlighted by positive public sentiment for bitcoin. Wells Fargo (WFC) and JPMorgan Chase (JPM) both reported holdings in spot bitcoin exchange-traded funds, and Twitter co-founder and former CEO Jack Dorsey forecast that bitcoin's price could climb to $1 million by 2030. Meanwhile, crypto analysts are tracking meme coins this week, as the return of famed GameStop retail trader «RoaringKitty» to social media led to a surge in prices over the weekend.

INOX India Q4 results: Net profit jumps 44% YoY to ₹44 crore; revenue up 17% Additionally, the company is exploring various avenues to raise funds, including American Depository Receipts (ADRs), Global Depository Receipts (GDRs), and Foreign Currency Convertible Bonds (FCCBs), among others. In the previous month, the metals-to-oil conglomerate announced its intention to raise funds amounting to ₹2,500 crore ($299.6 million) through debt securities. This fundraising initiative will involve issuing non-convertible debentures on a private placement basis.

The RIA subsidiary of small business 401(k) plans provider Human Interest, Inc. has appointed two retirement and investment industry veterans to its board.

Raamdeo Agrawal, Chairman, Motilal Oswal, says “in the last 25 years, total savings in the Indian economy was $10-12 trillion. But in the next 25 years, it is going to be $100 to $150 trillion and it is going to hit us every day. It is hitting us every day. This is the journey of India. By 10th or 12th year, India would be accumulating almost $5-6 trillion of savings per year. We are going to give birth to Morgan Stanley, Merrill Lynch, a big JPMorgan or big asset management company out of India with a serious scale.” There are a lot of themes in this market, PSUs, defence, railways but one theme which you have really understood over the years is autos and auto seems to be in a great patch now. Two-wheelers are doing well. Escorts is also looking well. Maruti is doing well, Tata Motors is doing well. Do you see this kind of a comeback in the autos, especially at the discretionary end of the market, to last for the next two-three years? Raamdeo Agrawal: So long as you have the rallies going on in the capital market, which is another source of what you call wealth creation for the people at large, they are going to use their market cap power or financial wealth that they have created in their portfolios for buying discretionary stuff, whether it is high-end housing, high-end cars, high-end fashion, travel, all luxurious things.

Read here: JPMorgan says India index inclusion on track, most clients ready Since the JPMorgan announcement, Indian sovereign bonds have seen about $8 billion of inflows into the so-called Fully Accessible Route securities, Bloomberg reported. Moreover, Bloomberg Index Services Ltd. also has announced to include India to its emerging markets index from January.

Just as it has targeted senior executives from JPMorgan Chase & Co. to lead its revamped wealth management business, Wells Fargo & Co. is turning to JPMorgan to fill out the top spots in its investment banking group, which is smaller than competitors.

JPMorgan Chase’s wealth management unit has signed on a Merrill Lynch advisor team that managed $28 billion in client assets, potentially marking the largest advisor recruiting move in wealth management history.

JPMorgan Chase & Co. is on track to include India in its emerging market debt index from June with most of its clients ready to trade, according to the firm’s global head of index research. “Based on the annual Index Governance Consultation process, market feedback so far has been largely positive, with the majority of our index clients already set up to trade in the IGB market,” managing director Gloria Kim said in an emailed reply to questions.

fiscal deficit, in absolute terms, could be slightly better than the revised estimates for FY24, on the back of better than expected revenue receipts, an official said. In the interim Budget in February, the government pegged its FY24 fiscal deficit at ₹17.35 lakh crore, against the budget estimate of ₹17.89 lakh crore. The deficit-to-GDP ratio was estimated to improve to 5.8% in FY24 from the budgeted 5.9%, despite slower-than-anticipated nominal growth.

Payments giant Mastercard joined several leading U.S. banks on Wednesday to test new distributed ledger technology to enable tokenized asset settlement between its entities.

Saudi Aramco, an oil colossus, is planning to splurge. Microsoft is likely to spend more. The comparison with the famously capex-happy energy industry is apt not just because of the sums involved.

Lupin fell 5% to Rs 1,598.3 in Tuesday's trade on BSE despite the pharma firm reported a 52% year-on-year (YoY) growth in its consolidated net profit at Rs 368 crore for the quarter ended March 2024. The same stood at Rs 242 crore in the last year quarter. Its revenue from operations in the same period jumped 12% YoY to Rs 4,961 crore as against Rs 4430 crore in the corresponding period of last year.