JPMorgan Financial News

This year, Indian debt will begin to be included in global bond indexes, starting with JPMorgan Chase & Co.’s products in June, followed by the Bloomberg Emerging Market Local Currency Government Index from January 2025. (Disclaimer: Bloomberg LP, the parent company of Bloomberg News, offers index products for various asset classes through Bloomberg Index Services Ltd.) And, when last quarter’s growth numbers were announced in the past fortnight, analysts were startled to see that the Indian economy had apparently grown at an annualized rate of 8.4%. There are certainly solid grounds for optimism. India’s macroeconomic stability is impressive compared to many of its peers. Pandemic spending wasn’t excessive. The fiscal deficit has been steadily shrinking as a proportion of gross domestic product. The rupee has been remarkably stable. And “core” inflation, which excludes food and fuel prices, has eased to 3.3% year-on-year, according to data released this week.

JPMorgan analysts remain bearish on Bitcoin’s near-term future, believing the asset’s current rally is attributable to retail and speculative institutions.

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Bitcoin has expanded its last year’s momentum into 2024, with the BTC price blasting above the $72,000 mark earlier in the week, hence touching a new all-time high for the first time since November 2021.

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Jamie Dimon, CEO of JPMorgan Chase, voiced his support for Disney (DIS) CEO Bob Iger in his proxy war against activist investor Trian Partners, according to CNBC.

Abhinav Bharti is leaving the US bank, according to people familiar with the matter. He will be replaced by Arvind Vashistha, former managing director of Citigroup Inc. in India, the people said, asking not to be identified because the matter is private. Bharti is leaving after working for more than 13 years with JPMorgan, according to his LinkedIn profile. He was elevated to managing director in 2022. He joined the firm as an associate from Kotak Mahindra Bank Ltd.’s investment banking arm in 2010.

By Paritosh Bansal

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Quiver Quantitative — Jamie Dimon, CEO of JPMorgan (JPM), recently expressed caution about the U.S. economic outlook, suggesting that a recession could still be a possibility. Speaking at the Australian Financial Review Business Summit, Dimon remarked that while many are expecting a soft economic landing, the chances of such an outcome might be lower than anticipated. He voiced concerns about stagflation, a scenario where inflation and unemployment rise simultaneously while economic growth stalls. Dimon’s comments come at a time when economic indicators have been skewed due to the Covid-19 pandemic, leading him to advise the Federal Reserve to wait for more clarity before cutting interest rates.

Prime Minister Shehbaz Sharif picked a former banker from JPMorgan Chase & Co. as finance minister to help bolster the cash-strapped economy after a contentious election. Muhammad Aurangzeb, 59, was appointed to the position, the Finance Ministry confirmed in a post on X.

LONDON (Reuters) — JPMorgan forecast on Monday that Egypt's central bank could hike its key interest rate by another 200 basis points later this month amid signs that inflation was going «to the moon» following a bumper currency devaluation.

If anyone has a bad word to say about Filippo Gori, the new co-head of banking at JPMorgan, they're not saying it. Instead, all indications are that 49 year-old Gori, who was promoted last week to become co-head of banking alongside Doug Petno when Vis Raghavan left, is very popular indeed.

When chief executives are selected in investment banks, it tends to be a closed door affair. The outgoing leader chooses the next, and there is often some fallout. David Solomon's ascension at Goldman Sachs resulted in his unsuccessful opponent, Harvey Schwartz,joining Carlyle Group. Jamie Dimon's succession machinations at JPMorgan seem to have been partly responsible for Vis Raghavan's exit to Citigroup. Only Ted Pick at Morgan Stanley was chosen by James Gorman in a peculiarly bloodless baton-handing, although it remains to be seen whetherAndy Saperstein and Dan Simkowitz will stay long as number twos. 

JPMorgan strategists said in a Monday note that the Magnificent Seven stocks are now cheaper compared to the broader equity market than they were five years ago, citing their most recent earnings data.

IndiGo Co-founder Rakesh Gangwal is believed to have sold around 2.6 crore shares or 6.7% equity in a block deal worth over Rs 7,000 crore of the airline in a large block deal on Monday. While the stock fell initially, it traded around 2% higher at Rs 3,156 on BSE in the late morning session. Details of the transaction would be known only in the evening hours when exchanges release bulk and block deals data. Bloomberg reported that Gangwal had offered the shares at a floor price of Rs 2,925.

Investing.com — Here is your Pro Recap of the top takeaways from Wall Street analysts for the past week: upgrades for Shake Shack, G-III Apparel, Sea and Textron; downgrade for Old Dominion.

J.P. Morgan believes Bitcoin spot ETFs likely won’t see much AUM growth in the long term based on valuations of the asset next to gold.

JPMorgan Chase & Co. will continue hiring in China for its asset management business as it targets growth in the world’s second-largest economy.

As many professional workers have settled into now well established hybrid work patterns, banks and other financial services companies have stood out in recent weeks for the battles they are still having with staff.

MILAN (Reuters) — Italy's Golden Goose said on Thursday its net revenues had risen 18% at constant exchange rate last year, as the Italian luxury sneaker maker is preparing for an initial public offering on the Milan bourse.