JPMorgan Financial News

The fading of some positive legal and regulatory news induced a wave of selling in recent weeks that is “still reverberating,” though the unwinding appears to be at its end phase, based on open interest in CME Bitcoin futures contracts, analysts including Nikolaos Panigirtzoglou wrote on Thursday. A decline in open interest — the number of unsettled and active future contracts trading on exchanges — typically indicates a price trend is losing strength. “As a result, we see limited downside for crypto markets over the near term,” they said. Bitcoin, the largest crypto token, was down 0.2% at around $25,980 as of 11:30 a.m. in New York on Friday. In the past two weeks, it has fallen almost 12% after trading sideways for about a month.

As Bitcoin sees a 1% surge, speculations arise regarding the potential involvement of whales, given a massive $10 billion injection into BTC. 

An abstract interest-rate metric is dominating discussions across trading desks ahead of the Jackson Hole symposium, with investors wondering if Federal Reserve Chair Jerome Powell will weigh in, and bracing for further declines in US Treasuries if he does.  

Reliance Industries Limited (RIL) with its stronghold in almost every sector is set to hold its Annual Greet Meeting (AGM) on August 28 with a major focus on its financial services but announcements and a future roadmap for its retail arm could also be expected. “Expecting disclosures around the retail business to improve over the coming quarters,” said JPMorgan Chase, a leading global financial services firm. «The Street will want to know further plans for the retail business, which now forms the largest part of RIL’s valuation apart from announcements related to Jio Financial,» reported ET. Recently, even before the AGM, Reliance Retail made a big announcement that Qatar Investment Authority will pick up a nearly 1 per cent stake in the retail arm, valuing the country’s largest retail firm at $100 billion.

Roark Capital Group has won the race to acquire United States sandwich chain Subway after seeing off a late challenge from a rival bid group led by TDR Capital and Sycamore Partners.

Roark Capital Group has won the race to acquire US sandwich chain Subway after seeing off a late challenge from a rival bid group led by TDR Capital and Sycamore Partners.

It seems two of Australia’s best-known fund management houses were hobnobbing after market close on Wednesday.

Goldman Sachs Group Inc., Morgan Stanley, JPMorgan Chase & Co. and UBS agreed to pay nearly $500 million to settle an antitrust class action by U.S. pension funds over the banks’ control of the market for stock loans used for hedging and short selling.

Nvidia shares rallied almost 3% on Wednesday as traders bet the chip designer will deliver a strong outlook after the bell and boost the US stock market as it reaps the benefits of early investments in artificial intelligence. Nvidia's shares have more than tripled this year, with the chipmaker at the center of a Wall Street technology rally fueled by optimism about the potential of AI. Its stock market value of $1.16 trillion makes Nvidia the world's most valuable chipmaker by far, more than double the value of TSMC, the world's second most valuable chip company. Nvidia's shares briefly hit a record high in the previous session. «It's not often that the fate of the market rests in the hands of just one stock, but it very much feels like that is what's going on at the moment,» said JJ Kinahan, chief executive officer of IG North America. Retail investors made net purchases of $186 million in Nvidia shares over the past week, JPMorgan said in a report on Wednesday. Nvidia dominates the market for high-end processors designed for AI computing, and its stellar outlook in the previous quarter sent its shares soaring over 20% and ignited a rally in the S&P 500 technology sector, which surged 8% in the five sessions after its results. Options data showed the stock could swing nearly 11% by Friday, larger than the 8.6% average move in either direction seen a day after Nvidia's results over the last eight quarters. Nvidia is part of the so-called Magnificent Seven group of megacap stocks including Apple and Tesla that have powered the S&P 500's nearly 16% recovery this year. Bullish investors are betting a strong report and forecast from the company will revive a US stocks rally that has paused in recent weeks.

By Echo Wang and Anirban Sen

Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: a buy initiation at Madison Square Garden Entertainment , and upgrades at Cognizant, VTEX, and Shift4 Payments.

Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: Initiation at Restaurant Brands, and upgrades at AppLovin, Aramark, and Insulet.

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________

Convinced a recession in the US was near, some of the world’s most prominent money managers loaded up on government bonds this year in a bold bet that would atone for the punishing losses suffered in 2022. 

Hedge fund manager Vivek Ramaswamy has been climbing the presidential polls, thanks in part to his corporate successes.

Agriculture stocks are beating their global peers this quarter as extreme weather, the war in Ukraine and rising protectionism drive up food prices. Exposure to the sector is a good hedge for inflation, some investors say.

SoftBank Group Corp's Arm Ltd is expected to report a revenue decline of about 1% in the year ended March, when the chip designer reveals its initial public offering (IPO) filing on Monday, according to a person familiar with the matter. Arm's sales fell to $2.68 billion in the 12 months ended March 31, hurt by a slump in global smartphone shipments, the source said, requesting anonymity. Sales for the quarter ended June 30 fell 2.5% to $675 million.

By Anirban Sen and Manya Saini

By Saqib Iqbal Ahmed and Laura Matthews

Private equity firms are increasingly enamoured by the professional services realm, where misfortune is stirring opportunities for the world’s buyout giants.

retail sales, industrial output and investment growing at a slower-than-expected pace. China also has to contend with a deepening property crisis and concerns about potential spillover from payment woes of shadow banking-linked trust products. Zhongzhi – one of the country’s largest private wealth managers – recently fanned fears about financial contagion after facing a liquidity crisis.