JPM
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US stock index drops, employment expectations might be disappointing😱
Today's NFP expectations have undoubtedly been raised thanks to ADP's blow-out figures, though GS warns that June's data seasonality tends to be more restrictive for payroll growth, so there might be scope for disappointment against elevated expectations. On the equity side, all SPX sub-sectors were in the red yesterday as equities were sold on worries of a renewed and sustained higher move back in yields. Furthermore, survey data from JPM shows institutional money manager exposures at back close to all time highs, with markets ill-positioned for unexpected sell-off here should we get one in the 3rd quarter.
#NFP #ADP #payroll #SPX #JPM
Today's NFP expectations have undoubtedly been raised thanks to ADP's blow-out figures, though GS warns that June's data seasonality tends to be more restrictive for payroll growth, so there might be scope for disappointment against elevated expectations. On the equity side, all SPX sub-sectors were in the red yesterday as equities were sold on worries of a renewed and sustained higher move back in yields. Furthermore, survey data from JPM shows institutional money manager exposures at back close to all time highs, with markets ill-positioned for unexpected sell-off here should we get one in the 3rd quarter.
#NFP #ADP #payroll #SPX #JPM
#HotTrends
🪙 Ether Could Be a Meaningful Earnings Driver for Coinbase, JPMorgan Says
America’s largest bank, JPMorgan (#JPM ), said the #Ethereumnetwork and its token ether ($ETH ) could be a notable contributor to the wider cryptocurrency #ECOSYSTEM and a positive driver of Coinbase (COIN) earnings. JPMorgan, while maintaining its neutral rating, raised its price target for Coinbase to $150 from $95 to reflect the crypto market rally and the positive impact that ether has had on the exchange’s revenue.#BTC
🪙 Ether Could Be a Meaningful Earnings Driver for Coinbase, JPMorgan Says
America’s largest bank, JPMorgan (#JPM ), said the #Ethereumnetwork and its token ether ($ETH ) could be a notable contributor to the wider cryptocurrency #ECOSYSTEM and a positive driver of Coinbase (COIN) earnings. JPMorgan, while maintaining its neutral rating, raised its price target for Coinbase to $150 from $95 to reflect the crypto market rally and the positive impact that ether has had on the exchange’s revenue.#BTC
JPM Coin Transforming Traditional Finance
JPMorgan Chase & Co., a prominent global banking institution, is significantly amplifying its focus on blockchain technology, aiming to integrate it within the realm of traditional banking.
According to the report from Bloomberg, on Friday, the Wall Street firm introduced euro-denominated payment for its corporate clients using its in-house digital currency called JPM Coin. This blockchain-powered currency was initially introduced by the bank in 2013 to facilitate dollar transactions.
According to Basak Toprak, who serves as JPMorgan’s head of the Coin System for Europe, the Middle East, and Africa, JPM Coin successfully enabled euro transactions starting on Wednesday. The first payment in euros on the platform was conducted by Siemens AG, a prominent German company, as stated by Toprak in an interview with Bloomberg News.
With JPM Coin having facilitated transactions surpassing $300 billion thus far, its expansion into the euro market is a notable development. However, it is worth noting that this achievement, JPMorgan’s overall payment business, handling close to $10 trillion on a daily basis, dwarfs the current impact of the blockchain-based currency.
This solution enables large multinationals and other wholesale payment clients to send and receive money in dollars or euros across their numerous JPMorgan accounts globally and to pay other bank customers using blockchain technology rather than conventional payment channels. Unlike traditional transactions, which are often only processed during business hours, JPM Coin payments function continuously and are completed more swiftly.
JPMorgan’s expansion into the euro market serves as a clear demonstration of its unwavering dedication to harnessing the potential of blockchain technology within the framework of traditional banking. By utilizing JPM Coin, the objective is to optimize cross-border payments and elevate operational efficiency for their corporate clientele.
#orignalcontent #crypto2023 #JPMORGAN #JPM
According to the report from Bloomberg, on Friday, the Wall Street firm introduced euro-denominated payment for its corporate clients using its in-house digital currency called JPM Coin. This blockchain-powered currency was initially introduced by the bank in 2013 to facilitate dollar transactions.
According to Basak Toprak, who serves as JPMorgan’s head of the Coin System for Europe, the Middle East, and Africa, JPM Coin successfully enabled euro transactions starting on Wednesday. The first payment in euros on the platform was conducted by Siemens AG, a prominent German company, as stated by Toprak in an interview with Bloomberg News.
With JPM Coin having facilitated transactions surpassing $300 billion thus far, its expansion into the euro market is a notable development. However, it is worth noting that this achievement, JPMorgan’s overall payment business, handling close to $10 trillion on a daily basis, dwarfs the current impact of the blockchain-based currency.
This solution enables large multinationals and other wholesale payment clients to send and receive money in dollars or euros across their numerous JPMorgan accounts globally and to pay other bank customers using blockchain technology rather than conventional payment channels. Unlike traditional transactions, which are often only processed during business hours, JPM Coin payments function continuously and are completed more swiftly.
JPMorgan’s expansion into the euro market serves as a clear demonstration of its unwavering dedication to harnessing the potential of blockchain technology within the framework of traditional banking. By utilizing JPM Coin, the objective is to optimize cross-border payments and elevate operational efficiency for their corporate clientele.
#orignalcontent #crypto2023 #JPMORGAN #JPM
JPMorgan Chase Under Scrutiny for Unauthorized Transactions. 🛂🤯
In the intricate realm of finance, trust forms the bedrock of customer-institution relationships. However, recent events have cast a shadow on JPMorgan Chase's commitment to safeguarding its clients' assets. A concerning incident involving a customer named Alejandra has brought to light the challenges surrounding unauthorized transactions and the adequacy of the bank's response.
The Tale of Alejandra's Struggle:
Alejandra found herself entangled in a $1,500 unauthorized spending spree on Uber, prompting her to report the incident to Chase. Despite providing evidence of foul play, the bank denied her claim, asserting that her physical card and PIN were used. A perplexed Alejandra questioned the rationale behind her PIN being employed for online transactions, where PINs are typically unnecessary.
The Chase community on Reddit rallied behind Alejandra, advising her to file a fraud case and acknowledging the apparent theft of her debit card and PIN. Suggestions flooded in, including filing a case with the Consumer Financial Protection Bureau and activating transaction alerts. This incident is not isolated, as major US banks, including Chase, faced a surge in fraud complaints and account closures throughout the year.
Broader Trends and Alarming Developments:
November witnessed nearly 200 former Chase customers airing grievances about wrongful account terminations, causing financial chaos. In May, attorneys general from 19 states accused Chase of violating equality policies when closing accounts. These incidents underscore a growing trend of dissatisfaction and distrust among customers.
Implications and Lessons Learned:
Alejandra's ordeal shines a spotlight on the uphill battle customers face when dealing with unauthorized transactions, raising questions about the efficacy of Chase's fraud prevention measures. The increasing tide of complaints against the bank adds to the mounting scrutiny of its practices.
#JPM #JPMorgan #Chase #Alejandra #JPMorganChase
In the intricate realm of finance, trust forms the bedrock of customer-institution relationships. However, recent events have cast a shadow on JPMorgan Chase's commitment to safeguarding its clients' assets. A concerning incident involving a customer named Alejandra has brought to light the challenges surrounding unauthorized transactions and the adequacy of the bank's response.
The Tale of Alejandra's Struggle:
Alejandra found herself entangled in a $1,500 unauthorized spending spree on Uber, prompting her to report the incident to Chase. Despite providing evidence of foul play, the bank denied her claim, asserting that her physical card and PIN were used. A perplexed Alejandra questioned the rationale behind her PIN being employed for online transactions, where PINs are typically unnecessary.
The Chase community on Reddit rallied behind Alejandra, advising her to file a fraud case and acknowledging the apparent theft of her debit card and PIN. Suggestions flooded in, including filing a case with the Consumer Financial Protection Bureau and activating transaction alerts. This incident is not isolated, as major US banks, including Chase, faced a surge in fraud complaints and account closures throughout the year.
Broader Trends and Alarming Developments:
November witnessed nearly 200 former Chase customers airing grievances about wrongful account terminations, causing financial chaos. In May, attorneys general from 19 states accused Chase of violating equality policies when closing accounts. These incidents underscore a growing trend of dissatisfaction and distrust among customers.
Implications and Lessons Learned:
Alejandra's ordeal shines a spotlight on the uphill battle customers face when dealing with unauthorized transactions, raising questions about the efficacy of Chase's fraud prevention measures. The increasing tide of complaints against the bank adds to the mounting scrutiny of its practices.
#JPM #JPMorgan #Chase #Alejandra #JPMorganChase
JPM Coin, the native token of financial giant JPMorgan, is set to be used in interbank transactions following the launched of a blockchain-powered banking settlement system called Partior, which was jointly launched by Standard Chartered, Temasek, DBS Bank, and JPMorgan.
#JPM #JPMCOIN #JPMorganCryptoAnalysis #cryptocurreny #CryptoNews🔒📰🚫
#JPM #JPMCOIN #JPMorganCryptoAnalysis #cryptocurreny #CryptoNews🔒📰🚫
JPMorgan CEO Jamie Dimon Calls for Crypto Industry Shutdown. 🪙🤯🤥
During the annual banking oversight hearing, JPMorgan CEO Jamie Dimon expressed his desire to "close down" the entire crypto industry.*
CEOs from major banks, including Morgan Stanley, Goldman Sachs, Bank of America, and BNY Mellon, joined Dimon to discuss the effectiveness of the banking industry in serving Americans.
Senator Elizabeth Warren, a vocal critic of the banking industry, found common ground with Dimon on the topic of cryptocurrencies, citing their use in illicit transactions and funding dangerous criminal activities.
Warren referred to a Chainalysis report estimating over $23 billion in cryptocurrency laundering in 2022, though a mid-year report in July 2023 showed a 65% decrease in illicit crypto activities.
Dimon acknowledged the association of crypto with criminal activities, citing anonymity and instant money transfer as attractive features for criminals.
Despite Dimon's strong stance against crypto, JPMorgan has ventured into the blockchain space with initiatives like the corporate stablecoin, JPM Coin, and the blockchain platform, Onyx.
Warren questioned all witnesses, including Dimon, about the need for crypto companies to adhere to the same anti-money laundering rules as traditional banks.
All eight banking representatives, including Dimon, unanimously agreed that crypto companies facilitating financial transactions should follow anti-money laundering rules.
#JPMorgan #JPM #JamieDimon #chainalysis
During the annual banking oversight hearing, JPMorgan CEO Jamie Dimon expressed his desire to "close down" the entire crypto industry.*
CEOs from major banks, including Morgan Stanley, Goldman Sachs, Bank of America, and BNY Mellon, joined Dimon to discuss the effectiveness of the banking industry in serving Americans.
Senator Elizabeth Warren, a vocal critic of the banking industry, found common ground with Dimon on the topic of cryptocurrencies, citing their use in illicit transactions and funding dangerous criminal activities.
Warren referred to a Chainalysis report estimating over $23 billion in cryptocurrency laundering in 2022, though a mid-year report in July 2023 showed a 65% decrease in illicit crypto activities.
Dimon acknowledged the association of crypto with criminal activities, citing anonymity and instant money transfer as attractive features for criminals.
Despite Dimon's strong stance against crypto, JPMorgan has ventured into the blockchain space with initiatives like the corporate stablecoin, JPM Coin, and the blockchain platform, Onyx.
Warren questioned all witnesses, including Dimon, about the need for crypto companies to adhere to the same anti-money laundering rules as traditional banks.
All eight banking representatives, including Dimon, unanimously agreed that crypto companies facilitating financial transactions should follow anti-money laundering rules.
#JPMorgan #JPM #JamieDimon #chainalysis
Dimon of JPM highlights global financial concerns👀
"The may be the most dangerous time the world has seen in decades."
- Jamie Dimon, Friday October 13, 2023
We began the Friday NY session with the above premonition from JPM's Jamie Dimon despite reporting an earnings beat, as the veteran CEO pointed to:
1.dwindling consumer cash buffers
2.persistently tight labour markets
3.elevated inflation pressures extreme levels of govt debt
4.largest peacetime fiscal deficits
5.unknown long-term impacts of QT
6.supply-chain impacts from geopolitical tension
as a long-list of reasons of why he believes that the world is heading into choppy waters in the foreseeable future.
Markets ended the week in the same manner we began, worrying about the kinetic conflicts between Israel and Hamas, which has had little impact on asset prices so far, but is certainly in danger of taking a turn for the worse on escalating urban warfare. Gold surged by 3.5% on Friday with a corresponding spike in vol to 5 month highs, oil spiked by 6%, treasury yields fell by ~6bp, and US stocks closed around 0.5-1% weaker despite a promising start to the earnings season.
#JPM #GeopoliticalTension #macro #Israel #Hamas
"The may be the most dangerous time the world has seen in decades."
- Jamie Dimon, Friday October 13, 2023
We began the Friday NY session with the above premonition from JPM's Jamie Dimon despite reporting an earnings beat, as the veteran CEO pointed to:
1.dwindling consumer cash buffers
2.persistently tight labour markets
3.elevated inflation pressures extreme levels of govt debt
4.largest peacetime fiscal deficits
5.unknown long-term impacts of QT
6.supply-chain impacts from geopolitical tension
as a long-list of reasons of why he believes that the world is heading into choppy waters in the foreseeable future.
Markets ended the week in the same manner we began, worrying about the kinetic conflicts between Israel and Hamas, which has had little impact on asset prices so far, but is certainly in danger of taking a turn for the worse on escalating urban warfare. Gold surged by 3.5% on Friday with a corresponding spike in vol to 5 month highs, oil spiked by 6%, treasury yields fell by ~6bp, and US stocks closed around 0.5-1% weaker despite a promising start to the earnings season.
#JPM #GeopoliticalTension #macro #Israel #Hamas
