The first bank to report results overnight detailing how they handled an extraordinary quarter in markets. While fixed-income & trading revenue was very strong, JP Morgan is one of the biggest global players in the commodities markets and this cost them around ~$500m. The other area of weakness that should come as no surprise was in Investment Banking revenue, simply fewer deals completed due...
MM’s International portfolio fell -2.12% in tough / volatile week for stocks, not surprisingly Exxon Mobil (XOM US) was the standout performer while Zoom (ZM US) again frustrated us. We are still holding 9% in cash with 2 moves on our mind at present as we continue to look at ways to take advantage of the current market jitters, unfortunately Glencore (GLEN LN)...
JPM is tempting us considering both our large cash position and macro-economic view into Christmas. The stock looks great after its recent 13% correction, this would potentially be relatively short-term foray into the investment bank but a 10-15% return over 4-6 months is more attractive than cash in today’s low rate world.
JPMorgan Chase & Co. (JPM US) is global investment bank dealing in treasury and securities services, asset management, private banking, card member services, commercial banking, and home finance. JP Morgan Chase serves business enterprises, institutions, and individuals.