This week sees the start of the US quarterly reporting season, six banks reporting results starting with JP Morgan (JPM US) tonight. The quarter has been an extraordinary one in terms of market volatility, US stocks fell ~15% early on before staging a strong recovery while commodity price volatility has been off the charts. Trading volumes should be very high offset by a significant reduction in completed deals. The read-through from US banks will be important for Macquarie in the near term.
MM remains long & bullish MQG, targeting new highs
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