Debt Management UK – JPMorgan results hurt global stocks – Yahoo! News UK
Posted on | January 16, 2010 | No Comments
JPMorgan results hurt global stocks – Yahoo! News UK
Results from the second-largest U.S. bank followed tepid U.S. data and a season of lacklustre earnings that has kept alive worries about economic recovery in the United States and abroad.
New-York based JPMorgan reported a quarterly profit of 74 cents a share, a huge rise on the year earlier quarter. But its $25.2 billion revenue number was below estimates. Its shares fell more than 2 percent to $43.68.
Equity gains were capped despite upbeat earnings from chipmaker Intel Corp late on Thursday. By the close of trade in New York on Friday world stocks had lost 0.9 percent, retreating further from 15-month highs hit earlier in the week.
European stock markets , which opened firmer on Intel results, reversed to end down 1.1 percent. Banks bore the brunt of selling. Earlier, Japan's Nikkei index rose about 0.7 percent.
Buoyant profit numbers for JPMorgan were overshadowed by loan losses and high bad-debt provisions.
“JPMorgan top-line (revenue) results were disappointing… There were pressures on credit-card lending and retail banking and it just shows the U.S. economy is far from out of the woods yet,” said David Buik, partner at BGC Partners in London.
The Dow Jones Industrial Average fell 100.90 points, or 0.94 percent, to 10,609.65. The Standard & Poor's 500 Index
slid 12.43 points, or 1.08 percent, to 1,136.03 and the Nasdaq Composite Index declined 28.75 points, or 1.24 percent, to 2,287.99.
Intel Corp , another Dow component, gave a bullish margin outlook on higher prices and firm demand for server chips.
Geoff Lewis, head of investment services at JP Morgan Asset Management in Hong Kong, said corporate earnings alone will not lift markets for long.
“You still have to see continued good news on the economic front,” he said. “Markets will want to see evidence of strength in private sector demand … It's important the economy stand on its feet after the public fiscal stimulus starts to fade.”
DOLLAR, YEN, BONDS GAIN
The U.S. dollar rose broadly on Friday, helped by data showing a rise in manufacturing and stable consumer price inflation. Concerns about the struggling Greek economy weighed on the euro.
Analysts noted the string of reports released on Friday were mostly in line with expectations, showing some improvement in a regional manufacturing indicator and tame consumer prices. Meanwhile, a measure of U.S. consumer sentiment was little changed in early January.
The euro, under pressure from worries over the struggling Greek economy and the growing public debt burden in some euro zone economies, slid 0.78 percent to $1.4389, compared with a previous session close of $1.4502.
Against a basket of major currencies, the dollar rose 0.59 percent to 77.186 . Against the yen the dollar fell 0.41 percent to 90.77 yen.
The U.S. Labour Department report showing consumer prices rose at a slower-than-expected pace in December helped fuel gains in U.S. Treasury securities.
Dormant inflation favours long-dated bonds because inflation erodes the value of fixed-income investments. Long maturities led the rally as dealers covered short positions after the Treasury's $13 billion 30-year bond sale on Thursday.
The yield on the benchmark 10-year Treasury note declined 0.06 percentage point to 3.68 percent, the lowest level since mid-December.
(Additional reporting by Vivianne Rodrigues, Ellen Freilich and Angela Moon in New York; Editing by Kenneth Barry)
Debt Management Uk: Debt Free Life Needs Efficient Management
Debt management UK primarily deals with unsecured debts such as personal loans, credit cards, overdrafts, store cards, student loans, etc. It offers numerous debt solutions for those who are struggling to repay debts. This involves talks with the creditors and helps to sort out the finances and reduce one’s debt repayments. Hence, debt management offers solutions that allow one to pay the lowest probable repayment options.
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By: alecrecce
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Alec Reece has a way with dealing with loans for a long time. Writing articles is just a way to extend this to consumer and provide empowerment through information. To find bad debt management , Debt Management UK, Online Debt Management visit www.ezdebtmanagement.co.uk
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That’s all the news for today guys, so until next time, thanks for stopping by.
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