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Tyler Durden's picture

JPM Q1 Profit Slides 7%; Trading Revenue Beats; Loss Reserve Jumps Most In 6 Years - Full Summary





There was a sigh of relief, when moments ago JPM reported that it had beat expectations of a $1.25 print, when it announced $1.41 in adjusted EPS, with total revenue sliding by $700 MM to $24.1 billion but also beating lowered expectations of $23.8 billion. The largest U.S. bank by assets reported a profit of $5.52 billion, or $1.35 a share before 6 cents in adjustments, a drop of 6.7% compared to the profit of $5.91 billion, or $1.45 a share, in the same period of 2015. However, perhaps reminding that not all is well, JPM's consolidated loan loss reserve was a material $439 million greater than the preceding quarter and the biggest reserve build in six years, since Q1 of 2010.

 
Tyler Durden's picture

The New Middle Kingdom Of Concrete And The Red Depression Ahead





Massive borrowing to pay the interest is everywhere and always a sign that the the end is near. The crack-up phase of China’s insane borrowing and building boom is surely at hand.

 
Tyler Durden's picture

Putting Today's "European Banks Are Fixed" Bounce In Context





This morning's 160 point spike in Dow Futures - out of nowhere - was predicated on hopes of an Italian bank bailout. While this may seem like an odd reason to "buy buy buy" US equities, in the new normal, it really is not.. and when put in context, the 'bounce' in EU banks should do more to scare than soften investors' concerns...

 
Tyler Durden's picture

Bill Gross : "Negative Rates Destroy Savers, The Bedrock Of Capitalism", Larry Fink Agrees





... consider mom and pop and other people who read Barron’s. They are saving for retirement and to put their kids through college. They might have depended on a historic 8%-like return from stocks and bonds. Well, sorry. When interest rates get to zero—and that isn’t the endpoint; they could go negative—savers are destroyed. And savers are the bedrock of capitalism. Savers allow investment, and investment produces growth.

 
Tyler Durden's picture

Deutsche Bank Says World "Past The Point Of No Return" In The Default Cycle





"We continue to live in a low default world for now though. Even though defaults picked up in 2015, B/BB default rates were still comfortably below their long-term average which they have been for well over a decade now with 2009 being the only exception. Indeed last year’s default rate for global Bs (up from 0.9% to 2.7%) was still lower than all of the first two decades of the modern era of leveraged finance up to 2003. So in spite of all the challenges we face this era has been characterized by astonishingly low default rates. There are clear signs the cycle is turning though, especially in the US."

 
Tyler Durden's picture

U.S. Futures Jump In Tandem With Soaring Italian Banks On Hopes Of Government Bailout





it has been a rather quiet session, which saw Japan modestly lower dragged again by a lower USDJPY which hit fresh 17 month lows around 170.6 before staging another modest rebound and halting a six-day run of gains; China bounced after a slightly disappointing CPI print gave hope there is more space for the PBOC to ease; European equities rose, led by Italian banks which surged ahead of a meeting to discuss the rescue of various insolvent Italian banks, while mining stocks jumped buoyed by rising metal prices with signs of a pick-up in Chinese industrial demand.

 
Tyler Durden's picture

"I Used To Be A Big Deal... And Then A Billion Dollars Walked Out The Door" - Hugh Hendry's Sad Story





"A funny thing happened at the end of 2013 I wrote a letter to my new clients and I began with the preface "what if I was to tell you that I'd become bullish on equities; is that something you'd be interested in." The resounding message no. A billion dollars walked out the door.... "What, really, you're bullish?" - Hugh Hendry

 
Tyler Durden's picture

CEO Keith Neumeyer: "There's Going To Be A Major Revolt If We See Negative Rates"





According to Keith Neumeyer in his latest interview with SGT Report, that could spell disaster for socio-economic stability. Neumeyer, who is the CEO of one of the world’s top primary silver producers First Majestic Silver and the Chairman of mineral bank firm First Mining Finance, says that should The Fed and government policy makers implement negative interest rates and continue on their current course of bailing out big business while impoverishing average Americans, we could well see riots in the streets.

 
Tyler Durden's picture

Blackrock Turns Its Back On Japan Leaving Kuroda Scrambling





Things are going from bad to worse for the efficacy of the grand - and failed from the beginning - experiment known as Abenomics. As Bloomberg reports, Larry Fink's Blackrock has changed its stance on investing in Japan, and joins Citigroup, Credit Suisse, and LGT Capital Partners, the $50 billion asset manager based in Switzerland in their decision to head for the exits. Ironically, Blackrock's decision comes only a few months after blogging about "The Case for Investing in Japan", in which they explicitly cited increased demand for Japanese stocks.

 
Cognitive Dissonance's picture

Guest Post - Path to the Great Reset





The rules of the game are changing. Those stuck within the old paradigm of mainstream finance face huge threats to their retirement....and quite possibly even their current standard of living.

 
Tyler Durden's picture

Why USDJPY Matters (Or The Carry Collapse Cometh)





The yen’s strength may be tripping up U.S. stocks as the collape of the BoJ-inspired carry trade pressures leverage and risk-taking around the world. As Bloomberg notes, in the last 10 instances the yen rallied at least 1 percent against the dollar, the Standard & Poor’s 500 Index lost 0.8 percent on average, the most since at least 2008.

 
Tyler Durden's picture

Caught On Tape: Cameraman Attacked At Greek Neo-Nazi Party "Anti-Islamization" Protests





"...it was a miracle that the cameraman went unharmed..."

 
Tyler Durden's picture

First Denmark, Now Belgium Is Paying People To Take Out A Mortgage





In late January, we asked "who will offer the first negative rate mortgage?" We didn't have to wait long before Denmark's Nordea Credit unleashed this idiocy. And now two banks in Belgium have followed suit, paying instead of charging interest on mortgages to a handful of customers. That all this will end in blood and a lot of tears is clear to anyone but the most tenured economists.

 
Tyler Durden's picture

Minimum Wage Jobs Are Safe: Robot Waiters Fired For Spilling Food And Drinks, Malfunctioning





Customers flocked to the Heweilai Restaurant chain in the southern Chinese city when it introduced robots last year, but the chain has stopped using the machines. A staff member said the robots couldn't effectively handle soup dishes, often malfunctioned, and had to follow a fixed route that sometimes resulted in clashes."The robots weren't able to carry soup or other food steady and they would frequently break down."

 
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