JPMorgan: "Comey’s Dismissal Saps Trump’s Political Capital At The Worst Possible Time"

Tyler Durden's picture

With so much taking place overnight, and confused global market whipsawing in the aftermath of a barrage of political, geopolitical and earnings news, here is another recap to follow our traditional market wrap, this time courtesy of JPMorgan, focusing on the key things that are happening this morning.

From JPM's Adam Crisafulli

  • Market update – Asia saw mixed price action, Eurozone stocks are off small, and US futures are down a few points.
  • What’s happening this morning? There are a few moving pieces this morning. Trump managed to go a few days w/o controversy (a relatively long stretch for the current White House) but the Comey firing is by far the biggest headline of the night. As far as the market is concerned, Comey’s dismissal saps Trump’s political capital and weakens relations w/Congress at the time when he is trying to move an ambitious pro-growth agenda through the Senate and House.

* * *

  • China’s inflation data provides further evidence of CQ1 being the country’s near-term nominal growth peak (PPI cooled by more than expected). It was a mixed night of US earnings (DIS, FOSL, and YELP all suffered afterhours weakness; FOSL and YELP in particular plunged; that being said semiconductor numbers were strong w/great figures from MCHP and NVDA).
  • Europe – the major indices are flat-to-down small. Autos, basic resources, retail, energy, and utilities are outperforming while media, real estate, telecoms, industrials, and luxury are lagging. There were a bunch of earnings in Europe but none were particularly controversial. Barratt Developments, ING, Ahold Delhaize, and AXA are all higher after reporting (AXA also announced plans to IPO its US life insurance operation). ITV and Heidberg Cement are trading lower on earnings.
  • FX/Treasuries/oil – the DXY jumped ~60bp on Tues and is flattish so far Wed. The USD is suffering losses vs. the NZD and AUD and is about flattish vs. the big 3 crosses (EUR, JPY, and GBP). Treasuries have a bid and yields are down ~1-2bp. Oil is firm on back of headlines pointing to Saudi Arabia cutting back on shipments to Asia (although Libya at 6amET announced that its oil production has climbed above 800K BPD).
  • Asia – the major markets in Asia saw mixed performance: Japan (TPX +0.22%, NKY +0.29%), HK (Hang Seng +0.51%, HSCEI +0.97%), mainland China (SHCOMP -0.9%, Shenzhen -1.36%, CSI 300 -0.44%), Taiwan (TAIEX +0.53%), Korea (KOSPI -0.99%), Australia (ASX 200 +0.61%), and India (up ~85-100bp for the major indices). The big news was the China inflation data (which is providing more evidence that CQ1 may have been the near-term nominal growth peak for the country) – mainland stocks continue to sink (the SHCOMP hit multi-month lows). The China anxiety isn’t spilling over to the other major markets. In Japan the top groups included telecoms, utilities, and energy while industrials, real estate, and fins underperformed. South Korea re-opened after being closed Tues for the election and fell ~1%

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quadraspleen's picture

"JPMorgan: "Comey’s Dismissal Saps Trump’s Political Capital At The Worst Possible Time"

Only if you

a) give a shit what JPM thinks, and

b) if you think there's really no dirt on Comey.

thunderchief's picture

Just hope the  next FBI director raids JPM's office.

No More Fines for Crimes. 

RiverRoad's picture

Gotta be a lot of nervous folks out there now with no "protection."

SubjectivObject's picture

JPMorgan's your home Comey daddy.

VinceFostersGhost's picture

 

 

Comey can stay gone.....but send the cufflinks.

iamerican4's picture

Time to short the out of touch, insensate JPMorgan.

E.F. Mutton's picture

It's ok.  He didn't INTEND to fire hiim.

So no harm done, right Hillary?

Giant Meteor's picture

The the deep state status quo, money men, doesn't like it's players fucked with too much.

 

bilbert's picture

Seems like the Deep State has infiltrated the "Intelligence" community.

Might be a tough go, to right that ship. 

Giant Meteor's picture

Ummmm, I'd say damn near an impossibility ..

I mean when everyone is in on the caper, the choice is what exactly?

Biigger and better death, financial control systems of fraud, theft and murder?

Shit, apologies, I forgot deceit ..

Obadiah's picture

So then the only choice is??

 

BURN THIS FUCKER (PetroDolla) DOWN

Thebighouse's picture

More fake news

Comey was a liar. Good RIDDANCE.

Get someone who will investigate with integrity.

Someone who will put the Kushner visa scam into a court for prosecution.

Someone who will put podesta, clintons and their ilk behind bars.

And corzine too!

Giant Meteor's picture

Well in the effort of some fairness and balance here, they're all fucking liars ..

And that's BEFORE the thievery and corruption is even discussed..

Fucking liars, is the opening bid ..

Giant Meteor's picture

I'm your huckleberry ..

Somehow I don't see the POTUS, going after the family business ..

Ban KKiller's picture

Big banks too, of course. We can dream...

otschelnik's picture

Here's my take on this JPM:  Comey / FBI screwed up the Clinton investigation, both by not charging her then by reopening the case and announcing it publicly, then he didn't pursue Huma + Carlos when they were printing out confidential and top secret communications on their home printer, and then FBI follows this hokey "Russian collusion" narrative and nearly paid for the 'yellow shower' dossier which cast a shadow of innuendo over the president and his administration, and then doesn't provide congress with requested info on the Flynn unmasking + leaking. 

Time to get serious.  The whole country can't understand why DJT didn't fire Comey on day one.  

Giant Meteor's picture

"Time to get serious.  The whole country can't understand why DJT didn't fire Comey on day one. "

Well it had to be properly evaluated to see who had what on who ...

Basically it is determined they've got something on everybody, so what the fuck, why not ..

Take the plunge so to speak ..

This shit before it's done, I mean all of it, is the maker of legends ..

It will be "epic" or as some prefer, of biblical proportions ..

We've only just begun  ..

By the way, these moves are the effort at a controlled demolition ..

Magic 8 ball tells me, ha ha, no such animal .. not this time, sorry, you've played that card already .

LyLo's picture

For heaven's sake, Weiner took pictures of his dong featuring his toddler in the background and sent them to a child.

Why hasn't he been arrested?  I get that he's so sorry, and that prosecution isn't easy, and that sometimes things look worse than they are, etc. etc. etc.  BUT WHY WASN'T HE ARRESTED?!  You know, just until we knew that he wasn't a danger, and we knew that we weren't able to prosecute.  You know, just like every other crime ever charged.

You don't ask a guy accused of this to come in for a talk, let alone with those pictures to prove it. 

(Oh, and for all you parents out there going through nasty custody battles and fights with CPS over issues far less dire: here's pictures from a few weeks ago of him and his son walking around town, of course from foreign media: http://www.dailymail.co.uk/news/article-4449108/Anthony-Weiner-spotted-w... _

otschelnik's picture

Because some pedophiles are more equal than others.   That, by the way, is one of the reasons that Comey and all this deep swamp modus operandi - - - has to go. 

Paper Mache's picture

Took a while but it was worth it. I really do think he was providing enough time and rope to let them hang themselves.  His tweets set the stage up so his voters know it wasn't going away. I lI've the way he plays things.  Roll on splitting up the 9th circuit next. 

MAGA 

Last of the Middle Class's picture

As far as the market is concerned, Comey’s dismissal saps Trump’s political capital and weakens relations w/Congress at the time when he is trying to move an ambitious pro-growth agenda through the Senate and House.

 

Fake News?  JP wouldn't just espouse the hard left political agenda as a knee jerk reaction would they? The way I see it, it might strengthen his relations with congress as a bit more of the "political jargon" is wiped off the table so that now facts can be presented. I can imagine more than a few ways the QE kings at JP Morgan wouldn't want that!

Peter K's picture

Writing recommendations to leftists has taken its toll on the IB's.

Can't recognize reality any longer...

Like the Murdoch boys...

Grandad Grumps's picture

Dismissing Comey increased my perception of Trump, although marginally. McCabe is probably more corrupt than the weasel. I would think that Hillary fans would be very happy that Comey was fired. He was after all the person who single-handedly caused Hillary to lose the election and they now have their corrupt McCabe in charge.

So, wtf is the criminal JPM bank saying about losing capital? Or is what we were fed before total bullshit?

RiverRoad's picture

Looks like Comey was in cahoots with the Russians seeing as they both took her down.

LOL

Loanman26's picture

 

Hillary & Bill want to have a talk with you.

 

 

Yen Cross's picture

  That's rich coming from slimeball central, and swamp gatekeeper ~ J.Pee Morgue

Arrest Hillary's picture

Hillary bitched .... Trump switched .... Schumer twitched ?  (My "Irish Trash" epithet sticks !)

Giant Meteor's picture

In the ditched ..

warning, pull up !! beep bee beeep , pull up , terrain, pull up !

Peon14's picture

Does this mean that JPMorgan is getting short on fiat after paying it tool Barack Hussein Obama off and may not have enough fiat on hand to pay it's tool Comey.

RiverRoad's picture

JPMorgan et al are keeping this "market" up.  The next time it takes a deep dive, they're going down with it.

ronaldwilsonreagan's picture

This is a good thing Drumpf doesn't need political capital. He is a Moron get over it :)

Yen Cross's picture

  It's one thing to keep your mouth shut, and let your peers think you are stupid, and quite another to open it and remove all doubt...

Quinvarius's picture

No.  It enhances it.  

Hope Copy's picture

Jamey want his cake first, before the crash, and then some more.

hotrod's picture

There will never be a good time to DRAIN THE SWAMP.  Maybe Sessions can begin prosecuting some people.  Comey was a major obastacle to the TRUTH.

overmedicatedundersexed's picture

meanwhile out back on the delivery dock of fbi building, sit cardboard boxes, with the effects of one ex director J comey..

what a smack in the face to this ego maniac..put him on suicide watch.

Non-Corporate Entity's picture

A fragile market indeed.

Who had shares in Comey?!?

Giant Meteor's picture

Fragile is right! The fundementals are strong!

With special emphasis on the "mental" part ..

DuneCreature's picture

Spoken like a true bankster there, Crisafulli.

Not to worry your poor little crony head, Adam, Comey's replacement is just a corrupt as Slippery Jim only cheaper. ... Hell, a mere $625,000 USD bought Killary and Wonder Wiener all kinds of cover-up services from FBI Ass Dir Andy the Obfuscator McCabe.

That's probably what you WS banksters were paying Slippery Jim a week for his smoke screen ops.

Day 198,7 = https://www.youtube.com/watch?v=oMkzwQUs0TY
Day 198.8 = https://www.youtube.com/watch?v=5T7sArW97tc

Don't ink Andy's cell phone number into your Rolodex yet, however.

Live Hard, Cut The Head Off And It Grows Three More, Die Free

~ DC v5.0

runnymede's picture

"As far as the market is concerned...."


Markets are people too.

Sincerely,

Citizens United

BlueHorseShoeLovesDT's picture

Dont worry Munchkin and Cohn are on it, new ATHs soon.

white horse's picture

Banks are now into politics too :)

amor terra's picture

Yeah, sacking the guy who, last fall, was called a traitor, a liar, and every other name one can think of, BY BOTH SIDES during different weeks--clearly a bad political move.  Good god, what a joke the government has become.

south40_dreams's picture

We always do whatever is best for JP fvcking Morgan
lol