Monday 25 September 2017

JPMorgan's Dimon lashes media as banks open earnings season

A currency dealer counts Moroccan dirhams in a photo illustration at a currency exchange in Casablanca, Morocco. Photo: Reuters
A currency dealer counts Moroccan dirhams in a photo illustration at a currency exchange in Casablanca, Morocco. Photo: Reuters
JPMorgan CEO Jamie Dimon
Donal O'Donovan

Donal O'Donovan

The US dollar weakened and government bond yields fell yesterday after a benign reading of US inflation data for June and soft retail demand raised doubts that the Federal Reserve would increase interest rates later this year.

Global stock markets scaled fresh record highs, capping their best week in more than two months, and oil prices gained in volatile trading amid signs of strengthening demand.

The US consumer price index increased 1.6pc, the smallest gain since October 2016, the US Labor Department said. In US markets, shares in JPMorgan, Citigroup and Wells Fargo, which had risen in recent weeks, were lower as their earnings reports failed to excite investors.

JPMorgan CEO Jamie Dimon hit out at the US media during a call with reporters on the results, telling the media to focus on the major issues in the US, rather than the vagaries of his firm's trading businesses.

After a recent trip to Ireland, he praised Ireland, France and Israel for taking tax seriously. Stock markets generally tracked higher yesterday.

MSCI's gauge of equity performance in 47 countries gained 0.38pc and its pan-European FTSEurofirst 300 index rebounded to rise 0.07pc.

In Dublin, the Iseq closed down marginally at 6893.47.

CRH, down 1pc, was among the decliners. FBD, Irish Continental and Origin Enterprise led the gainers.

London-listed DCC was down 1pc, despite reiterating its profit-growth outlook ahead of an AGM in Dublin.

In oil markets, benchmark Brent and US WTI futures contracts were on track for weekly gains.

Brent crude futures, the international benchmark for oil, were up 31 cent at $48.73 per barrel.

(Additional reporting, agencies)

Irish Independent

Also in Business