JP Morgan kicks off Wall Street earnings with a blowout quarter

JP Morgan earnings crushes the consensus

  • Q1 EPS $4.50 vs $3.01 estimate
  • Q1 revenue $33.12 billion vs $30.42 billion estimate
  • Q1 investment banking revenue $2.85 billion vs $2.46 billion estimate
  • Q1 equities sales & trading revenue $3.29 billion vs $2.32 billion estimate
  • Q1 FICC sales & trading revenue $5.76 billion vs $5.02 billion estimate
The firm’s trading desks had a great showing and soaring investment banking fees adds to the more upbeat results across the board. JPM CEO, Jamie Dimon, reflects on that in saying there is a “strong underlying performance across our businesses”.
On the economy, he adds that he believes “the economy could have a period of multi-year growth” and remarks that “consumer spending has returned to pre-pandemic levels”.
That’s a good way to kick things off in earnings season with more financial institutions to report through to the end of the week.

Is it time for a FOMO ETF?

How does a FOMO ETF fit in?

The previous year has seen high volatility in the stock’s markets, with the most recent decline in Spring being characteristic of current market strength or unsteadiness. One response to investor uncertainty is the FOMO ETF or Fear of Missing Out.

The new FOMO fund will be dispatched in May. The thought behind the concept is to offer investors a wide admittance to asset prices that were pushed higher through the fear of missing out, permitting stockholders to benefit as much as possible from momentary market patterns. Along these lines, if you are worried about having passed up this amazing opportunity where Bitcoin is concerned, stress no more. This new FOMO could be exactly what you need.

A new exchange-traded fund might be the solution to shareholders’ fear of missing out as patterns and online assumptions reshape markets on a close consistent schedule. An ETF called FOMO, which means to put resources into current or arising patterns, was filed with the US Securities and Exchange Commission on Wednesday, March 10th, aiming to mitigate investors’ fears of missing the following enormous thing. (more…)

Eurozone February industrial production -1.0% vs -1.3% m/m expected

Latest data released by Eurostat – 14 April 2021

  • Prior +0.8%
  • Industrial production WDA -1.6% vs -1.4% y/y expected
  • Prior +0.1%

Euro area industrial output declined more or less within expectations in February, wiping out the gains in January as the drop is seen across all categories. The steepest decline stemmed from a 1.9% fall in capital goods (which saw a sharp increase in January), with energy down 1.2% and durable consumer goods down 1.1% on the month.

Treasury yields hold slight bounce after yesterday’s retreat

10-year Treasury yields up 1.8 bps to 1.632%


After the drop yesterday, Treasury yields are holding a touch higher on the day just above 1.63% now in European morning trade. The low around 1.61% continues to reaffirm some semblance of a soft bottom closer to the 1.60% level for now.
If anything, it reaffirms that we are still stuck in this latest consolidation cycle for yields and it is going to take much more to produce the next leg higher.
Quite frankly, while all of the data above are great, it is all coming a bit too early.
The Fed isn’t going to be moving on just a couple of data points from the tail-end of Q1. There needs to be sustained follow through all the way to Q2 and Q3 at least to justify all the hype we have seen over the past few months in the rates market.
As things stand, if the soft bottom at 1.60% can hold up, that may provide some comfort for the dollar despite the souring technical picture. But as long as yields aren’t running away to the topside, any material dollar strength may be hard to come by as well.

Nikkei 225 closes lower by 0.44% at 29,620.99

A mixed day for Asian equities

Japanese stocks are still plagued by some worries surrounding the virus situation in the country, as infections are surging in recent weeks. Elsewhere, the Hang Seng is up 1.4% while the Shanghai Composite is up 0.7% currently.
Overall, equities sentiment is rather buoyed from the shove lower in yields yesterday. The S&P 500 closed 0.3% higher and the Nasdaq closed 1% higher, helping to buoy sentiment in Asia and as we look towards European morning trade today.
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