Market recap. U.S. stock and bond markets dropped to their lowest levels since the economic crisis began, on new concerns about rising defaults and the financial system's health. The stock market fell to a 5.5 year low, led by banks and financial institutions. Markets are now down 43.5% from an all-time high reached just over a year ago, and nearly all the gains from the last bull market (from...
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JPMorgan economists are predicting that the Fed will reduce rates by 50 basis points at each of the next two meetings. That would bring the target to zero. Here is the note from JPM:We now look for a 50bp cut in the target fed funds rate at the December 16 meeting, followed by an additional 50bp cut at the January 28 meeting. We believe the Fed then continues to conduct a zero-interest rate pol...
Shares of JPMorgan Chase, Citigroup and Bank of America tumbled to multiyear lows on Wednesday on expectations that deteriorating credit conditions and a contracting economy will weigh heavily on the three largest U.S. banks. JPMorgan shares fell as much as 9.6 percent to their lowest level in 5-1/2 years, predating the arrival of Jamie Dimon [...]
The U.S. financial system still needs at least $1 trillion to $1.2 trillion of tangible common equity to restore confidence and improve liquidity in the credit markets, according to a note from Friedman Billings Ramsey analyst Paul Miller said, according to Reuters. Eight financial companies — Citigroup, Morgan Stanley, Goldman Sachs , Wells Fargo, JPMorgan Chase, [...]
A quick look at bank stocks would indicate that Wall St. is not terribly impressed with the Paulson $700 billion bailout plan. Citigroup (C), the whipping boy of the group, may be at a multi-year low. But, so is Goldman Sachs (GS), the most sublime of all US financial institutions. Even Jamie Dimon's JP Morgan (JPM), arguably the best run bank, has been pulled into the vortex of selling The tro...
According to Reuters, Japan exports hit their lowest level since 2002. Reuters writes that hopes for an auto bailout in this session of Congress are poor. Reuters reports that the US is looking into lending practices at Golden West. Reuters reports that small businesses are being hurt by trouble on Wall St.Reuters reports that a bank analyst said financial firms need another $1 trillion in capi...
LONDON (Reuters) - Some of the world's top banks are backing a proposal to develop a mandatory central clearing system for the $55 trillion credit default swap (CDS) market, a report in the Financial Times said on Thursday. Dealer banks are stepping up efforts to back CDS clearing to head off a more radical overhaul, which includes a proposal to move trading of over-the-counter CDS on to an exc...
The news of the day was hardly positive, what with poor housing figures, more worries about the automakers, and concern in credit markets, but the late-day implosion probably sparked more than a few corner-office types storming onto the trading floor and shouting to nobody in particular, “What the hell just happened?” The collapse of major financial stocks — Citigroup finishe...
Filed under: Goldman Sachs Group (GS), Morgan Stanley (MS), Financial CrisisBanks around the world have been raising capital in the last few months. If the market is efficient, then the cost of capital for these banks should tell us something about how risky they are. Based on the relative cost of capital of banks in the U.S. compared to those in France, Germany and Switzerland, the world's ris...
Simon Constable reports: Demand for gold coins and bars from retail investors more than doubled during the third quarter, as financial-market turmoil prompted a flight to safety, according to new data released from the World Gold Council Wednesday. <embed src="http://s.wsj.net/media/swf/main.swf" bgcolor="#FFFFFF" flashVars="videoGUID={7A7EED88-DEC2-4455-B80C-E3B26706E7C3}&playerid=1000...