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Video / 14 October 2016 at 10:23 GMT

JP Morgan Chase could be the big banker — #SaxoStrats video

Peter Garnry
Q3 earnings season is in full swing and Saxo Bank’s head of equity strategy Peter Garnry previews what to expect from three big banks.

JP Morgan Chase, Wells Fargo and Citi Group all post results on Friday. Garnry thinks that further rate hikes by the US Federal Reserve will benefit JP Morgan Chase’s loans operation.

Wells Fargo and Citi Group are slated for respective year-on-year falls of 4% and 12% respectively.

Garnry believes that sentiment on Wells Fargo may continue to be negative following several scandals, but thinks emerging markets, which bounced back strongly from February’s lows, will help Citi Group perform better than expected.

Read more of Garnry’s views in From the Floor.
14 October
Peter Garnry Peter Garnry
EPS $1.58 vs $1.39
14 October
Peter Garnry Peter Garnry
It is especially FICC segment that is driving the beat. FICC rev $4.33B vs est. $3.17B
14 October
Peter Garnry Peter Garnry
Shares up 2% in pre-mkt
14 October
AlexF AlexF
Pre market action not that impressive, Im long C & DB, up 2% not great either, would love to see a strong session that would be bullish after yesterday reversal at 2120
14 October
AlexF AlexF
Otherwise back to shorting the market
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