Playlist: JPMorgan Chase

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JP Morgan Chase could be the big banker — #SaxoStrats video
Peter Garnry
14 October 2016 at 10:23 GMT
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Serge Berger
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Berger: Buying JP Morgan ahead of a bounce
Serge Berger
25 January 2016 at 7:32 GMT
Berger: America's biggest bank under performing
Serge Berger
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How to trade JP Morgan this earnings season
Peter Garnry
13 January 2015 at 15:18 GMT
Focus on the financials as earnings season starts
Peter Garnry
12 January 2015 at 11:04 GMT
US banks are back, well most of them anyway
Serge Berger
15 October 2014 at 12:30 GMT
Two financial giants banking on a credit boom
Peter Garnry
15 January 2014 at 14:41 GMT
Debt deal done, focus moves back to earnings
Lea Jakobiak
18 October 2013 at 7:56 GMT
Video / 16 April 2018 at 7:23 GMT

From the Floor: Risk in focus as USDJPY break falters — #SaxoStrats

   • USDJPY struggling, GBP in focus on data, EURGBP technicals
   • Fed voter Bostic, non-voters Kashkari and Kaplan out today
   • G10 Surprise Index declines to levels not seen since mid-2017
   • Spread between US 10- and two-year bond yields at 11-year low
   • Moody's upgrades Spanish debt to Baa1 rating

By Michael McKenna

Markets saw limited initial fallout from the joint US/British/French strike on Syria, but with new Russian sanctions levied Saxo Bank head of forex strategy John Hardy says that risk sentiment and geopolitics remain very much front-of mind for investors as we head into a new trading week.

"The risk-linked USDJPY broke minor resistance Friday, but the pair ultimately headed to a soft close with the breakout attempt into the Ichimoku cloud not really holding," says Hardy. 

Elsewhere, sterling remains on the FX radar on the currency's recent strength into this week's data releases, most notably CPI on April 18, while Hardy reports that three Federal reserve speakers – non-voters Kaplan and Kashkari and voter Bostic – will be speaking today with possible consequences for USD direction.

Source: Saxo Bank

While the risk landscape, characterised as it is by fears of major power conflicts in Syria and the developing Sino-US trade war, remains a distinct headwind for equities, Saxo's Peter Garnry says that a "very, very short-term" uptick remains a distinct possibility.

"Risk-reward is bad on equities as European data lead the 'macro disappointment' trend," reports Garnry, adding that Citi's G10 surprise index has declined to levels not seen since June 2017.

In single shares, Garnry says that Tesla sentiment remains negative with sell-side analysts seemingly abandoning the stock in the wake of reports that the firm may be concealing the number of injuries occurring at its factories. As for the corporate earnings season, Garnry says that sentiment on Wells Fargo, Citi, and JPMorgan was soft Friday despite encouraging numbers, a trend that he expects to see continue.

Netflix and Bank of America report earnings today ahead of the New York bell.

Finally, Saxo Bank fixed income specialist Althea Spinozzi reports that US 10-year yields hit 2.83% Friday as the spread between 10- and two-year yields flattened to 46.6 basis points, the lowest level seen since 2007.

On the ratings front, Spinozzi says that Moody's has upgraded Spanish debt to Baa1 while Fitch and S&P maintain an A- rating on the country's bonds.

Michael McKenna is head of editorial content at Saxo Bank
Jadira F. Norton Jadira F. Norton
US/British/French attack on Syria, good info. on the tentative break USDJPY's


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