JPM - JPMorgan Chase & Co.

NYSE - NYSE Delayed Price. Currency in USD
114.67
+0.68 (+0.60%)
At close: 4:00PM EDT

114.83 +0.16 (0.14%)
After hours: 7:34PM EDT

Stock chart is not supported by your current browser
Previous Close 113.99
Open 113.93
Bid 114.68 x 900
Ask 114.85 x 1000
Day's Range 113.55 - 115.07
52 Week Range 91.11 - 119.24
Volume 8,221,718
Avg. Volume 11,110,991
Market Cap 366.657B
Beta (3Y Monthly) 1.15
PE Ratio (TTM) 11.72
EPS (TTM) 9.78
Earnings Date Oct 15, 2019
Forward Dividend & Yield 3.60 (3.16%)
Ex-Dividend Date 2019-10-03
1y Target Est 119.88
Trade prices are not sourced from all markets
  • How to save money and maximize rewards points on your summer vacation
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  • Thomson Reuters StreetEvents 1 hour ago

    Edited Transcript of JPM earnings conference call or presentation 16-Jul-19 12:30pm GMT

    Q2 2019 JPMorgan Chase & Co Earnings Call

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  • Oil Prices Continue Lower Despite U.S. Downing of Iranian Drone
    Bloomberg 7 hours ago

    Oil Prices Continue Lower Despite U.S. Downing of Iranian Drone

    (Bloomberg) -- The downing of an Iranian drone in the Strait of Hormuz wasn’t enough to lift oil prices, which slid to the lowest in almost a month amid pessimism about the global economy.Futures tumbled 2.6% on Thursday in New York, the fourth consecutive daily loss. Prices managed to climb about 60 cents after President Donald Trump said the U.S. had downed an Iranian drone in the Persian Gulf, but even that wasn’t enough to push the market up. Instead, crude joined a decline for tech and consumer stocks amid a spate of disappointing corporate earnings, alongside signs that Beijing and Washington are making little progress on a trade deal.Russian pipeline operator Transneft PJSC, meanwhile, said it resumed full flows from the country’s largest crude producer, Rosneft PJSC, after imposing restrictions due to contamination concerns.“The market is waking up to the fact that global oil demand is wilting and the possible prompt that could improve the situation is still remote,” said Judith Dwarkin, chief economist at Calgary-based consultant RS Energy. “There’s been no improvement in the U.S.-China trade dispute even though they say they are coming back to the table.”Oil has fallen about 8% since Monday, on track for its worst weekly performance since late May. The specter of a renewed U.S.-China conflict dented the demand outlook, while American fuel stockpiles jumped. That’s overshadowed worries that Iran may shut down the Strait of Hormuz, a key chokepoint for much of the world’s oil shipments.West Texas Intermediate for August delivery closed down $1.48 to $55.30 on the New York Mercantile Exchange, falling to the lowest since June 19. It was at $55.63 at 4:05 p.m., after Trump announced the drone incident.September Brent lost $1.73 to close at $61.93 a barrel on the ICE Futures Europe Exchange, before rebounding to $62.44.In an interview with Bloomberg Wednesday, Iran’s Foreign Minister Javad Zarif said the U.S. “shot itself in the foot” by pulling out of its nuclear accord with his nation. Crude briefly rallied on Thursday after Iran confirmed the seizure of an oil tanker in the Persian Gulf this week.Iran’s state-run Press TV news channel later aired footage of a tanker that disappeared from global satellite tracking systems four days ago. The ship was smuggling fuel out of the country, the Iranian Revolutionary Guard Corps said.(An earlier version of this story misspelled the name of RS Energy’s chief economist.)\--With assistance from Sharon Cho and James Thornhill.To contact the reporters on this story: Alex Nussbaum in New York at anussbaum1@bloomberg.net;Alex Longley in London at alongley@bloomberg.netTo contact the editors responsible for this story: Simon Casey at scasey4@bloomberg.net, Carlos Caminada, Christine BuurmaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Buy Visa (V) Heading into Q3 Earnings?
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  • 3 Bank Stocks to Buy After Earnings Headlines
    InvestorPlace 12 hours ago

    3 Bank Stocks to Buy After Earnings Headlines

    This week marked the start of the bank earnings season. Coming into it, I favored owning three bank stocks: JP Morgan (NYSE:JPM), Bank of America (NYSE:BAC) and Square (NYSE:SQ).The reactions to JPM and BAC earnings were tentative. So the opportunities there remain intact. The third hasn't yet reported, so the SQ stock price continues to hold its own for the bulls.So in light of the recent reports, are they still good to buy at these levels? The short answer is, yes.InvestorPlace - Stock Market News, Stock Advice & Trading TipsSo, today, I reiterate the reasons why and I also add Citigroup (NYSE:C) to the list of banks to own for the long term.The first few days of the earnings season are muted and did not yet erase the predominant idea that bank stocks are boring and cannot rally. So the investment in them now should continue to be under the assumption that it's for the long term. So What About Their Environment?Contrary to popular belief, banks stocks do perform in lockstep with the general equity markets. Year-to-date JPM and BAC are up just as much as the S&P 500 and Citigroup stock is up double that.In addition, since all of them passed their stress test, they are all committed to defending their own stock prices with financial engineering.They will increase dividends and buy back their own shares so the efforts from the sellers will have to go against a tremendous headwind of cash flow from the banks themselves.The U.S. Federal reserve and other central banks have wreaked havoc with banks' ability to conduct business. They keep manipulating the interest rates and this creates tremendous confusion, especially on Wall Street.Most investors believe that banks need higher rates to profit, but that is not true. Money center banks need a wide spread between short- and long-term rates to profit.So the recent commitment from the Federal reserve to lower short-term rates should invite more lending activity and at a wide spread. Banks borrow short term to lend us long term. So I am not worried about their business models this year. * 10 Best Cryptocurrencies to Keep on Your Radar With that in mind, let's dive a bit deeper into what makes these three stocks to buy. JP Morgan Chase (JPM)Source: Shutterstock Perception on Wall Street is that JPM is the best of the best. Fundamentally it's cheap as it sells at a price-to-earnings ratio of 12x. The book value fluctuates from 1.2 to 1.6, so it's not likely to be a financial debacle to own it here. In addition, JP Morgan stock pays a respectable 2.8% dividend.The management team is a proven winner. They survived the worst financial crisis of the modern era, so they've seen a few hard days. The regulations that followed the 2008 financial crisis made it so that their balance sheets are bullet proof. Recently, JP Morgan recommitted to more capital return via buybacks and dividends.In addition to the value below, JPM stock is trading inside a tight range. It has support at $112 and $110 per share and a neckline at $116.5, above. Technically, this makes for a breakout opportunity since the bulls have been setting an ascending trend of higher lows while knocking at a resistance zone. If they can break through the resistance zone above, then they can overshoot higher and mount a $9 rally.I would own the shares here for this short-term opportunity and/or for the long-term equity investment. Either way, I think JPM stock is a winner.For those who like to trade options there is also the possibility to sell put spreads at the support levels for August and/or buy calls just above the current price. The combination would be cost neutral thereby offering an opportunity to profit with no out-of-pocket expense.The JPM earnings report did not add any new worries so the ongoing fundamentals still favor the long-term bullish thesis than the short. Bank of America (BAC)Source: Shutterstock The fundamentals for BAC stock are very similar to those of JP Morgan. The stock on the other hand trades in a much tighter range. Case in point, in the last few weeks, the Bank of America stock price is ping-ponging inside a $1 wide box and this includes the reaction to an earnings event.BAC sells at a 10.8 P/E and 1.1 times sales, so it's even cheaper than JPM stock. Management is also beyond reproach since they not only survived the crisis but also saved a few banks along with it.Since BAC trades in a tight bunch, I prefer to trade it via options. I like to sell puts into dips and what others fear. It's a low-priced ticker, so I don't mind being out of the stock if one of those trades temporarily fails. Over the long term it will work out. This way I generate income without any out-of-pocket expense.For example, if I sold the Jan $25 puts before the earnings they now are almost 20% cheaper to close the position. The stock only moved up 2% in comparison. And in my scenario, I risked no money out of pocket.It is important to note that I don't sell naked puts unless I am willing and able to own the shares.Since BAC stock is now tight, technically it too has an opportunity to breakout. The bulls need to overcome the current resistance level, so they can target $31.2, which was the fail of April 29. * 7 Battery Stocks for High-Powered Gains Here too the Bank of America earnings report did not change the overall bullish thesis on the stock. Citigroup (C)Source: Shutterstock Citigroup's reactions to earnings was negative. Since then, the C stock price has traded inside that earnings day candle. So, technically, I note the edges of it as short-term catalysts. Meaning that any breach of its sides would carry some momentum in that direction.So if the bulls can beat $72, they can target $76 per share. Conversely, if the sellers can break below $70, they can target $68 per share.Either way, it would be an exercise in short-term trading and won't change the long-term bullish thesis on the stock. Citigroup stock, for the long term, remains a "BUY" in my book and the experts on Wall Street agree since it has very few HOLD and almost no SELL ratings.So which one is best?They are all quality stocks to buy, but from a 2019 perspective, C stock has the best score. Logic says to stick with the winner.However, of the three banks today, C is my least personal favorite. This is nothing against its own fundamentals and more so my worry over its exposure to international situations. Specifically the chatter surrounding its exposure to entities like Deutsche Bank (NYSE:DB) for example. I don't have anything concrete, but if there is a rumor, then there must be some truth to it, and I don't want the surprise of finding out one day.In summary, I can confidently state that the major U.S. banks are almost all stocks to own almost at any time, while they carry their current fundamentals. JPM, BAC and C stock have so much value below that they make the bearish scenario seem shallow at its worst.Nicolas Chahine is the managing director of SellSpreads.com. As of this writing, he did not hold a position in any of the aforementioned securities. Join his live chat room free here. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Stocks Top Investors Are Buying Now * The 10 Best Cryptocurrencies to Keep on Your Radar * 7 Marijuana Penny Stocks That Could Triple (But You Won't Make Money) The post 3 Bank Stocks to Buy After Earnings Headlines appeared first on InvestorPlace.

  • Bank of America Stock Is Worth Grabbing When It’s Cheap
    InvestorPlace 13 hours ago

    Bank of America Stock Is Worth Grabbing When It’s Cheap

    Bulge bracket banks kicked off second-quarter earnings, and despite a low interest rate environment, big banks delivered record numbers. Bank of America (NYSE:BAC) did particularly well, delivering its best quarter in the company's history.Source: Shutterstock The combination of strong consumer spending activity and BAC management's continued commitment to share repurchases has proved potent. It's not over yet either. The company, in no uncertain terms, has committed to an additional $37 billion of dividends and share repurchases.BAC has built further trust with their clients, and the financial results speak for themselves. Consumer banking and wealth management continue to show a lot of strength, buoyed by improvements on the digital platform. Overall performance from most business units -- weakness in sales and trading was not unexpected -- was very positive.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThe momentum from this quarter should continue through to the next. Happy Customers Are Good for BusinessNot only did average deposits grow 3% (or by $19 billion), consumer investment assets grew a very solid 15% to $220 billion assets under management. Remember that fees generated from managing these investment assets are a lucrative business. To the extent that these client flows continue, which admittedly has been helped along by strong equity market performance, double-digit growth could very well persist next quarter.It's also an important revenue stream as interest income will hit some uncertainty in the remainder of the fiscal year. Net interest income rose 3% in the quarter, but if the expectation of interest rates getting lowered comes to fruition, it would pose a challenge of sustaining even low single-digit growth rates.BAC regained its status as the leader by market share in small business lending. They are building up deeper and deeper ties to consumers and business owners. This symbiotic relationship between personal and commercial clients. BAC Is Strong on the Digital FrontAll the banks have been actively bolstering their digital platforms, and BAC has seen excellent feedback and traction. Active mobile banking users were up 10% to 27.8 million. * 10 Best Cryptocurrencies to Keep on Your Radar Zelle users haven't quite grown at quite the desired clip, sitting at 8 million active users, but it is not just the number of active users that matters. Rather, the ability of BAC to upsell and generate revenue via the digital platform is more important. It is noteworthy then that 69 million sent and received payments via Zelle. That translates to $18 billion and a 79% increase year-over-year. So, the substantial growth in volume somewhat alleviates the concern of slower growth in total users.Another point worth noting is that one-third of total consumer mortgage applications came from digital. Increasingly, BAC's investment in their platform is paying dividends beyond just payments transfers. BAC Stock Is Undeniably CheapIn numerical terms, BAC saw consumer spending increase 5% year-over-year and share repurchases amount to 7% of the total float in the past twelve months.This dynamic has driven a double-digit increase in book value per share, a more appropriate valuation metric for financial holding companies. Based on BAC's calculation of $26.41 per share, BAC stock currently trades at just 1.1x. Other competitors like JPMorgan Chase (NYSE:JPM) and Wells Fargo (NYSE:WFC) are not expensive either, but BAC is the cheapest from this angle.The robust earnings combined with this existing relative undervaluation should see that this imbalance does not persist for long.As of this writing, Luce Emerson did not own any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Stocks Top Investors Are Buying Now * The 10 Best Cryptocurrencies to Keep on Your Radar * 7 Marijuana Penny Stocks That Could Triple (But You Won't Make Money) The post Bank of America Stock Is Worth Grabbing When It's Cheap appeared first on InvestorPlace.

  • Morgan Stanley and Goldman Sachs Play the Long Game
    Bloomberg 13 hours ago

    Morgan Stanley and Goldman Sachs Play the Long Game

    (Bloomberg Opinion) -- Goldman Sachs Group Inc. and Morgan Stanley are the two Wall Street banks most connected to high-stakes trading. Historically, that made them seem glamorous relative to the other big U.S. institutions, which focused on the more steady business of retail banking.The tide has turned. Persistently low volatility has made it clear that banks can’t count on traders to drive profits. Goldman’s equities revenue beat expectations earlier this week, in a small sign of hope, but Morgan Stanley’s results on Thursday were more far more indicative of the trend. Its $2.13 billion from equities was the highest among banks but was down 14% from a year ago and fell short of even the lowered estimates of $2.27 billion. In fixed income, currencies and commodities, revenue dropped 18% rather than the expected 7% decline.This puts Goldman and Morgan Stanley in a tough spot. They’re not well positioned to immediately compete with Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co. in catering to the banking needs of Main Street. At the same time, the bank executives have to feel pressure to limit the quarter-to-quarter fluctuations that are at the mercy of the whims of the global markets.Reading between the lines, their answer to this quandary appears to be more emphasis on wealth management.Now, this isn’t exactly a revelation, nor an abrupt shift. Morgan Stanley has been moving into wealth management strategically for a while, and Goldman’s division already oversees more than $1 trillion in assets. Still, the banks’ latest commentary and moves in the past quarter make clear that they see this business, which produces a steady stream of fee-based income, as a way to leverage their reputation as titans of Wall Street.In Morgan Stanley’s earnings call on Thursday, Chief Executive Officer James Gorman specifically praised Dan Simkowitz for his work on building up the firm’s asset-management unit. And by all accounts it was well deserved, with the division’s revenue at the highest in five years. On the wealth-management side, Morgan Stanley posted $4.41 billion of revenue, which was 2% higher than last year and blew away analysts’ estimates for a 9% decline.Moreover, Morgan Stanley’s wealth-management division posted an impressive 28% profit margin. So impressive, in fact, that it drew more than one question from analysts about whether the bank can sustain that sort of momentum, including from Mike Mayo of Wells Fargo. Gorman insisted “it’s not like we are sitting back and saying we are really milking this.” Rather, “we’re playing for the long run.”At Goldman, Chief Executive Officer David Solomon on Tuesday highlighted its $750 million purchase of wealth manager United Capital, which was announced in May and represented one of Goldman’s biggest acquisitions in recent memory. Bloomberg News’s Sridhar Natarajan noted at the time that Solomon has made building out fee-based businesses a high priority so that shareholders can more easily estimate the bank’s growth and earnings.None of this is to say that Morgan Stanley and Goldman will abandon their positions as premier trading firms. But it’s notable to parse what Morgan Stanley Chief Financial Officer Jon Pruzan told Bloomberg News’s Sonali Basak in an interview. “We’re No. 1 in the world” in equities trading, he said, adding that “we would expect to maintain our market share in this type of environment.” He reiterated those comments during the analyst call.It’s certainly possible that volatility will resume, given that stock markets are hovering near all-time highs and global central banks are on the verge of further easing monetary policy. But framing expectations in terms of maintaining market share would seem to indicate that Pruzan expects further challenges for trading in the coming months and years. Ted Pick, who oversees all of Morgan Stanley’s traders and investment bankers, made some interesting comments in May about the equities business. He said he had led the division with “high levels of paranoia” because it felt like a couple of competitors were coming after the bank, either on price or looser risk requirements or something else. He said “that’s not a game we’re going to play.”Rather, as these second-quarter earnings make clear, Morgan Stanley is playing the long game. So is Goldman. When it comes to dealing with the fickle nature of financial markets, sometimes the most sound strategy is to play the hand you’re dealt.To contact the author of this story: Brian Chappatta at bchappatta1@bloomberg.netTo contact the editor responsible for this story: Daniel Niemi at dniemi1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brian Chappatta is a Bloomberg Opinion columnist covering debt markets. He previously covered bonds for Bloomberg News. He is also a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

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  • The Worst Appears to Be Over for CVS Stock
    InvestorPlace 15 hours ago

    The Worst Appears to Be Over for CVS Stock

    CVS Health (NYSE:CVS) can't catch a break. Neither can its shareholders. CVS stock is at roughly half the value it was at its mid-2015 peak. And it only recently came off its May multi-year lows. Good news about cancelled drug-rebate plans that would have cost it a fortune shoved shares higher earlier this month. Now, that move has largely come undone. The bears appear to remain in charge.Source: Shutterstock Nothing lasts forever though. While CVS Health stock may look and feel stuck in a downtrend, don't despair: what the company is building is very much the future of healthcare.The organization gave stakeholders of CVS stock another glimpse of that future this week.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Desperate MeasuresThe short version of a story most everyone knows: the state of the healthcare system in the U.S. is laughable. Its sheer size and complexity, coupled with misguided regulation, has made it unaffordable for all. * 9 Retail Stocks Goldman Sachs Says Are Ready to Rip That's a key part of the reason strange-bedfellows Amazon (NASDAQ:AMZN), JPMorgan Chase (NYSE:JPM) and Berkshire Hathaway (NYSE:BRK.A, NYSE:BRK.B) made this announcement last year: they're forming their own healthcare company of sorts for their employees. Though not insurance per se, it was a means of offering low-cost clinical care in-house. Further, this move would also cull at least some of their healthcare and insurance expenses.However, it's hardly the only instance where such lines have crossed.Case in point: CVS rival Walgreens Boots Alliance (NASDAQ:WBA) has partnered with clinics to offer in-store (or near-store) primary care, as has CVS.Arguably, CVS took the boldest even if not the biggest step towards an industry shakeup last year. That was when the pharmacy giant announced its intent to merge with health insurer Aetna. The deal closed in late 2018.Responses were mixed. Concerned observers noted it was an opportunity for self-serving steering that crimps competition even if it doesn't kill it. Others lauded the idea, pointing out that with one less middleman, the industry could lower costs.Regardless, this is the new norm for the very same healthcare industry that collectively priced itself into the trouble it's now looking to escape.CVS Health carried the ball a bit further downfield this week, unveiling a home dialysis system that just began its required clinical trials. Disruption UnderwayIt wasn't a surprise, but it was a milestone nonetheless.CVS Health was and is a pharmacy, and now facilitates clinical/frontline care. Aetna is an insurer and can keep hospital and drug prices in check. However, neither arm has pushed its way onto biotech equipment turf until now.Last year's news of the planned project already put dialysis rivals into action. Davita (NYSE:DVA) as well as Fresenius Medical Care (NYSE:FMS) have both ramped up efforts to facilitate more at-home dialysis. Such moves saves patients from visits to their specialty clinics.That paradigm shift should also lower total costs for dialysis patients.Meanwhile, the Aetna/CVS deal has put the nation's traditional frontline players on notice. Ken Kaufman, managing director and chair of consulting firm Kaufman Hall, commented earlier that year that the once-unlikely pairing was "a shot across the bow of hospitals in America."In the same vein, the creation of Haven -- the name given to the entity co-created by JP Morgan, Amazon and Berkshire -- was a shot across the bow of pharmacies like CVS and insurers like Aetna.It's CVS, however, that's leading the charge of disruption, even if that means disrupting itself. CVS Stock Is Undervalued and OversoldCVS Health may be the face of a new era of integrated healthcare, but investors are clearly not buying it. Extending a pullback that began in 2015, 2017's initial efforts to team-up with Aetna along with uncertainty as to how the business might change under President Trump have ultimately worked against CVS Health stock.That concern largely has no merit though. Indeed, with Rite Aid (NYSE:RAD) on its heels and Walgreens not taking the same bold step CVS did to shape its own future rather than be shaped by it, investors have seemingly overlooked CVS Health's impressive past and compelling future. Click to EnlargeRevenue was growing and will continue to do so. The introduction of Aetna's business a couple of quarters ago had no bearing on the revenue trajectory. Analysts expect earnings per share of CVS stock to slide once this year. And then, it will likely move on to record-breaking levels for the newly combined companies. That's a victory in and of itself. Consider that the new-share issuance of CVS Health stock partly funded the acquisition.Notice the addition of Aetna will also stabilize CVS's otherwise wide seasonal swings in income.Perhaps the most bullish argument of all is the stock's forward-looking price-earnings ratio of 7.9. With or without challenges ahead, that's dirt cheap given the profit CVS Health could drive simply by coasting ahead. Looking Ahead for CVS Health StockThat being said, two key clues suggest the sentiment tide may have finally taken a turn for the better.One of them is the way CVS shares have repeatedly found a technical floor near $51.70. This is plotted with a yellow, dashed line on the chart. Bears have tested that floor three times since March, but it held up every time. It's a foundation the bulls can build on now that it's been established. Click to EnlargeThe other noteworthy nuance here is the amount of bullish volume that's kept CVS stock propped up. While February's pullback volume was significant, the same number of buyers (and perhaps more) have wanted to step back in.It's the first time we've seen this much technical support aided by this much buying interest.There's still work to be done, and there's still plenty of risk ahead. This week has been less than thrilling, with the buyers unwilling to follow through on last week's jolt. The bearish case is starting to crumble under the weight of the bullish case though. Its vertical and horizontal integrations appear to be working.As of this writing, James Brumley did not hold a position in any of the aforementioned securities. You can learn more about him at his website jamesbrumley.com, or follow him on Twitter, at @jbrumley. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 9 Retail Stocks Goldman Sachs Says Are Ready to Rip * 7 Services Stocks to Buy for the Rest of 2019 * 6 Stocks to Buy and 1 to Sell Based on Insider Trading The post The Worst Appears to Be Over for CVS Stock appeared first on InvestorPlace.

  • This JPMorgan Chase Business Segment Is Absolutely Booming
    Motley Fool 15 hours ago

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  • Banking giant PNC to open first retail branches in Boston
    American City Business Journals 18 hours ago

    Banking giant PNC to open first retail branches in Boston

    A year ago, PNC executives said they had no immediate plans to open the offices in Boston. Those plans have changed.

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    A Fund for Long-Term Dividend Growth

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  • Oil Near $57 as U.S. Fuel Stockpile Gain Feeds Demand Fears
    Bloomberg 18 hours ago

    Oil Near $57 as U.S. Fuel Stockpile Gain Feeds Demand Fears

    (Bloomberg) -- Oil traded near a two-week low as an increase in U.S. fuel stockpiles heightened fears that demand is waning in the world’s biggest crude consumer.Futures were up 0.2% in New York after dropping 1.5% on Wednesday. American gasoline and distillates inventories rose by a combined 9.25 million barrels last week, according to government data, well above expectations of analysts surveyed by Bloomberg. Crude supplies did fall more than forecast, driven in part by output halts in the Gulf of Mexico due to storm Barry.Oil has lost 5% this week as the specter of a renewed U.S-China trade conflict and stuttering American consumption dent the demand outlook. Still, the possibility of crude flows being disrupted from the Middle East remains after Iran’s Foreign Minister Mohammad Javad Zarif damped the prospect of the OPEC producer opening talks with the Trump administration. Washington “shot itself in the foot” by pulling out of the nuclear accord, he said.“Although the lows seen in June in the oil market are still far away the sentiment has firmly soured in the past few days,” PVM Oil Associates analyst Tamas Varga wrote in a report. “If you take the three main product categories – distillates, gasoline and ‘other products’- you will end up with a brutal combined build.”West Texas Intermediate for August delivery rose 10 cents to $56.88 on the New York Mercantile Exchange as of 10:35 a.m. in London, after its lowest close since July 2 on Wednesday. September Brent rose 23 cents to $63.89 a barrel on the ICE Futures Europe Exchange. The global benchmark crude traded at a premium of $6.86 to WTI for the same month.U.S. gasoline stockpiles increased by 3.57 million barrels last week, rising for the first time in five weeks, according to Energy Information Administration data Wednesday. The median estimate in the survey forecast a 2.4 million-barrel drop. Distillate inventories rose by 5.69 million barrels, while crude supplies fell by 3.12 million barrels.Iran is capable of shutting the Strait of Hormuz -- a crucial choke-point for oil flows -- but doesn’t want to do it because the waterway and the Persian Gulf are its lifeline, Zarif said Wednesday in an interview with Bloomberg Television in New York.\--With assistance from James Thornhill.To contact the reporters on this story: Sharon Cho in Singapore at ccho28@bloomberg.net;Alex Longley in London at alongley@bloomberg.netTo contact the editors responsible for this story: Serene Cheong at scheong20@bloomberg.net, Christopher Sell, Amanda JordanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Former JPMorgan managing director pleads not guilty to bribery charges relating to Kerry Logistics IPO
    South China Morning Post 18 hours ago

    Former JPMorgan managing director pleads not guilty to bribery charges relating to Kerry Logistics IPO

    A former managing director of JPMorgan Securities (Asia Pacific) has pleaded not guilty to charges of bribery related to the US bank's hiring programme in Asia known as "Sons and Daughters", the District Court in Wan Chai heard on Thursday.Catherine Leung Kar-cheung, a veteran banker who now runs her own venture capital company, appeared in court represented by barrister Charles Chan in front of District Court Judge Kwok Wai-kin.A pre-trial hearing date has been set for December 6 while an eight-day hearing will be held from February 25, 2020. Leung could face a maximum penalty of up to seven years in jail if convicted.The charges allege that in January 2010 Leung offered to hire Ang Ren-yi, the son of Kerry Logistics Network chairman Ang Keng-lam "in anticipation that Ang would return such favour by influencing Kerry Properties and/or Kerry Logistics to give business to JPMorgan Securities," senior public prosecutor Laura Ng wrote in a court document presented to the judge.JPMorgan Securities hired Ang Ren-yi as a permanent staff member in June 2010 at an annual salary of HK$545,000 (US$69,753) plus a housing benefit of HK$180,000. In 2011, his pay was adjusted to HK$640,000 per year until he resigned in October 2011."Notwithstanding the son's low grade point average and lack of financial or accounting background, the defendant pressed for a permanent post for the son in JPM (JPMorgan) or JPMS (JPMorgan Securities)," Ng said in the court document.Catherine Leung Kar-cheung attended proceedings at the District Court in Wan Chai. Photo: Fung Chang alt=Catherine Leung Kar-cheung attended proceedings at the District Court in Wan Chai. Photo: Fung ChangThe prosecutor said the hiring formed part of JPMorgan's "Sons and Daughters Program" or otherwise known as "Client Referral Program" which allows senior staff at or above the rank of executive director or managing director to refer candidates to take up junior posts at the bank in the role of analysts or associate while acting as their "sponsors".In an internal email to her colleagues, Leung wrote that JPMorgan Securities was "a strong contender" for the IPO of Kerry Logistics."The defendant expressly suggested to her colleagues that hiring the son would help them to secure the imminent business opportunity, i.e. the IPO of Kerry Logistics," Ng wrote.JPMorgan was not awarded any investment banking business related to the December 2013 listing of Kerry Logistics in Hong Kong. Kerry Logistics said none of its staff have accepted any advantages from JPMorgan Securities.Hong Kong's anti-graft body, Independent Commission Against Corruption, searched JPMorgan Securities' offices to collect evidence and found internal correspondence showing Leung was heavily involved in pitching the Kerry Logistics IPO deal.Leung is free to travel overseas for business under the terms of a HK$20,000 bail set by a Hong Kong court in May.Prosecutor Glen Kong said he would present 10 witnesses, but did not reveal their identities. He told the judge that the prosecutors office may apply to the court to allow Leung's case to be merged with another under investigation as most witnesses of the two cases are in common . He did not provide details on the related case.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.

  • Reuters yesterday

    UPDATE 3-Former JPMorgan senior banker pleads not guilty to HK bribery charges

    * Leung secured employment at JPM for Kerry Logistics' chairman's son - prosecution * Leung allegedly offered job to get business from Kerry Logistics * Trial to start on Feb. 25, 2020 (Updates with Kerry Logistics' statement) By Alun John and Felix Tam HONG KONG, July 18 (Reuters) - A former JPMorgan Asia investment banking vice-chair, Catherine Leung, pleaded not guilty to charges of bribery in a Hong Kong court on Thursday. Leung was charged in May by Hong Kong's Independent Commission Against Corruption with bribing the then chairman of a potential client, a logistics company, by employing his son at the U.S. investment bank.

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