One Bored Trader Finds More Ways To Get Into Trouble
Authored by Kevin Muir via The Macro Tourist blog,
Another day, and another steady grind higher in US stock markets.
You are here
Business
U.S. Mint Gold Coin Sales and VIX Point To Increased Market Volatility and Higher Gold
U.S. Mint Gold Coin Sales and VIX Point To Increased Market Volatility and Higher Gold
BofA Beats Despite 22% Plunge in FICC Revenue, Credit Loss Provision Jumps 15%
Mirroring the pattern set by JPM and Citi yesterday, Bank of America reported revenue and earnings that modestly beat expectations, with Q3 revenue of $21.8BN and $22.1BN on an adjusted, FTE basis, just above the $21.9BN consensus estimate, generating net income of $5.6 billion (up 13% Y/Y), and EPS of $0.48, above the $0.46 estimate, and higher than the $0.41 reported Y/Y, even as sales and trading revenues slumped, and FICC revenue tumbled by 19%.
Samsung CEO Steps Down Despite Record Profits, Warns Of "Unprecedented Crisis"
In a surprise move - and just months after the grandson of the company’s founder was jailed for corruption - the CEO of Samsung, Kwon Oh-hyun has resigned 'to make way for new leadership'. In an odd turn of events, despite record profits, Kwon warned the company faces an "unprecedented crisis."
Bitcoin Is Now Bigger Than Morgan Stanley
On the back of (unconfirmed) rumors suggesting China may back down from its harsh stance of ICOs and crypto exchanges following this week's National Congress, the price of Bitcoin soared overnight, testing near $5900 before falling back a little this morning.
That has pushed Bitcoin's market cap above $90 billion for the first time, surpassing PayPal, Netflix, and Morgan Stanley...
Goldman Sachs' market cap is looming ($96bn) but JP Morgan's $337 billion market cap is a long way off for now.