Business

With high-margin FICC revenues stuck in a secular decline across the financial industry, banks are forced to extract as much profit as possible from existing product lines. Which explains why JPMorgan will soon be using a "first-of-its-kind robot" to do away with carbon-based traders altogether and execute trades across its global equities algorithms business using a "robot", after a recent trial of JPM's new artificial intelligence (AI) program showed it was "much more efficient than traditional methods of buying and selling", the FT reports.

• HSBC, miners lift European shares as dollar holds near lows (Reuters)
• Republicans Face Tough Choice: Repeal Obamacare or Cut Taxes (BBG)
• Trump’s Decisions Deepen Divide Among Republicans (WSJ)
• Koch Brothers Move to Back White House’s Tax-Cut Plan (BBG)
• Maduro Waits for U.S. Response After Violent Venezuela Vote (BBG)
• OPEC Has a Crippling Problem: Its Members Can’t Stop Pumping (WSJ)
• Catalan Separatist Chief Is Ready to Go to Jail (BBG)

The VIX has recently flirted with its all-time closing low, analysts worry that volatility has been so low for so long that analysts are worried that the next sizable negative shock will cause investors to panic and dump their holdings.

Authored by Mike Shedlock via MishTalk.com,

Sweden’s biggest banks are on a mission to get rid of branch banks and all the branch bank employees too.

That’s where “Aida” comes in. She’s available 24/7 and supposedly can handle all but your most complex needs. Your Banker, Aida Is Always In.

Aida is the perfect employee: always courteous, always learning and, as she says, “always at work, 24/7, 365 days a year.”

 

As Amazon flirts with a $500 billion market cap, letting Jeff Bezos try on the title of world's richest man on for size if only for a few hours, for Amazon's competitors it's "everything must go" day everyday, as the bad news in the retail sector continue to pile up with the latest Fitch report that the default rate for distressed retailers spiked again in July.