Shares of banks and help advance the march on Wall Street. JP Morgan
Chase shares were up 6 percent in the earnings report, which represents
the largest increase among the shares of Dow Jones 30.
Dow Jones and coming, and a six-session losing the series, the longest losing streak since mid-May.
At midday, the Dow Jones up 150 points, or 1.2 percent. The other major averages about 1 percent or more.
Published JPMorgan, the largest bank in the country, and net income of $ 5 billion in the fourth quarter, occupies first place easily Wall Street expectations. He also won the expectations of revenue. The gains came even JP Morgan revealed that the loss in derivatives trading in May revealed that he had risen to $ 5.8 billion, almost three times the original estimate. He said Wells Fargo, and other reports the results of major banks on Friday, a rise in lending helped lift net income by 18 percent. Wells Fargo succeeded to avoid the problems experienced by other major banks, and now the country's largest bank in the mortgage. Bank shares rose 3 percent.
The main market indicators are still in the process of loss for this week, despite the recovery today.
JP Morgan Chase trading loss
JP Morgan says a bad trade has ballooned of $ 5.8B
NEW YORK (AFP) - JP Morgan Chase says a bad trade cost the bank $ 5.8 billion this year, almost three times its original estimate. And raises the possibility that traders had improperly tried to hide the error.
Chief Executive Jamie Dimon, "I shook to the core of this company."
He says the bank has separate managers linked to trade without the bad end of service benefits, and that he plans to withdraw the value of two years of pay for each of these executives.
He said JP Morgan it had lost $ 4.4 billion because of this trade from April to June, and chief financial officer, said the bank had lost an additional $ 1.4 billion in the first three months of this year.
Damon and the original estimate was for the loss of trade is bad, and the surprise revealed in a conference call with analysts on Wall Street in the month of May, $ 2 billion. Damon says he is believed to be mostly contained in a loss. At worst, if the deterioration of the financial markets hard, and says the bank could lose an additional $ 1.7 billion. Thus, the total losses to $ 7.5 billion.
It seemed that investors are relieved of the mess was mostly behind the bank. Sent the price JP Morgan Securities more than $ 2, or 6 percent, making it the best performing stock in the Dow Jones industrial average.
The bank said an internal investigation, including e-mails and voice messages, and called into question the values set by traders on certain bets, and that the traders may be trying to hide the losses.
A spokesman for the Securities and Exchange comments. Ministry of Justice did not respond immediately to requests for comment.
Dimon said last month that Congress was supposed to trade to hedge risk in the company and protect it in case of "things got really" in the global economy. Instead, it has backfired on trade and damaged the reputation of the bank.
Britain, Geithner Libor
Bank of England: Geithner offered LIBOR advice
LONDON (AFP) - Bank of England officials confirm U.S. Treasury Secretary Timothy Geithner called the bank in 2008 with concerns about the mechanism for determining the price of borrowing the principal.
Central Bank issued in the UK e-mail from Geithner when he was head of the Federal Reserve Bank in New York. On May 27, 2008 e-mail containing the Geithner proposals for ways to enhance the credibility of the interest rate between banks in London offered, also known as Libor, and make the process of determining the interest rate more transparent.
Responded to the Bank of England Mervyn King thanked Geithner and his recommendations seem appropriate.
Has come to an LIBOR process under scrutiny since Barclays Bank and admitted two weeks ago that he had submitted false information to keep the rate low. The Bank agreed to pay a fine of $ 453 million.
Spain and the financial crisis
Spanish civil servants to protest wage cuts
Took civil servants Spanish, many dressed in mourning black, to the streets in angry protest government has also approved the new austerity measures and wide, including wage cuts and tax increases as well for a country reeling under the weight of 25% near Madrid - (AFP) unemployment rate.
Spain under pressure to get its public finances on track amid concerns in the markets on the status of banks in the country and the economy in general, which appeared in a recession.
Conservative government has come under increasing criticism for striking the middle and working classes, not the rich.
The aim of the latest package of measures is to reduce the $ 79 billion of budget deficit during the year 2015, the largest deficit reduction plan in recent Spanish history.
Despite the increase in taxes on sales, which run the risk of slowing consumption and the worsening economic recession in Spain, will enter into force on September 1, will be leaving other reforms later this year, including a plan to speed up the gradual lifting of the retirement age from 65 to 67 .
Mutual Fund Flows
Investors retreat from mutual equity funds in June
BOSTON (AFP) - The high market did not instill confidence in the last month, as investors continued to withdraw more than mutual equity funds deposited therein.
Investors withdrew a net $ 7.7 billion from equity funds in the United States in June, according to industry consultant Strategic Insight. It was the fourth month in a row that the money was withdrawn from equity funds, and the largest monthly rate for this year. During the month of June, and the withdrawal of the total net $ 15 billion.
The benchmark Standard & Poor's 500 stock about 4 percent in June, but the decline in the previous month increased by 6% and was apparently in the minds of new investors.
Despite the influx of cash from equity funds in the United States last month, the strategic insight to say that net investors deposited $ 5.4 billion in funds investing in foreign equity. Year to date, has attracted international equity funds to $ 33 billion in cash again.
Wholesale Prices
U.S. wholesale prices rise 0.1 percent in June
The U.S. wholesale prices rose slightly in the past month alone, and the high cost of food and trucks make up a small decline in energy prices - WASHINGTON (AFP). But with inflation remaining moderate overall, which seems to leave the room the Federal Reserve to take steps to boost the economy.
The Ministry of Labor said the producer price index rose by 0.1 percent in June from May. After falling 1 percent in May from April. In the past 12 months, wholesale prices rose by 0.7 percent. That matches the pace for the month of May, which was slower for 12 months since October 2009.
While the inflation rate to moderate significantly, increased food prices by 0.5 percent in June from May. Meat prices rose by 3.1 percent, the largest increase in nearly a year.
Some economists worry that costs could increase more in the coming months if the drought in the Midwest endures.
Excluding food and energy costs, core prices rose by 0.2 percent. Led the rise in core prices - 1.4 percent rise in the cost of trucks - the largest in the year. In the last twelve months, is a core prices rose 2.6 percent, slightly less than the increase in May, 2.7 percent.
Index measures price changes before they reach the consumer.
U.S. Airways, AMR bankruptcy
AMR fires back at U.S. Airways on the request of the Court
FORT WORTH, Texas (CNN) - U.S. Airways has deepened its involvement in the case of bankruptcy of American Airlines, "but the U.S. describes as a publicity stunt.
He said U.S. Airways on the bankruptcy court that he supports the request from the United States, for more time to formulate a plan for restructuring.
Has been tracking U.S. Airways merger with American parent company AMR for several months, but gained a position in bankruptcy only when it bought $ 1 million from the value of bonds AMR. This apparently did not live with officials AMR.
He says a spokesman for AMR deposit U.S. Airways' Court was "a ploy to gain publicity does not make sense." Says U.S. Airways has only a small amount of debt, which "does not give them a special place with the court or in this process."
Must wait before U.S. Airways to submit a plan merger in court.
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Dow Jones and coming, and a six-session losing the series, the longest losing streak since mid-May.
At midday, the Dow Jones up 150 points, or 1.2 percent. The other major averages about 1 percent or more.
Published JPMorgan, the largest bank in the country, and net income of $ 5 billion in the fourth quarter, occupies first place easily Wall Street expectations. He also won the expectations of revenue. The gains came even JP Morgan revealed that the loss in derivatives trading in May revealed that he had risen to $ 5.8 billion, almost three times the original estimate. He said Wells Fargo, and other reports the results of major banks on Friday, a rise in lending helped lift net income by 18 percent. Wells Fargo succeeded to avoid the problems experienced by other major banks, and now the country's largest bank in the mortgage. Bank shares rose 3 percent.
The main market indicators are still in the process of loss for this week, despite the recovery today.
JP Morgan Chase trading loss
JP Morgan says a bad trade has ballooned of $ 5.8B
NEW YORK (AFP) - JP Morgan Chase says a bad trade cost the bank $ 5.8 billion this year, almost three times its original estimate. And raises the possibility that traders had improperly tried to hide the error.
Chief Executive Jamie Dimon, "I shook to the core of this company."
He says the bank has separate managers linked to trade without the bad end of service benefits, and that he plans to withdraw the value of two years of pay for each of these executives.
He said JP Morgan it had lost $ 4.4 billion because of this trade from April to June, and chief financial officer, said the bank had lost an additional $ 1.4 billion in the first three months of this year.
Damon and the original estimate was for the loss of trade is bad, and the surprise revealed in a conference call with analysts on Wall Street in the month of May, $ 2 billion. Damon says he is believed to be mostly contained in a loss. At worst, if the deterioration of the financial markets hard, and says the bank could lose an additional $ 1.7 billion. Thus, the total losses to $ 7.5 billion.
It seemed that investors are relieved of the mess was mostly behind the bank. Sent the price JP Morgan Securities more than $ 2, or 6 percent, making it the best performing stock in the Dow Jones industrial average.
The bank said an internal investigation, including e-mails and voice messages, and called into question the values set by traders on certain bets, and that the traders may be trying to hide the losses.
A spokesman for the Securities and Exchange comments. Ministry of Justice did not respond immediately to requests for comment.
Dimon said last month that Congress was supposed to trade to hedge risk in the company and protect it in case of "things got really" in the global economy. Instead, it has backfired on trade and damaged the reputation of the bank.
Britain, Geithner Libor
Bank of England: Geithner offered LIBOR advice
LONDON (AFP) - Bank of England officials confirm U.S. Treasury Secretary Timothy Geithner called the bank in 2008 with concerns about the mechanism for determining the price of borrowing the principal.
Central Bank issued in the UK e-mail from Geithner when he was head of the Federal Reserve Bank in New York. On May 27, 2008 e-mail containing the Geithner proposals for ways to enhance the credibility of the interest rate between banks in London offered, also known as Libor, and make the process of determining the interest rate more transparent.
Responded to the Bank of England Mervyn King thanked Geithner and his recommendations seem appropriate.
Has come to an LIBOR process under scrutiny since Barclays Bank and admitted two weeks ago that he had submitted false information to keep the rate low. The Bank agreed to pay a fine of $ 453 million.
Spain and the financial crisis
Spanish civil servants to protest wage cuts
Took civil servants Spanish, many dressed in mourning black, to the streets in angry protest government has also approved the new austerity measures and wide, including wage cuts and tax increases as well for a country reeling under the weight of 25% near Madrid - (AFP) unemployment rate.
Spain under pressure to get its public finances on track amid concerns in the markets on the status of banks in the country and the economy in general, which appeared in a recession.
Conservative government has come under increasing criticism for striking the middle and working classes, not the rich.
The aim of the latest package of measures is to reduce the $ 79 billion of budget deficit during the year 2015, the largest deficit reduction plan in recent Spanish history.
Despite the increase in taxes on sales, which run the risk of slowing consumption and the worsening economic recession in Spain, will enter into force on September 1, will be leaving other reforms later this year, including a plan to speed up the gradual lifting of the retirement age from 65 to 67 .
Mutual Fund Flows
Investors retreat from mutual equity funds in June
BOSTON (AFP) - The high market did not instill confidence in the last month, as investors continued to withdraw more than mutual equity funds deposited therein.
Investors withdrew a net $ 7.7 billion from equity funds in the United States in June, according to industry consultant Strategic Insight. It was the fourth month in a row that the money was withdrawn from equity funds, and the largest monthly rate for this year. During the month of June, and the withdrawal of the total net $ 15 billion.
The benchmark Standard & Poor's 500 stock about 4 percent in June, but the decline in the previous month increased by 6% and was apparently in the minds of new investors.
Despite the influx of cash from equity funds in the United States last month, the strategic insight to say that net investors deposited $ 5.4 billion in funds investing in foreign equity. Year to date, has attracted international equity funds to $ 33 billion in cash again.
Wholesale Prices
U.S. wholesale prices rise 0.1 percent in June
The U.S. wholesale prices rose slightly in the past month alone, and the high cost of food and trucks make up a small decline in energy prices - WASHINGTON (AFP). But with inflation remaining moderate overall, which seems to leave the room the Federal Reserve to take steps to boost the economy.
The Ministry of Labor said the producer price index rose by 0.1 percent in June from May. After falling 1 percent in May from April. In the past 12 months, wholesale prices rose by 0.7 percent. That matches the pace for the month of May, which was slower for 12 months since October 2009.
While the inflation rate to moderate significantly, increased food prices by 0.5 percent in June from May. Meat prices rose by 3.1 percent, the largest increase in nearly a year.
Some economists worry that costs could increase more in the coming months if the drought in the Midwest endures.
Excluding food and energy costs, core prices rose by 0.2 percent. Led the rise in core prices - 1.4 percent rise in the cost of trucks - the largest in the year. In the last twelve months, is a core prices rose 2.6 percent, slightly less than the increase in May, 2.7 percent.
Index measures price changes before they reach the consumer.
U.S. Airways, AMR bankruptcy
AMR fires back at U.S. Airways on the request of the Court
FORT WORTH, Texas (CNN) - U.S. Airways has deepened its involvement in the case of bankruptcy of American Airlines, "but the U.S. describes as a publicity stunt.
He said U.S. Airways on the bankruptcy court that he supports the request from the United States, for more time to formulate a plan for restructuring.
Has been tracking U.S. Airways merger with American parent company AMR for several months, but gained a position in bankruptcy only when it bought $ 1 million from the value of bonds AMR. This apparently did not live with officials AMR.
He says a spokesman for AMR deposit U.S. Airways' Court was "a ploy to gain publicity does not make sense." Says U.S. Airways has only a small amount of debt, which "does not give them a special place with the court or in this process."
Must wait before U.S. Airways to submit a plan merger in court.
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