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  By Rob Copeland. April 12, 2024 Updated  8:18 a.m. ET "Jamie Dimon, the chief executive of JPMorgan Chase,   on Friday warned of an “unsettling” global landscape, highlighting a cascade of pressures including war, rising geopolitical tensions and inflation that threaten the economy and could weigh on the performance of the nation’s largest bank." " JPMorgan’s financial performance was affected by more ordinary issues. While it earned more than $13 billion in the first quarter, the bank’s average customer deposits fell, and it warned of higher expenses in the future. JPMorgan also disclosed a fall in its so-called net interest income, a closely watched financial metric that essentially measures how much money it is able to make from lending. Wells Fargo, the nation’s third-largest bank, on Friday separately reported earnings that also included a drop in that measure. JPMorgan’s shares were down 3 percent in trading before markets opened on Friday." NYTimes 

  Washington, DC CNN  —  Investors are feeling bullish that the Federal Reserve will begin to cut interest rates in the first half of next year , despite Fed Chair Jerome Powell and other officials saying  they’re not considering rate cuts just yet . Still, some think rate cuts could come as early as the first quarter. " There is growing confidence that rate cuts are only a few months away, with a roughly 44% chance of that first cut coming in March, according to futures." " But if the predictions of a March cut bear out, or even a rate cut in May, so much for the Fed’s higher-for-longer strategy. “ Now we’re moving into higher-for-long-enough,” Diane Swonk, chief economist at KPMG, told CNN in an interview. Whenever the Fed begins to pare back its key interest rate, the pace will likely be gradual in the beginning, and it’s clear there won’t be a return to  ultralow interest rates. " Source:  https://edition.cnn.com/2023/12/10/economy/stocks-week-ahead-fed...

 " But there’s not a shred of evidence that long-term interest rates rise and fall with the size of the budget deficit or the nation’s debt. No current economic data point to budget deficits as the cause of the higher long-term rates we’re now seeing." " And the biggest uncertainty right now is not found in economic data. The biggest uncertainty is political — not just about what will happen in global hotspots like Ukraine and now Israel, but more directly, about whether America is still capable of governing itself. This uncertainty has been caused by those same Republican extremists who didn’t want to raise the debt ceiling, and then refused to fund the federal government, and have abdicated political leadership of the House for the first time in the history of the nation." " And behind these two problems are tens of millions of Americans who have drunk Trump’s Kool-Aid and believe the 2020 election was stolen from him, that Democrats are now persecuting ...

 " NEW YORK (AP) —   Wall Street fell sharply on Tuesday   as it focused on the downside of a surprisingly strong job market. The S&P 500 dropped 1.4% to its lowest point in four months . The Dow Jones Industrial Average tumbled 430 points , or 1.3%, and wiped out the last of its gains made for the year so far. Some of the heaviest losses came from Big Tech stocks , which sent the Nasdaq composite to a market-leading loss of 1.9%." ",,,Such weight has been the main reason the stock market has lost more than 40% of its value since the end of July, after charging higher for much of the year." "Why is the stock market down today? Higher yields on T bonds pull investment dollars away from stocks market. " What makes bond yields go up? Yields have been on the march because investors are increasingly taking the Federal Reserve at its word that it will keep its main interest rate high for a long time in order to drive down inflation." " Fed Gov. ...

 "While PwC and KPMG are yet to report their financial year results for 2022/23 , Deloitte currently sits miles ahead of its traditional Big Four rivals after posting $65 billion in global revenues . Professional services firm Deloitte has recorded another recofrd revenue haul over the past financial year, growing by a further 15% (in local currency; 9% given exchange rate fluctuations) to a staggering $65 billion in takings. Notably, the number is almost exactly double the $32.4 billion sum from precisely a decade ago." "To put the figures in perspective, it was only in 2016, after a few years of jostling, when Deloitte reclaimed the Big Four crown from PwC, with revenues of $36.8 billion against $35.9 billion. Two years later, in 2018, the gap had widened by about $1 billion." Source: https://www.consultancy.com.au/news/8135/deloitte-pulls-away-from-big-four-rivals-pwc-ey-and-kpmg

 "AT1 investors scored a victory in May when the court ordered the publication of Finma orders writing down the AT bonds worth about $16 billion ." "Accessing those documents is key for bondholders who have borne the brunt of this unprecedented and unacceptable FINMA's order,» said lawyer Dario Item of Lugano-based law firm I&P , which represents a group of AT1 investors. A decision could come in the coming weeks. " In March, Finma ordered Credit Suisse to completely write off the high-interest AT1 bonds as part of UBS's emergency takeover of the troubled bank, rendering them worthless. By August, lawsuits had been filed on behalf of around 3,000 aggrieved parties against the Finma decision." SOURCE: https://www.finews.com/news/english-news/59567-cs-at1-finma-communicatio-ubs-credit-suisses

 "Critics argue that India’s new corridor lacks logical justification. India opting for a rail and shipping corridor when the existing and cheaper Suez Canal and maritime routes are available does not make sense . Secondly, building railways through desert terrain requires elevated tracks with deep support to withstand shifting sands and hard bedrock. The political landscape in the US adds another layer of uncertainty, as opposition to investment in this corridor could increase if the Biden administration loses power. The Republicans, on the other hand, would oppose putting money into a failing project just like they did not want to put money into the Ukraine war. On the other hand, the US and India have previously announced initiatives like the Chabahar Corridor, the International North-South Corridor and the US Blue Dot Network, but the status of these projects remains uncertain." "...Moreover, IMEC passes through Jordan and Israel, introducing complex geopolitical ch...

 "Clients who deposit their cash at Credit Suisse, now a unit of UBS, earn around 1.8% on upwards of 50,000 Swiss francs ($54,000) held for three months, according to one of the people, who asked to remain anonymous because the matter is private." " Regaining clients' money and trust in Switzerland is crucial for UBS, which oversees $5.5 trillion in assets for wealthy clients since taking over its former rival. The bank also needs to try to retain clients that would have had funds in both banks and may now look to spread their risk." SOURCE: https://www.reuters.com/business/finance/ubs-pays-bumper-rates-deposits-repair-credit-suisse-outflows-sources-2023-10-04/

 "Edwards pointed to the strength of US stocks despite rising bond yields, which have surged as investors see higher for longer interest rate policy from the Federal Reserve. The yield on the 10-year US Treasury recently passed a 16-year-high, climbing to around 4.768% on Tuesday. And yet, US stocks have been relatively resilient all year. Despite hefty losses in August and September, the S&P 500 is still up 10% from levels in January." " The equity market's current resilience in the face of rising bond yields reminds me very much of events in 1987, when equity investors' bullishness was eventually squashed," Edwards said in a note on Tuesday. "Just like in 1987, any hint of recession now would surely be a devastating blow to equities." " Never in my career have I witnessed such uncertainty about where we are in the economic cycle. Is that long promised recession still lurking around the corner or are we at the start of a new economic cy...

" Analyst Brian Nowak estimates that the AI technology will have a $4.1 trillion economic effect on the labor force — or affect about 44% of labor — over the next few years by  changing automating tasks and shifting the ways companies obtain, process and analyze information . Today, Morgan Stanley pegs the AI effect at $2.1 trillion, affecting 25% of labor ." SOURCE:  https://www.cnbc.com/2023/10/02/more-than-40percent-of-labor-force-to-be-impacted-by-ai-in-three-years-morgan-stanley-forecasts.html