Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
China said on Saturday it strongly opposes Washington's decision to levy additional tariffs on $550 billion worth of Chinese goods and warned the United States of consequences...Politicsread more
The European Union will respond in kind if the U.S. imposes tariffs on France over digital tax plan, EU chief Donald Tusk told G-7.Technologyread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
Recent trade friction between the two Asian powerhouses has morphed into a dispute with political implications that go far beyond the region.Asia Politicsread more
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
Jefferies downgraded J.P. Morgan Chase and a bunch of other banks because the Federal Reserve could be done hiking interest rates, which in turn, will hurt banks' profitability.
"The biggest change to our ests. is from removing rate hikes from our models," wrote analyst Ken Usdin, who also cited competition for loans and deposits, as well as concerns about credit quality, especially on products such as leveraged loans, as reasons for his change in outlook. Rising recession fears could also weigh on the group.
Usdin cut J.P. Morgan shares to hold from buy and cut estimates for the next three years. The analyst also downgraded SunTrust Banks and U.S. Bancorp to hold from buy. He also downgraded some smaller banks.
J.P. Morgan shares have held up pretty well amid a big sell-off in the sector, down 7 percent the last 12 months versus a 14 percent decline for the Financial Select Sector SPDR.
"We expect that revenues could fall short of consensus expectations for both NII (driven by fewer rate hikes, yet still rising deposit betas) and fees (lower trading/IB, asset management/servicing, and mortgage fees), " the analyst wrote about the bank specifically. NII — net interest income — is generally the difference between what the bank charges for long-term loans and the rate it pays out for short-term deposits.
Jefferies' 12-month price target on J.P. Morgan goes to $110 from $130. The stock closed Monday at $100.76, up 3 percent for 2019 as markets bounced back from last year's losses. The rally got a boost from comments last week by Fed Chairman Jerome Powell that the central bank would be patient in deciding whether to hike rates again after four increases last year.