HALISTER: JPMorgan 2Q EPS $1.55; NIM Below Est.

JPMorgan 2Q EPS $1.55; NIM Below Est.

(Bloomberg) -- JPMorgan 2Q avg. core loans up 16% y/y, 3% q/q vs 1Q up 17% y/y, 3% q/q.
  • 2Q NIM 2.25% vs est. 2.31%
  • NOTE: July 12, Dimon said in NYTimes JPM is raising wages for employees: NSN OA7BLQ6JTSER
  • BANK EARNINGS PREVIEW: NSN OA9O7PSYF01S
  • Call 8:30am (866) 541-2724
Statement: NSN OAAW6XBE07IA
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
JPM US (JPMorgan Chase & Co)

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UUID: 7947283

HALISTER: BlackRock 2Q Adj. EPS Beats by a Penny; 2Q AUM Beats Est.

BlackRock 2Q Adj. EPS Beats by a Penny; 2Q AUM Beats Est.

(Bloomberg) -- BlackRock 2Q adj. EPS $4.78, est. $4.77 (range $4.63-$4.94).
  • 2Q AUM $4.89t, est. $4.86t; vs $4.74t q/q
  • 2Q L-T net inflow $1.54b
    • Retail outflows $6.29b vs $359m q/q
    • Institutional outflows $7.85b
    • iShares inflows $15.68b vs inflow $24.2b q/q; had “significant strength in fixed income and ‘smart-beta’ ETFs”
  • Call 8:30am 800-374-0176, PW 38298849
  • NOTE: June 24, BlackRock Sees Post-Brexit Opportunities, 0% BOE Monetary Policy
Statement: NSN OAAVU0MEWG77
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
BLK US (BlackRock Inc)

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UUID: 7947283

HALISTER1: GBP-USD 2Y Swap Spread Tests 2008 Trendline Ahead of BOE: Charts

GBP-USD 2Y Swap Spread Tests 2008 Trendline Ahead of BOE: Charts

(Bloomberg) -- Spread between GBP, USD 2-year swap rates tests down-sloping trendline from 2008 at -35bps, which may hold in stretched momentum conditions; that could lead to a compression of spread potentially toward -7bps, Bloomberg technical analyst Sejul Gokal writes.
  • Daily momentum oversold with 9-day RSI at ~25
  • Potential reversal of post-Brexit spread widening, and scope for move toward 1-year down-trendline and 200-DMA both located near -7bps; see daily chart here
  • Long-term chart shows important trendline at -35bps being tested (see weekly chart here)
  • July MPC-dated Sonia (GBP OIS) forwards price about a 78% chance of a 25bps cut, assuming the current 3bps-4bps spread of Sonia fixings below base rate holds: Inside U.K.
  • NOTE: GBP/USD spot may squeeze to 1.35-1.36: MORE
  • NOTE: Sejul Gokal is a technical strategist who writes for Bloomberg. The observations he makes are his own and are not intended as investment advice.
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: *INFINEON TO BUY WOLFSPEED FOR $850M IN CASH

*INFINEON TO BUY WOLFSPEED FOR $850M IN CASH

Alert: HALISTER1
Source: BN (Bloomberg News)

Tickers
IFX GR (Infineon Technologies AG)
CREE US (Cree Inc)

People
Charles Swoboda (Cree Inc)
Raiford Garrabrant (Cree Inc)
Reinhard Ploss (Infineon Technologies Dresden GmbH & Co OHG)
Ulrich Pelzer (Infineon Technologies AG)

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UUID: 7947283

HALISTER1: ECB May Extend QE by Six Months, Technically Tweak Program: BNP

ECB May Extend QE by Six Months, Technically Tweak Program: BNP

(Bloomberg) -- ECB is likely to respond aggressively to the shock waves generated by U.K.’s Brexit referendum, Luigi Speranza, economist at BNP Paribas, says in client note.
  • As a consequence of Brexit, BNP expects euro-zone GDP growth to slip; bank now forecasts region to grow 1.4% this year (vs 1.5% previously predicted) and 0.9% in 2017 (vs 1.3%)
  • ECB may lengthen its asset-purchase program by at least 6 months; the announcement could come as early as the July meeting, or in September when the central bank will release its new economic projections
    • Extending QE will raise the issue of bond scarcity again
  • Expects ECB to start action by increasing the issue limit on non-CAC bonds to 50% from 33%, a small technical change with little or no political cost and one that would increase the pool of available German bonds by around EU50b
    • ECB could announce this change as soon as next week
  • Draghi also likely to leave the door open to further adjustments, including a potential change in the deposit- rate floor or even changes to the capital key
  • Any deposit-rate cut likely to be ineffective, possibly even counterproductive, while a reduction in the refinancing rate is a possibility
  • More radical action, such as equity purchases, are improbable as that would leave an impression of panic
  • NOTE: ECB to next meet July 21
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
2539Z GR (European Central Bank)

People
Luigi Speranza (BNP Paribas SA)

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UUID: 7947283