Doom boom
US banks post record combined quarterly profit as clients keep trading the turmoil.
Good morning.
Wall Street turned a quarter of war, sticky inflation and AI jitters into more than USD49 billion ($70.3 billion) up 39%, mostly because clients wouldn’t stop trading those spooky events.
JPMorgan posted the biggest quarterly profit any US bank has ever managed, with boss Jamie Dimon saying “it’s getting close to as good as it gets". That a warning? “We just don’t know how long it’s going to last,” he added. About its AI bill, the bank said it is telling staff not to waste the priciest AI models on simple jobs like summarising a report, with its AI bill still “trivial” for now.
Goldman’s equities desk made more in three months than it managed in the whole of 2019, while Citi beat expectations and got sold off anyway over admitting it’ll spend the boom on job cuts and costs.
| – | ASX 200 | 8,809 | 0.00% |
| ▲ | ASX futures | 8,813 | +0.51% |
| ▲ | S&P 500 | 7,544 | +0.38% |
| ▲ | NASDAQ | 26,107 | +0.90% |
| ▲ | AUD/USD | 0.70 | +0.81% |
| ▲ | Bitcoin | 64,507 | +3.86% |
ASX 200 as at market close. Bitcoin in USD.
Market movers
| ▼ | ASX:KCN | $3.65 | -16.09% |
Kingsgate Consolidated was the ASX 200’s biggest loser for a second day in a row, with shares tumbling another 16% on Tuesday. The stock is down 27% since it flagged an outage at its Thai gold mine early on Monday.
