It’s gung-ho, folks
Jamie Dimon is in the market for a USD20 billion buy.
Good Morning.
Jamie Dimon told investors he could put USD10 to USD20 billion into “buying something” in the next couple of years. The regulatory handcuffs are off, the capital is there, and he’s looking — but never desperate. “It’s not burning a hole in our pocket at all,” he said.
He used the same stage to flag higher spend, “mostly driven by better performance”, with investment banking fees already tracking 10% higher for the quarter and trading up at least 11%. “It’s gung-ho, folks,” he said.
| ▲ | ASX 200 | 8,718 | +0.69% |
| ▼ | ASX futures | 8,694 | -0.54% |
| ▲ | S&P 500 | 7,520 | +0.02% |
| ▲ | NASDAQ | 26,675 | +0.07% |
| ▼ | AUD/USD | 0.71 | -0.38% |
| ▼ | Bitcoin | 75,016 | -1.22% |
ASX 200 as at market close. Bitcoin in USD.
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Market movers
| ▼ | ASX:ASX | $46.06 | -9.74% |
Shares in ASX Ltd plunged another 9.7% on Wednesday to a 10-year low, extending a record 13.3% sell-off from the day before, after the operator of Australia’s main stock exchange flagged a sharp increase in its cost base for the coming financial year.
UBS analyst Kieren Chidgey retained a buy rating, calling the updated expense guidance (growth of 18% to 21% for FY27) a “cost rebase complete,” and cutting his price target to $62 from $65.20. He argued the earnings hit would partly unwind as ASX recovers costs through its clearing and settlement pricing framework.
