Core Viewpoint - Oxford Biomedica has received an unsolicited cash offer from EQT-managed funds for all of its shares [1] Company Summary - Oxford Biomedica is a British manufacturer specializing in cell and gene therapy [1]

Core Viewpoint - Major U.S. banks are warning that President Trump's proposed cap on credit card interest rates could negatively impact lower-income consumers, the economy, and their profitability [1][2]. Group 1: Bank Executives' Opinions - Executives from JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo agree that while affordability is a concern, capping credit card interest rates is not the appropriate solution [2][3]. - Citigroup's outgoing CFO Mark Mason stated that an interest rate cap could lead to a significant economic slowdown and emphasized the need for collaboration with the administration on affordability issues [3]. - Bank of America CEO Brian Moynihan argued that lowering interest rate caps would restrict credit availability, resulting in fewer credit card approvals and lower credit limits for consumers [4]. Group 2: Market Reactions - Shares of Wells Fargo, Bank of America, Citigroup, and JPMorgan Chase have experienced declines between 5% and 8% over the past week [5]. - JPMorgan and Citigroup reported a decline in net income compared to the fourth quarter of 2024, while Wells Fargo and Bank of America saw an increase [5]. Group 3: Presidential Proposal - President Trump proposed a one-year cap on credit card interest rates at 10%, threatening banks with violations if they do not comply by January 20 [6]. - Analysts have raised questions about how the cap would be implemented without an executive order, voluntary action, or legislative approval [6]. Group 4: Impact on Consumers - JPMorgan CEO Jamie Dimon highlighted that the proposed cap would have a dramatic impact on subprime customers [7]. - Wells Fargo CEO Charles Scharf expressed alignment with the goal of improving affordability and finding solutions to assist consumers [7].

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Group 1 - Major indexes have experienced a decline, breaking a three-session winning streak due to geopolitical concerns and worries over Federal Reserve independence [1][3] - Fundstrat's Tom Lee advises investors to monitor signals from Washington to identify outperforming stocks early in the year [2][3] - Lee identifies credit-card companies, the Federal Reserve, and institutional buyers of mortgages as the three "losers" in the current market environment [4][6] Group 2 - Credit-card companies such as Capital One, Synchrony Financial, Citigroup, JPMorgan Chase, and Bank of America faced declines after President Trump proposed a 10% cap on interest rates for credit-card balances [4][5] - The inquiry into Fed Chairman Jerome Powell by the Department of Justice has raised concerns about the independence of the Federal Reserve, which Lee emphasizes is crucial for investors [6] - A potential "winner" identified by Lee is the mortgage sector, as Trump aims to enhance affordability for Americans, leading to increased investments in builder stocks and home-goods retailers like Wayfair, which has risen 18% in 2026 [8]

Group 1: Inflation and Economic Outlook - Morgan Stanley's chief economic strategist noted that inflation has not re-accelerated but remains above target, indicating insufficient grounds for the Federal Reserve to lower interest rates in January [1] - JPMorgan's CEO highlighted the resilience of the U.S. economy despite a slowdown in the labor market, with consumer spending remaining strong and businesses generally healthy [1] - Credit Agricole's forex strategist suggested that the market has already priced in negative factors related to interest rate cuts, indicating that the dollar may be undervalued [1] Group 2: Currency and Monetary Policy - Barclays reported that the Japanese yen may face downward pressure due to rising concerns over Japan's fiscal situation, potentially leading to further monetary easing [2] - Mitsubishi UFJ noted that a significant depreciation of the yen could raise concerns among policymakers, with speculation about government intervention to support the currency [3] - Julius Baer indicated that despite narrowing interest rate differentials, the yen is expected to remain weak due to concerns over Japan's fiscal policies and high public debt levels [4] Group 3: UK Economic Outlook - ING analysts warned that the British pound's recent gains against the euro may not be sustainable, as the Bank of England could lower interest rates sooner than expected [5][6] Group 4: U.S. Inflation and Federal Reserve Predictions - CICC reported that the U.S. December CPI rose by 2.7% year-on-year, aligning with market expectations, while core CPI was slightly below expectations [7] - CITIC Securities projected that the Federal Reserve would pause interest rate cuts in January and implement two cuts of 25 basis points each later in the year [8] Group 5: Strategic Metals and Investment Opportunities - CITIC Jiantou emphasized the bullish outlook for strategic metals due to rising resource nationalism and significant changes in demand dynamics [9] - Galaxy Securities highlighted the potential for a super copper cycle driven by the intersection of AI advancements and global order restructuring, suggesting significant upside for copper prices [11][12] Group 6: Brain-Computer Interface Industry - Galaxy Securities reported that brain-computer interface technology is moving towards industrial production, with significant policy support in China facilitating its commercialization [13]

Market Overview - The Dow Jones Industrial Average decreased by 398.21 points, or 0.8030%, on January 14, 2026, primarily due to disappointing earnings from the banking sector and ongoing economic concerns [1] - Major banks, particularly JPMorgan Chase, reported weak financial results, with Q4 investment banking fees falling below expectations [1] - JPMorgan also issued a warning about a potential 10% interest rate cap that could negatively impact the economy and consumers, contributing to market apprehension [1] - Investors reacted to cooler December CPI data while considering signs of steady demand, leading to a cautious market sentiment ahead of further economic reports [1] Stock Performance - Despite the overall market decline, several Dow components posted gains, with Walmart rising by 1.93%, Boeing increasing by 1.89%, and Johnson & Johnson up by 1.87% [2] - These companies showed resilience amid the struggles faced by the broader financial sector [2] Declines in Banking Sector - The banking sector's challenges resulted in significant declines for several Dow constituents, with Salesforce dropping by 6.98%, Visa down by 3.99%, and JPMorgan Chase falling by 3.79% following its earnings report [3] - Travelers Companies also experienced a notable decline of 3.31%, reflecting the widespread impact of the day's market narrative [3]

Core Insights - JPMorgan Chase reported fourth-quarter 2025 earnings, showing a net income of $13 billion, a 7% decline year-over-year, primarily due to a $2.2 billion pre-tax credit reserve related to the acquisition of the Apple Card portfolio [2][3] - Revenue increased by 7% to $46.8 billion, with net interest income also rising by 7% to $25.1 billion, driven by higher revolving credit card balances and improved deposit margins [2] Financial Performance - The bank's net income decreased to $13 billion, down from the previous year, attributed to the reserve build for the Apple Card acquisition [2] - Revenue growth of 7% to $46.8 billion indicates strong performance, with net interest income reflecting similar growth [2] Market Position and Outlook - JPMorgan's earnings are viewed as a barometer for the health of the consumer, corporate, and financial systems, with broad-based revenue growth suggesting stability [3] - Management's cautious outlook beyond 2026 is indicated by the increase in excess reserves [3] Expense Projections - Projected expenses for 2026 are around $105 billion, with the increase attributed to structural optimism and necessary investments to maintain competitive positioning [4] - The competitive environment is intensifying, necessitating ongoing investments to secure market position against both traditional and non-traditional competitors [4] Competitive Strategy - Higher spending on technology and AI is deemed essential to compete with fintech companies and established financial firms [5] - CEO Jamie Dimon emphasized the importance of staying ahead in the competitive landscape, indicating a commitment to proactive investment rather than merely meeting expense targets [6] Regulatory Concerns - Concerns were raised regarding President Trump's proposal to cap credit card interest rates at 10%, which could reduce access to credit and lead to lending cutbacks, particularly for higher-risk borrowers [6]

Quick Read Stocks were walloped on Tuesday after JPMorgan missed analysts’ fourth-quarter earnings estimates. The good news on Tuesday was the December consumer price index report that showed inflation hitting the 2.7% target, while core inflation came in below estimates at 2.6% Investors will be watching the other big banks that will report this week after the somewhat worrisome JPMorgan print. A recent study identified one single habit that doubled Americans’ retirement savings and moved retireme ...

Core Viewpoint - The proposal to cap credit card interest rates at 10% by President Trump could have significant negative consequences for consumers and the economy, according to corporate executives from major companies [1][3]. Group 1: Impact on Consumers - JPMorgan Chase CEO Jamie Dimon indicated that the implementation of the proposed interest rate cap would be dramatic and could restrict access to credit for consumers, particularly those with subprime risk profiles [1][3]. - CFO of JPMorgan, Jeremy Barnum, noted that service changes would likely occur, affecting credit card users with higher risk, leading to increased financial instability [2]. - Delta Air Lines CEO Ed Bastian expressed concerns that the proposal would restrict lower-end consumers from accessing credit, fundamentally disrupting the credit card industry [5]. Group 2: Economic Ramifications - Barnum warned that the loss of credit access would have severe negative consequences for consumers and potentially for the economy as a whole [3]. - Delta's revenue from its co-branded credit card partnership with American Express grew 11% year over year to $8.2 billion in 2025, highlighting the importance of credit access for revenue generation [4]. Group 3: Legislative Challenges - It remains unclear how the proposed one-year credit card APR limit could be implemented without Congressional legislation, with House Speaker Mike Johnson indicating he would explore the idea [3]. - Johnson acknowledged the potential for "unintended consequences" stemming from the proposed policy, a sentiment shared by other industry leaders [4].

据美联社13日报道，特朗普提议对信用卡利率设10%上限，还授意司法部调查美联储主席鲍威尔，此举 引发银行业强烈反对。美国各大银行首席执行官于13日向特朗普发出警告，称这一系列举措对美国经济 而言弊大于利。 纽约银行首席执行官罗宾·文斯表示，对美联储独立性的攻击"在我们看来，并不能实现 政府的主要目标，例如降低借贷成本、减少抵押贷款开支、降低美国人的日常生活成本。" 摩根大通首 席执行官杰米・戴蒙13日对记者称："我并非认同美联储的所有决策，但我对鲍威尔本人怀有极高的敬 意。" 摩根大通首席财务官杰弗里·巴纳姆表示，业界愿意动用一切资源，阻止特朗普政府对信用卡利率 设上限。 （环球网） 来源：滚动播报 ...