Core Viewpoint - Analysts project that JPMorgan Chase & Co. will report quarterly earnings of $5.01 per share, reflecting a 4.2% year-over-year increase, with revenues expected to reach $45.71 billion, a 6.9% increase from the same quarter last year [1]. Earnings Estimates - Over the last 30 days, there has been a 1% upward revision in the consensus EPS estimate for the quarter, indicating analysts' reassessment of their initial forecasts [2]. - Revisions to earnings projections are crucial for predicting investor behavior regarding the stock, as empirical studies show a strong correlation between earnings estimate trends and short-term stock performance [3]. Revenue Projections - Analysts estimate that 'Consumer & Community Banking - Revenue By Business - Card Services & Auto' will reach $7.15 billion, a year-over-year change of +3.4% [5]. - The revenue for 'Consumer & Community Banking - Revenue By Business - Banking & Wealth Management' is projected at $10.94 billion, indicating a +7.7% year-over-year change [5]. - For 'Commercial & Investment Bank - Revenue by Business - Payments', the estimate is $4.80 billion, reflecting a +2.1% change from the prior year [6]. - The total revenue for 'Commercial & Investment Bank - Revenue by Business - Total Banking & Payments' is expected to be $9.55 billion, with a +3% year-over-year change [6]. - Analysts forecast 'Commercial & Investment Bank - Revenue by Business - Fixed Income Markets' to reach $5.61 billion, indicating a +12.1% change from the year-ago quarter [7]. Key Financial Metrics - The average prediction for 'Book value per share' is $126.57, up from $116.07 a year ago [7]. - The consensus estimate for 'Total Interest Earning Assets - Average Balance' stands at $3986.42 billion, compared to $3571.96 billion a year ago [7]. - Analysts estimate 'Total Non-Performing Assets' at $11.16 billion, up from $9.29 billion in the same quarter last year [8]. - 'Total Non-Performing Loans' are projected to reach $10.54 billion, compared to $8.83 billion in the same quarter last year [9]. - The 'Tier 1 Capital Ratio' is expected to be 15.9%, down from 16.8% a year ago [9]. - The 'Total Capital Ratio' is projected to be 17.8%, compared to 18.5% in the same quarter last year [9]. Stock Performance - Shares of JPMorgan Chase & Co. have increased by +5.4% over the past month, outperforming the Zacks S&P 500 composite, which moved +0.9% [11].

Goldman Sachs (GS) said Wednesday that it had reached an agreement to move its Apple Card business to Chase (JPM) in a deal that brings the company one step closer to ending its years-long foray deeper into the consumer banking business that became a headache for the firm. “This transaction substantially completes the narrowing of our focus in our consumer business,” Goldman Sachs CEO David Solomon said in a press release statement. The deal still requires regulatory approval and isn’t expected to be fi ...

Goldman Sachs (GS) has reached an agreement to move its Apple Card business to Chase (JPM) in a deal that brings the company one step closer to ending its years-long foray deeper into the consumer banking business that became a headache for the firm. “This transaction substantially completes the narrowing of our focus in our consumer business,” Goldman Sachs CEO David Solomon said Wednesday in a press release statement. The deal still requires regulatory approval and isn’t expected to be finalized for t ...

Core Insights - The Apple Card will now be issued by JPMorgan, but Apple assures users that there will be no changes to their experience [1][4] - The transition marks a significant shift in the credit card landscape, with JPMorgan solidifying its position as the leading credit card issuer in the U.S. [3] Group 1: Company Transition - The Apple Card was previously managed by Goldman Sachs since its launch in 2019, but the company has been looking to divest from consumer products [2] - The card features a unique design with no number on the front and the user's name etched in metal, integrating physical and virtual payment methods [2] Group 2: JPMorgan's Position - JPMorgan is the top U.S. credit card issuer in 2024, with over $1.344 trillion in purchase volume, marking its sixth consecutive year in this position [3] - The acquisition of the Apple Card is expected to bring over $20 billion in estimated card balances to JPMorgan's Chase platform [3] Group 3: Financial Implications - Goldman Sachs anticipates a 46 cents per share increase in its 2025 fourth-quarter earnings due to the transaction, despite some offsetting losses [5] - The transaction will involve a release of $2.48 billion in loan loss reserves, countered by a reduction in net revenues of $2.26 billion related to the credit card loan portfolio [5]

Core Insights - Traditional finance (TradFi) is rapidly adopting cryptocurrency, moving beyond mere speculation to practical applications in the financial system [2][5][6] Group 1: Major Announcements - JPMorgan is launching JPM Coin on the Canton Network, expanding its blockchain-based settlement system [6] - Barclays has invested in Ubyx, a startup that enables banks and payment firms to settle transactions using stablecoins [6] - Morgan Stanley has filed with the SEC for an Ethereum Trust (ETH ETF), adding Ethereum exposure alongside Bitcoin and Solana [6] - Wyoming has confirmed the launch of its state-backed stablecoin, FRNT, on Solana, showcasing government involvement in crypto infrastructure [6] Group 2: Market Reactions - Major cryptocurrencies fell by 2-3% on the day, with Bitcoin dropping below $90,000 [5] - ZEC experienced a significant decline of 19% following the resignation of its developer team [5] Group 3: Trends and Implications - The current focus is on stablecoins and their role in transaction settlement rather than speculative use cases [7] - Ethereum and Solana are emerging as institutional infrastructures rather than just platforms for retail trading [7] - TradFi institutions are seeking to enhance their existing systems rather than being replaced by crypto technologies [8]

分组1 - JPMorgan Chase & Co. is set to release its fourth-quarter earnings results on January 13, 2025, with expected earnings of $5.01 per share, an increase from $4.81 per share in the same period last year [1] - The consensus estimate for JPMorgan's quarterly revenue is $46.25 billion, up from $42.77 billion a year earlier [1] - The company currently has an annual dividend yield of 1.83%, translating to a quarterly dividend of $1.50 per share, or $6.00 annually [2] 分组2 - To achieve a monthly income of $500 from dividends, an investment of approximately $326,990 or around 1,000 shares is required, while a more modest goal of $100 per month would need about $65,398 or 200 shares [2] - The dividend yield can fluctuate based on changes in the stock price and dividend payments, affecting the overall yield [3][5] - JPMorgan's shares recently fell by 2.3% to close at $326.99, and the price target was raised from $330 to $331 by Truist Securities analyst John McDonald, who maintained a Hold rating on the stock [5]

分组1 - JPMorgan Chase & Co. is set to release its fourth-quarter earnings results on January 13, 2025, with expected earnings of $5.01 per share, an increase from $4.81 per share in the same period last year [1] - The consensus estimate for JPMorgan's quarterly revenue is $46.25 billion, up from $42.77 billion a year earlier [1] - The company currently has an annual dividend yield of 1.83%, translating to a quarterly dividend of $1.50 per share, or $6.00 annually [2] 分组2 - To achieve a monthly income of $500 from dividends, an investment of approximately $326,990 or around 1,000 shares is required, while a more modest $100 per month would need an investment of $65,398 or around 200 shares [2] - The dividend yield can fluctuate based on changes in the stock price and dividend payments, affecting the overall yield [3][5] - JPMorgan's shares fell by 2.3% to close at $326.99, and the price target was raised from $330 to $331 by Truist Securities analyst John McDonald, who maintained a Hold rating on the stock [5]

Core Viewpoint - JPMorgan Chase's asset-management unit is severing ties with proxy-advisory firms and will implement an internal AI-driven platform named Proxy IQ for U.S. company votes in the upcoming proxy season [1] Group 1 - The asset-management unit of JPMorgan Chase manages over $7 trillion in client assets, making it one of the largest investment firms globally [1] - The decision to cut ties with proxy-advisory firms is effective immediately [1] - Proxy IQ will be utilized to assist in voting on U.S. companies during the upcoming proxy season [1]

Group 1 - JPMorgan Chase & Co. is highlighted as a stock to buy during market pullbacks, with a focus on its long-term value and current undervaluation compared to the market [1] - The company provides a wide range of financial services, including banking, lending, payments, investment management, investment banking, asset management, and advisory solutions [2] - Despite the potential of JPMorgan as an investment, there are suggestions that certain AI stocks may offer greater upside potential and less downside risk [3]

Group 1: US Rates Outlook - The report predicts that the Federal Reserve will implement a rate cut in Q1 2026, with 2-year and 10-year Treasury yields expected to reach 3.60% and 4.25% in the first half of 2026, and 3.85% and 4.35% by year-end 2026 [1][20][18] - Market expectations for rate cuts are more aggressive than Morgan Stanley's forecasts, but the conclusion of easing cycles in developed markets (DM) may exert mild downward pressure on US Treasury yields [1][21] - The report maintains a soft bearish view on duration, suggesting that yields may not break out of recent ranges despite high expectations for rate cuts [1][23] Group 2: International Rates Dynamics - Since late November 2025, there has been a general sell-off in DM rates due to a hawkish shift in central bank policies, strong economic data, and position unwinds [2][14] - The report anticipates rate cuts from the Bank of England and the Bank of Japan, while other major central banks are expected to keep rates unchanged [2][14] Group 3: Currency Market Insights - The report maintains a bearish outlook on the US dollar, expecting it to face depreciation pressure in the first half of 2026, driven by improved global economic growth and uncertainties surrounding US fiscal policies [3][8] - The impact of the Bank of Japan's policy adjustments on the yen is expected to be limited, while the appreciation of the Chinese yuan may not be linear due to existing valuation discounts [3][8] Group 4: Commodity Market Analysis - A regime change in Venezuela is identified as a significant upside risk to global oil supply for 2026-2027, with potential increases in production if political transitions occur [4][15] - The report highlights that the surge in silver prices could negatively impact demand, particularly in the solar energy sector, where silver's cost share in solar panels has risen significantly [4][15] Group 5: Emerging Markets Outlook - Morgan Stanley expresses an optimistic view on emerging markets for 2026, suggesting that lower macro volatility will support local currency markets [5][15] - The report recommends an overweight position in emerging market currencies and rates, particularly through high-yield bonds and medium-weight sovereign and corporate bonds [5][15] Group 6: US Economic and Policy Forecast - The projected GDP growth rate for the US in 2026 is 2.2%, with core PCE inflation expected to remain at 2.8% [6][20] - The unemployment rate is forecasted to peak at 4.5% in Q4 2026, with the Federal Reserve likely to pause rate changes after the anticipated cut in January [6][20] Group 7: Global Economic and Policy Outlook - The report indicates a shift from synchronized rate cuts to simultaneous pauses in monetary policy among major economies, with limited room for further easing due to improved global growth and moderate inflation changes [7][10] - Key themes for 2026 include the impact of fiscal policy and investments in artificial intelligence on the economy and markets [7][10] Group 8: Global Macro Strategy Summary - The global market in 2026 will be influenced by economic growth, inflation, central bank policies, and geopolitical factors [10][15] - Investors are advised to seek opportunities in interest rates, currencies, and commodities while maintaining an overweight stance on emerging markets [10][15]