Core Viewpoint - Bristol Myers Squibb will present at J.P. Morgan's 44th Annual Healthcare Conference, indicating its ongoing engagement with investors and stakeholders in the healthcare sector [1] Company Summary - The presentation at the conference highlights Bristol Myers Squibb's commitment to sharing its strategic vision and updates on its pipeline and financial performance [1]

Group 1 - Morgan Stanley increased its short position in Bilibili (09626.HK) from 9.83% to 10.43% as of December 29 [1]

Core Viewpoint - The article discusses the ongoing silver short squeeze in the context of the Federal Reserve's inclination to lower interest rates, questioning whether the Chicago Mercantile Exchange's (CME) repeated increases in silver futures margin requirements can effectively curb this trend [1][4]. Group 1: Margin Increases and Market Reactions - On December 30, 2025, CME raised the initial margin for COMEX silver futures contracts, with new margins set at $32,500 for non-high-risk and $35,750 for high-risk combinations, marking the third increase in two weeks [2]. - Following these margin hikes, COMEX silver futures prices fell to around $71 per ounce after reaching a peak of $82.67 per ounce, reflecting an 83% increase from $45 per ounce since November 2025 [3][10]. - The surge in prices was driven by speculative capital and retail investors capitalizing on extreme shortages in the London and New York silver spot markets [3][10]. Group 2: Supply Shortages and Market Dynamics - The current silver short squeeze began in October 2025, triggered by rumors of a buyer ordering 1,000 tons of silver in the London market, leading to a tightening of the silver spot market [6]. - Major banks like JPMorgan and Goldman Sachs, while involved in significant silver transactions, also held large short positions in COMEX silver futures, creating a complex dynamic of supply and demand [7]. - By late November 2025, a large bank transferred 13.4 million ounces of silver from registered to eligible inventory, signaling a growing trend among silver traders to hoard physical silver, exacerbating the supply shortage [9]. Group 3: Historical Context and Future Outlook - Historical precedents of silver short squeezes occurred between 1970-1980 and 2009-2011, where CME's margin increases and the Federal Reserve's tightening policies eventually quelled the surges [3][21]. - Current market conditions suggest that without a combination of the Federal Reserve tightening monetary policy and CME significantly raising margin requirements, the ongoing silver short squeeze may persist [21]. - As of December 2, 2025, U.S. banks had shifted to a net long position in COMEX silver futures, indicating a strategic pivot in response to tightening supply conditions [15].

Core Viewpoint - U.S. financial markets are experiencing a pause for the New Year's Day holiday, with trading set to resume on January 2nd, 2026. Despite a recent pullback, 2025 was a strong year for major stock indexes, which posted significant gains. Market Performance - On December 31st, 2025, major U.S. stock indexes closed lower, continuing a four-session losing streak. The Dow Jones Industrial Average fell 0.6% to 48,063.29, the S&P 500 declined 0.7% to 6,845.50, and the Nasdaq Composite dropped 0.8% to 23,241.99. Trading volume was light as many institutional investors had closed their books for the year [2][3]. - Sector performance was predominantly negative, with technology stocks being a major drag. The Energy Select Sector SPDR rose 0.8%, while the Information Technology Select Sector SPDR, Financials Select Sector SPDR, and Industrials Select Sector SPDR all declined by 0.3% [4]. Notable Stock Movements - Ares Management Corporation saw a share decline of 3.4%. Micron Technology and Western Digital experienced drops of 2.5% and 2.2%, respectively. Corcept Therapeutics shares plunged significantly after the FDA did not approve its treatment. Conversely, Nike shares rose 4.1% following the CEO's purchase of approximately $1 million in company stock [5]. Year-End Market Drivers - The strong performance in 2025 was largely driven by optimism surrounding artificial intelligence, with companies like Micron Technology, Palantir, Advanced Micro Devices, Alphabet, and Nvidia being significant contributors. The S&P 500 finished 2025 up approximately 16.4%, the Nasdaq Composite surged around 20.4%, and the Dow Jones Industrial Average added roughly 13% [6]. Upcoming Economic Data - Key economic data releases are scheduled for early January, including Initial Claims data and Construction PDF on January 2nd, ISM Manufacturing index on January 5th, and various employment reports on January 7th. Important inflation indicators like the Consumer Price Index and Producer Price Index will be released on January 13th and 14th, respectively [8]. Federal Reserve Meeting - The U.S. Federal Reserve's Federal Open Market Committee meeting is set for January 28th, where market participants will seek guidance on monetary policy for 2026, particularly regarding inflation and potential interest rate adjustments [9]. Upcoming Earnings Releases - The earnings season for Q4 2025 will begin to gain momentum later in January, with notable companies like BHP Group, JPMorgan Chase, and Bank of America expected to report. These earnings will provide critical insights into corporate performance and outlooks for the new year [10].

Core Insights - Air Canada's Aeroplan program is shifting to a revenue-based system for elite status starting January 1, 2026, moving away from traditional metrics like Status Qualifying Miles and Segments [1][3] Summary by Sections Aeroplan Program Changes - The new system will only utilize Status Qualifying Credits (SQC) as the metric for earning elite status, simplifying the process for cardholders [2][3] - Cardholders of the Aeroplan Credit Card issued by Chase can earn up to 25,000 SQCs annually, starting with a 5,000 SQC boost at the beginning of the year [4][5] Earning SQCs - SQCs are earned based on spending on Air Canada flights rather than distance traveled or class of service, with elite status holders receiving bonus multipliers that can increase earnings up to 6 times [3][4] - To achieve 25K status, cardholders need to spend $15,000 annually after an introductory period where they receive complimentary status [5][6] Spending Thresholds and Benefits - Additional SQCs can be earned through spending thresholds: 10,000 SQCs for $25,000 spent and another 10,000 for $50,000 spent in a calendar year [4][6] - Higher status levels, such as 35K, require $75,000 in annual spending, with further rewards unlocked at higher spending thresholds [6] Future Changes - The Elite Status Level Up benefit will be discontinued starting in 2027, although the introductory status perk remains a significant advantage for new cardholders [7][8]

Group 1 - Major institutions like Goldman Sachs, UBS, and JPMorgan predict that Chinese assets will have a sustained rebound in 2026 due to profit growth, accelerated innovation, and attractive valuations [1][3] - The stock market is expected to have upward potential driven by the AI supercycle, while interest rates, exchange rates, credit, and commodity trends will show stronger differentiation [1][3] - Goldman Sachs forecasts an average price increase of approximately 13% for global stocks in 2026, with total returns nearing 15% when dividends are included, primarily driven by corporate earnings rather than valuation expansion [1][3] - Morgan Asset Management's "2026 Global Market Outlook" indicates a "strong-then-weak" growth pattern for the global economy in 2026, with increased regional economic growth dispersion, which may pose significant challenges for single-asset investments [1][3] - The report emphasizes the need for disciplined allocation in this economic cycle, focusing on structural opportunities and risk management in the Asia-Pacific region [1][3]

Core Viewpoint - JPMorgan Chase has launched a $10 billion "Security and Resiliency Initiative" aimed at investing in critical minerals, semiconductors, defense, and advanced technology sectors in the U.S. to align national security goals with commercial returns [1][2]. Group 1: Initiative Overview - The initiative will utilize up to $10 billion of the bank's own capital to invest in sectors deemed "critical to national security," marking a shift in public-private partnership models [2][3]. - The initiative is part of JPMorgan's broader $1.5 trillion commitment over ten years to enhance industries vital for U.S. economic security [3]. Group 2: Strategic Focus Areas - The initiative focuses on four strategic areas: 1. Supply Chain and Advanced Manufacturing: Enhancing domestic production of critical products, including semiconductors and pharmaceuticals [3][4]. 2. Defense and Aerospace: Supporting next-generation defense technologies and autonomous systems [4]. 3. Energy Independence: Investing in energy resilience projects to reduce reliance on foreign oil and critical materials [4]. 4. Frontier Technologies: Supporting advancements in AI, quantum computing, and cybersecurity [4]. Group 3: Key Minerals and Supply Chain - Ensuring stable access to critical minerals such as lithium, antimony, and rare earth elements is a cornerstone of the initiative [5]. - JPMorgan has already engaged in significant financing related to U.S. rare earth magnet production and is collaborating with Washington on other mineral supply chain opportunities [5][6]. Group 4: Leadership and Execution - The initiative is led by CEO Jamie Dimon, with oversight from senior executives Mary Erdoes and Doug Petno, highlighting its importance within the bank [8]. - A new strategic investment team will be led by Todd Combs, focusing on direct investments in defense, energy, healthcare, and critical materials [8]. Group 5: Advisory and Talent Integration - An external advisory committee, chaired by Dimon, includes prominent figures such as Jeff Bezos and Condoleezza Rice, guiding the initiative's strategy [9]. - JPMorgan is enhancing its workforce dedicated to the initiative, including establishing a "geopolitical center" to study supply chain vulnerabilities [10]. Group 6: Investor Implications - The $10 billion bet on U.S. strategic industries signals potential future growth and stock outperformance, particularly in defense technology and domestic electric vehicle battery supply chains [11]. - Stocks of companies like MP Materials and Intel have already seen increases following government or strategic support announcements [11].

Group 1 - J.P. Morgan Asset Management (JPMAM) announced final cash distributions for several ETFs, with payments scheduled for January 9 and January 16, 2026 [1] - The cash distributions per unit for various ETFs include: - JEPQ: $0.23362 (Monthly) - JBND: $0.09549 (Monthly) - JEPI: $0.17663 (Monthly) - JPST: $0.08534 (Monthly) - JCOR: $0.02470 (Quarterly) - JAVA: $0.06266 (Quarterly) - JGLO: $0.08874 (Annual) - JGRO: $0.00969 (Annual) [1] Group 2 - J.P. Morgan Asset Management manages assets totaling US$4 trillion as of September 30, 2025, serving a diverse clientele including institutions and high net worth individuals globally [2] - The company offers a wide range of investment management services across various asset classes, including equities, fixed income, real estate, hedge funds, private equity, and liquidity [2]

TORONTO, Dec. 31, 2025 (GLOBE NEWSWIRE) -- J. P. Morgan Asset Management (JPMAM)* today announced the final annual reinvested capital gain distributions for the below listed JPMorgan ETFs (the “Funds”) for the 2025 tax year. The distributions are for the annual non-cash capital gains distributions, which are typically reinvested in additional units of the respective funds at the year-end, and do not include ongoing monthly, quarterly, semi-annual, or annual cash distribution amounts. The additional units wi ...

Core Viewpoint - A significant divergence is emerging between financial assets and hard assets, with precious metals showing stronger conviction in future expectations compared to equities [3][4]. Precious Metals - Both gold and silver are trading near record highs, with gold testing $4,600 and silver touching $84, indicating a strong bullish sentiment in the precious metals market [2][5]. - Major institutions like JPMorgan and Bank of America have raised gold price targets to the $5,000 to $6,000 range over the next two years, driven by factors such as central bank diversification and currency debasement [4][8]. - Silver's market dynamics are particularly favorable due to persistent supply deficits and rising industrial demand, leading analysts to revise price forecasts upward [5]. Equities - The S&P 500 is projected to have a narrower margin for error, with targets clustering between 7,100 and 8,000, which implies limited upside that relies heavily on strong earnings growth and stable inflation [6]. - Current equity valuations are elevated, suggesting that even minor disappointments could negatively impact returns [6]. Future Outlook - Looking ahead to 2026, equities require near-perfect execution to achieve targets, while precious metals only need existing structural trends to continue [7]. - The consensus among analysts for gold prices is between $5,000 and $6,000, representing a potential upside of 10% to 30% from current levels [9].