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What JP Morgan didn't tell you
JP Morgan may have reported a record second quarter profit - beating analysts’ expectations - but the real story is much more about future guidance and how higher yields and interest rates are going to affect profitability in the future.
Saxo Bank's Peter Garnry says higher mortgage rates are not good news for CEO Jamie Dimon.
This could be the driving factor behind muted earnings growth going forward for big banks with high mortgage exposure.
JP Morgan is seen as something of a bell-weather bank which often sets the tone for others’ performance. Many more major US banks are reporting from Monday onwards. Peter says we’re likely to see similar recovery stories next week. However, there are many tail winds still associated with the big banks. He believes that if you want exposure to financials, there are safer bets than JP Morgan, Citigroup and Goldman Sachs.
01:31 minutes
Tags: banks, citigroup, earnings, financials, goldman sachs, interest rates, jp morgan, jpm us, peter garnry, reports, saxo bank, saxo tv, tail winds, tradingfloor.com, us banks, yields