the largest US bank JP Morgan in the first quarter, the problems of the oil companies low because of get to feel the price and the weak bond trading. The loaded operations of money house but less than experts thought: Net income therefore declined by less than 7 percent to around 5.5 billion dollars, the institute announced this Wednesday
The revenue decreased thereby to. three percent to more than 24 billion dollars. In important and particularly volatile bond trading saw a decline of more than 13 percent. Analysts predicted on average that the net profit would be reduced by one-fifth. The JP Morgan’s stock price rose in premarket trading 2.5 percent.
The problems just by oil companies and as of the banks could be affected, was probably in retrospect the main reason for which at the turn of turmoil broke out on the stock exchanges and broke bank share prices around the globe. Market participants debated in how high the credit exposure of banks in the oil industry is actually – directly awarded classic bank loans, bonds issued by oil companies or commodity derivatives. Appreciate reach into the hundreds of billions of dollars.
“The common” bearish “reasoning is that because of the decline in oil prices fracking companies are insolvent and then collapsing the US banking system in a chain reaction. We think this is very unlikely, “said Bernhard Langer, managing portfolio manager of the asset manager Invesco end of January in an interview with FAZ.NET.
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Since its lows, the oil price has risen significantly and now with him the share prices. One barrel (159 liters) of Brent currently costs example again $ 44. Over the weekend, oil producers want to meet and advise you if they do not extend jointly promoting at least continue in Doha.
According to the figures now published by JP Morgan is directed to look at the other American banks. This Thursday, the Bank of America and Wells Fargo mortgage lenders want to submit their figures. The major investment banks Goldman Sachs and Morgan Stanley to follow next week.
The skid marks in bond trading in turn could be a bad harbinger for the German bank, which is heavily dependent on this sector. For years, the business already faltering here. Many institutes cut so their commitment
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