Markets News 

Fund managers bet on rising interest rates but not on tax-cut boost for stocks

“Global fund managers are making big bets on higher interest rates, but they are not expecting U.S. tax reform to bring significant gains to the stock market or other risk assets” writes Boston Globe for cnbc.com. According to the monthly Bank of America Merrill Lynch survey, global fund managers are rotating into banks and Japan and out of utilities, bonds and emerging markets.According to the survey, 68 percent of the global fund managers expect to see U.S. tax cuts in 2018 but they do not see a big impact on…

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Crypto News 

J.P. Morgan Is Launching a Payments Network Using Blockchain

“The network will be powered by Quorum, a blockchain technology developed by J.P. Morgan” reports fortune.com. J.P. Morgan Chase & Co said on Monday it launched a new payment processing network that uses blockchain technology, in partnership with Royal Bank of Canada and Australia and New Zealand Banking Group.Blockchain, a shared ledger of transactions maintained by a network of computers on the internet, is the technology that underpins cryptocurrency bitcoin.While JPMorgan Chief Jamie Dimon has spoken out against bitcoin, he and other banking executives have lauded the technology. Source: fortune.com Share…

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Crypto News 

JPMorgan launches payments network using blockchain technology

“The network will be powered by Quorum, a blockchain technology developed by JPMorgan” reports foxbusiness.com. Oct 16 (Reuters) – JPMorgan Chase & Co said on Monday it launched a new payment processing network that uses blockchain technology, in partnership with Royal Bank of Canada and Australia and New Zealand Banking Group.Blockchain, a shared ledger of transactions maintained by a network of computers on the internet, is the technology that underpins cryptocurrency bitcoin.”Blockchain capabilities have allowed us to rethink how critical information can be sourced and exchanged between global banks,” said…

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AUD Crypto News 

IBM has a new blockchain for banks to speed up cross-border payments

“IBM has developed a blockchain platform that allows banks to rapidly clear and settle payment transactions around the world” writes Ryan Browne for cnbc.com. IBM’s blockchain will allow all “appropriate” parties access to clearing and settlement data on financial transactions.”Making distributed ledger technologies more interoperable is the latest example of IBM’s leadership driving the rapid advancement of blockchain.”. Big Blue said Monday it has worked with a number of international banks including Spain’s BBVA, Indonesia’s Bank Danamon and Australia’s National Australia Bank. Source: cnbc.com Share This:

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GBP News Stocks 

Brexit is far from the only worry for U.K. stocks

“Matejka and his team are recommending that investors underweight U.K. stocks” writes Markets Writer for marketwatch.com. But the bank’s team went on to decide that the consensus view had become overly complacent, and they have kept their rating on U.K. stocks at either underweight or neutral for about a year.Such political problems add to the case for dialing back on broad bets on British stocks. Source: marketwatch.com Share This:

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News 

attackers had attempted to hack into computers that banks use to access the organization’s proprietary network

“SWIFT shares technical information about cyber attacks and other details on how hackers target banks on a private portal open to its members” writes Min Read for reuters.com. The disclosure underscores that banks remain at risk of cyber attacks targeting computers used to access SWIFT almost two years after the February 2016 theft from a Bangladesh Bank account at the Federal Reserve Bank of New York.As an example, he said that SWIFT had stopped some heists thanks to an update to its software that automatically sends alerts when hackers tamper…

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News 

Major bank CEO warns that the perfect economy right now ‘is exactly when things may go wrong’

“And while the largest Dutch financial services company was not included in the IMF’s list, Hamers admitted he was “worried” by the current climate” writes unknown author for cnbc.com. The CEO of a major European bank offered a stark warning for his industry on Thursday, suggesting that years of accommodative policy by global central banks could quickly turn sour.On Wednesday, the International Monetary Fund (IMF) said some of the world’s largest financial institutions could be set to struggle to remain sufficiently profitable in the current economic environment.The Washington D.C.-based institute…

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News Stocks 

Here are some of Deutsche Bank’s best auto stock picks ahead of earnings

“Deutsche Bank shared with its clients the auto and auto parts stocks that its analysts are watching ahead of the earnings season” writes Carlos Barria for cnbc.com. Here are three stocks Deutsche Bank is betting on into earnings.Firm analysts highlighted that many big players in the automobile industry present “disproportionately positive risk/reward,” and reiterated several buy ratings.Investors are looking to capitalize on what many speculate will be an evolution toward self-driving, autonomous vehicles. Source: cnbc.com Share This:

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News 

JPMorgan leads banks in total US deposits: Jamie Dimon on 3Q earnings

“JPMorgan Chase & Co. (JPM) led the nation in total U.S. deposits for the first time in the third quarter, according to CEO Jamie Dimon” reports foxbusiness.com. The company earned $1.76 per share on revenue of $26.2 billion for the quarter ended Sept. 30. Analysts polled by Thomson Reuters had expected earnings of $1.65 per share on revenue of $25.23 billion. “In Consumer & Community Banking, card sales and merchant processing volumes were once again up double digits, while loans and deposits continued to grow strongly,” Dimon said in the…

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