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- ct123456ct123456
  ·2021-04-21
  Ok
  非常抱歉，此主贴已删除
  1,515 评论
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- ct123456ct123456
  ·2021-04-20
  Cool
  非常抱歉，此主贴已删除
  2,582 2
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- ct123456ct123456
  ·2021-04-19
  Cool
  非常抱歉，此主贴已删除
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- ct123456ct123456
  ·2021-04-18
  Cool
  $544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</blockquote>
  While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire
  $544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</blockquote>
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- ct123456ct123456
  ·2021-04-16
  Good.well done.
  非常抱歉，此主贴已删除
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- ct123456ct123456
  ·2021-04-16
  Ok
  Morgan Stanley posts better-than-expected earnings<blockquote>摩根士丹利公布好于预期的盈利</blockquote>
  (April 16) Morgan Stanley posts better-than-expected earnings. Here are the numbers:Morgan Stanley Q
  Morgan Stanley posts better-than-expected earnings<blockquote>摩根士丹利公布好于预期的盈利</blockquote>
  2,242 评论
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- ct123456ct123456
  ·2021-04-16
  Cool
  非常抱歉，此主贴已删除
  1,830 评论
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- ct123456ct123456
  ·2021-04-16
  Cool
  非常抱歉，此主贴已删除
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- ct123456ct123456
  ·2021-04-14
  O
  JPMorgan Chase beats analysts’ estimates as bank releases $5.2 billion in loan loss reserves<blockquote>摩根大通释放52亿美元贷款损失准备金，超出分析师预期</blockquote>
  KEY POINTSEarnings: $4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.Re
  JPMorgan Chase beats analysts’ estimates as bank releases $5.2 billion in loan loss reserves<blockquote>摩根大通释放52亿美元贷款损失准备金，超出分析师预期</blockquote>
  1,680 评论
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- ct123456ct123456
  ·2021-04-14
  Ok
  非常抱歉，此主贴已删除
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22:18","market":"us","language":"en","title":"$544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175692875","media":"zerohedge","summary":"While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire","content":"<p>While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.</p><p><blockquote>虽然这不是四（甚至三）巫术日，但今天的大量每周期权将到期，其中可能一文不值，其他期权将为基础价格提供支持“引脚”。这就是为什么，尽管我们正在享受一个美丽的春季周，高盛指出，单一股票期权交易活动相对于历史水平有所上升。也就是说，4月份每日期权交易量增长了70%，高于3月30日年初至今24亿美元的低点。</blockquote></p><p><b>In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.</b>As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.</p><p><blockquote><b>总体而言，单个股票中有5440亿美元的期权将于今天到期，其中包括3050亿美元的评级。</b>因此，今天的到期对于平值（ATM）期权持有大量未平仓合约的股票可能很重要，因为做市商对其异常大的期权投资组合进行delta对冲将会很活跃。这种流动可能会抑制某些股票的波动，同时加剧其他股票的股价波动。</blockquote></p><p>How to trade this?</p><p><blockquote>这个怎么交易？</blockquote></p><p>As Goldman's Vishal Vivek writes, at major expirations, options traders track situations where<b>a large amount of open interest is set to expire.</b>In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.</p><p><blockquote>正如高盛的维沙尔·维韦克（Vishal Vivek）所写，在重大到期时，期权交易者会跟踪以下情况：<b>大量未平仓合约即将到期。</b>在平价执行（执行价格等于或非常接近当前股价）中存在大量到期未平仓合约的情况下，delta对冲活动可能会影响标的股票当天的交易。如果做市商或其他对其头寸进行delta对冲的期权交易者是净多头ATM期权，则与到期相关的流量可能会产生抑制股价走势的效果，导致股价以大量未平仓合约在行权附近结算。这种情况通常被称为“pin”，对于试图进入/退出股票头寸的大型投资者来说是理想的情况。或者，如果delta对冲者是ATM期权的净空头（具有“负伽马”头寸），他们的对冲活动可能会加剧股价波动。</blockquote></p><p>What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.</p><p><blockquote>这意味着与到期相关的交易可能会导致具有大量ATM未平仓合约的股票的交易活动大幅回升。</blockquote></p><p>So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"<i>expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"</i></p><p><blockquote>因此，为了帮助寻求日内交易机会的交易者，这里有一个表格，列出了今天到期的ATM未平仓合约较大的可能焦点股票，并与标的股票的日均交易量进行了比较。正如高盛所说，“<i>如果未平仓合约占股票交易量的很大一部分，那么与到期相关的活动可能会产生更大的影响。”</i></blockquote></p><p><img src=\"https://static.tigerbbs.com/0dac61cb87c2f2700d8a0e8e64324f81\" tg-width=\"500\" tg-height=\"638\" referrerpolicy=\"no-referrer\">Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"</p><p><blockquote>最后，值得一提的是，今天早上我们在SpotGamma的朋友写道，这是一个相当奇怪的运营支出周期，“持续的几乎机械的出价推动市场走高。我们以前从未见过看涨期权墙“突破”过很多次，但我们在之前的笔记中提到过其他异常现象，例如净看跌期权销售。我们对此有一些理论，我们将在一篇更长的文章中发布。”</blockquote></p><p>According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).<b>These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX&nbsp; (i.e. implied volatility) reversed.</b></p><p><blockquote>根据SG的说法，由于隐含波动率现在已经压缩（即VIX处于新低），现在“长期”波动的潜力更大。回想一下最近市场的任何剧烈下跌都是如何被如此迅速地买入的（见下图）。<b>这些大幅走低与创纪录的VIX飙升同时发生，但随着VIX（即隐含波动率）的逆转，反射性的snap回调将带来同等力度的市场复苏。</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/ae7a60d873792b825bdda669cafa0ed3\" tg-width=\"500\" tg-height=\"297\" referrerpolicy=\"no-referrer\">And one other curious observation from SpotGamma:</p><p><blockquote>SpotGamma的另一个奇怪观察：</blockquote></p><p>When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. <b>We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.</b>With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.&nbsp; Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.&nbsp; Additionally, gamma is higher when IV is lower so gamma flips may have more juice.</p><p><blockquote>当隐含波动率非常高时，它对市场走势非常敏感，也表明市场预计未来会有更大的波动。一旦市场暂停或抓住支撑位，隐含波动率就会迅速反转走低。<b>我们经常想到这样一个类比，如果鲨鱼停止游泳，它就会下沉（部分正确！）.如果市场停止下跌，那么隐含波动率就会下降。</b>正如我们经常谈论的那样，较低的隐含波动率（即较低的VIX）表明做市商必须回购空头对冲，从而推动反弹。SG的结论是：目前较低的隐含波动率水平给了市场更多的下行火力。从较低的隐含波动率开始会“减缓”反应性的“snap回”购买机制。此外，当IV较低时，伽马较高，因此伽马翻转可能有更多的果汁。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>$544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n$544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-04-16 22:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p>While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.</p><p><blockquote>虽然这不是四（甚至三）巫术日，但今天的大量每周期权将到期，其中可能一文不值，其他期权将为基础价格提供支持“引脚”。这就是为什么，尽管我们正在享受一个美丽的春季周，高盛指出，单一股票期权交易活动相对于历史水平有所上升。也就是说，4月份每日期权交易量增长了70%，高于3月30日年初至今24亿美元的低点。</blockquote></p><p><b>In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.</b>As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.</p><p><blockquote><b>总体而言，单个股票中有5440亿美元的期权将于今天到期，其中包括3050亿美元的评级。</b>因此，今天的到期对于平值（ATM）期权持有大量未平仓合约的股票可能很重要，因为做市商对其异常大的期权投资组合进行delta对冲将会很活跃。这种流动可能会抑制某些股票的波动，同时加剧其他股票的股价波动。</blockquote></p><p>How to trade this?</p><p><blockquote>这个怎么交易？</blockquote></p><p>As Goldman's Vishal Vivek writes, at major expirations, options traders track situations where<b>a large amount of open interest is set to expire.</b>In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.</p><p><blockquote>正如高盛的维沙尔·维韦克（Vishal Vivek）所写，在重大到期时，期权交易者会跟踪以下情况：<b>大量未平仓合约即将到期。</b>在平价执行（执行价格等于或非常接近当前股价）中存在大量到期未平仓合约的情况下，delta对冲活动可能会影响标的股票当天的交易。如果做市商或其他对其头寸进行delta对冲的期权交易者是净多头ATM期权，则与到期相关的流量可能会产生抑制股价走势的效果，导致股价以大量未平仓合约在行权附近结算。这种情况通常被称为“pin”，对于试图进入/退出股票头寸的大型投资者来说是理想的情况。或者，如果delta对冲者是ATM期权的净空头（具有“负伽马”头寸），他们的对冲活动可能会加剧股价波动。</blockquote></p><p>What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.</p><p><blockquote>这意味着与到期相关的交易可能会导致具有大量ATM未平仓合约的股票的交易活动大幅回升。</blockquote></p><p>So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"<i>expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"</i></p><p><blockquote>因此，为了帮助寻求日内交易机会的交易者，这里有一个表格，列出了今天到期的ATM未平仓合约较大的可能焦点股票，并与标的股票的日均交易量进行了比较。正如高盛所说，“<i>如果未平仓合约占股票交易量的很大一部分，那么与到期相关的活动可能会产生更大的影响。”</i></blockquote></p><p><img src=\"https://static.tigerbbs.com/0dac61cb87c2f2700d8a0e8e64324f81\" tg-width=\"500\" tg-height=\"638\" referrerpolicy=\"no-referrer\">Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"</p><p><blockquote>最后，值得一提的是，今天早上我们在SpotGamma的朋友写道，这是一个相当奇怪的运营支出周期，“持续的几乎机械的出价推动市场走高。我们以前从未见过看涨期权墙“突破”过很多次，但我们在之前的笔记中提到过其他异常现象，例如净看跌期权销售。我们对此有一些理论，我们将在一篇更长的文章中发布。”</blockquote></p><p>According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).<b>These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX&nbsp; (i.e. implied volatility) reversed.</b></p><p><blockquote>根据SG的说法，由于隐含波动率现在已经压缩（即VIX处于新低），现在“长期”波动的潜力更大。回想一下最近市场的任何剧烈下跌都是如何被如此迅速地买入的（见下图）。<b>这些大幅走低与创纪录的VIX飙升同时发生，但随着VIX（即隐含波动率）的逆转，反射性的snap回调将带来同等力度的市场复苏。</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/ae7a60d873792b825bdda669cafa0ed3\" tg-width=\"500\" tg-height=\"297\" referrerpolicy=\"no-referrer\">And one other curious observation from SpotGamma:</p><p><blockquote>SpotGamma的另一个奇怪观察：</blockquote></p><p>When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. <b>We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.</b>With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.&nbsp; Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.&nbsp; Additionally, gamma is higher when IV is lower so gamma flips may have more juice.</p><p><blockquote>当隐含波动率非常高时，它对市场走势非常敏感，也表明市场预计未来会有更大的波动。一旦市场暂停或抓住支撑位，隐含波动率就会迅速反转走低。<b>我们经常想到这样一个类比，如果鲨鱼停止游泳，它就会下沉（部分正确！）.如果市场停止下跌，那么隐含波动率就会下降。</b>正如我们经常谈论的那样，较低的隐含波动率（即较低的VIX）表明做市商必须回购空头对冲，从而推动反弹。SG的结论是：目前较低的隐含波动率水平给了市场更多的下行火力。从较低的隐含波动率开始会“减缓”反应性的“snap回”购买机制。此外，当IV较低时，伽马较高，因此伽马翻转可能有更多的果汁。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175692875","content_text":"While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.How to trade this?As Goldman's Vishal Vivek writes, at major expirations, options traders track situations wherea large amount of open interest is set to expire.In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX  (i.e. implied volatility) reversed.And one other curious observation from SpotGamma:When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.  Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.  Additionally, gamma is higher when IV is lower so gamma flips may have more juice.","news_type":1,"symbols_score_info":{".IXIC":0.9,"SPY":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1749,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370601640,"gmtCreate":1618578560980,"gmtModify":1634291972915,"author":{"id":"3565932120723517","authorId":"3565932120723517","name":"ct123456","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565932120723517","authorIdStr":"3565932120723517"},"themes":[],"htmlText":"Good.well done.","listText":"Good.well done.","text":"Good.well done.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/370601640","repostId":"1180499171","repostType":4,"isVote":1,"tweetType":1,"viewCount":1291,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370843320,"gmtCreate":1618576666360,"gmtModify":1634291986568,"author":{"id":"3565932120723517","authorId":"3565932120723517","name":"ct123456","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565932120723517","authorIdStr":"3565932120723517"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/370843320","repostId":"1167145090","repostType":4,"repost":{"id":"1167145090","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1618573074,"share":"https://www.laohu8.com/m/news/1167145090?lang=zh_CN&edition=full","pubTime":"2021-04-16 19:37","market":"us","language":"en","title":"Morgan Stanley posts better-than-expected earnings<blockquote>摩根士丹利公布好于预期的盈利</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1167145090","media":"Tiger Newspress","summary":"(April 16) Morgan Stanley posts better-than-expected earnings. Here are the numbers:Morgan Stanley Q","content":"<p>(April 16)&nbsp;Morgan Stanley posts better-than-expected earnings.&nbsp;Here&nbsp;are&nbsp;the&nbsp;numbers:</p><p><blockquote>（4月16日）摩根士丹利公布好于预期的盈利数据如下：</blockquote></p><p><ul><li>Morgan Stanley Q1 adj. EPS $2.22 vs. $1.01 a year ago; FactSet consensus $1.72.</li><li>Morgan Stanley Q1 revenue $15.72 bln vs. $9.78 bln a year ago; FactSet consensus $14.10 bln.</li><li>Morgan Stanley Q1 net interest income $2.03 bln vs. $1.36 bln; FactSet consensus $1.60 bln.</li><li>Provision for credit losses on loans and lending commitments of $(93) million in the current quarter compared with $388 million in the prior year reflects a release in the allowance for credit losses driven by improvements in the outlook for macroeconomic conditions.</li><li>Book value of $52.71 vs. $51.85 consemsus, tangible book value of $38.97 vs. $41.52 consesus.</li></ul>The comparisons of current year results to prior periods were impacted by the acquisitions of Eaton Vance Corp. (“Eaton Vance”) completed on March 1, 2021, reported in the Investment Management segment and E*TRADE Financial Corporation (“E*TRADE”) completed in the fourth quarter of 2020, reported in the Wealth Management segment.</p><p><blockquote><ul><li>摩根士丹利第一季度调整后。每股收益为2.22美元，去年同期为1.01美元；FactSet共识1.72美元。</li><li>摩根士丹利第一季度营收为157.2亿美元，去年同期为97.8亿美元；FactSet共识为141亿美元。</li><li>摩根士丹利第一季度净利息收入20.3亿美元，对比13.6亿美元；FactSet共识为16亿美元。</li><li>本季度贷款和贷款承诺的信贷损失拨备为(9300万)美元，而去年为3.88亿美元，这反映了宏观经济状况前景改善推动的信贷损失拨备的释放。</li><li>账面价值为52.71美元，consesus为51.85美元，有形账面价值为38.97美元，consesus为41.52美元。</li></ul>本年度业绩与上期业绩的比较受到2021年3月1日完成的Eaton Vance Corp.（“Eaton Vance”）收购（在投资管理部门报告）和E*TRADE Financial Corporation（“E*TRADE”）的影响）于2020年第四季度完成，在财富管理部门报告。</blockquote></p><p>James P. Gorman, Chairman and Chief Executive Officer, said, “The Firm delivered record results. The integrated Investment Bank continues to thrive. We closed the acquisition of Eaton Vance which takes Investment Management to over $1.4 trillion of assets. Wealth Management brought in record flows of $105 billion. The Firm is very well positioned for growth in the years ahead.”</p><p><blockquote>董事长兼首席执行官詹姆斯·P·戈尔曼说：“该公司取得了创纪录的业绩。这家综合投资银行继续蓬勃发展。我们完成了对伊顿万斯的收购，使投资管理资产超过1.4万亿美元。财富管理带来了创纪录的1050亿美元。该公司为未来几年的增长做好了充分准备。”</blockquote></p><p>Morgan Stanley&nbsp;fell&nbsp;0.33%&nbsp;in&nbsp;premarket&nbsp;trading.<img src=\"https://static.tigerbbs.com/ca9cd904a98a7c121bcde453a279277c\" tg-width=\"708\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p><p><blockquote>摩根士丹利在盘前交易中下跌0。</blockquote></p><p><a href=\"https://www.businesswire.com/news/home/20210416005252/en/\" target=\"_blank\"><b>Morgan Stanley First Quarter 2021 Earnings Results &lt;&lt;&lt;</b></a><b></b><img src=\"https://static.tigerbbs.com/5ef0e544b84c2829f5915ab15782678d\" tg-width=\"1056\" tg-height=\"503\" referrerpolicy=\"no-referrer\"></p><p><blockquote><a href=\"https://www.businesswire.com/news/home/20210416005252/en/\" target=\"_blank\"><b>摩根士丹利2021年第一季度盈利结果&lt;&lt;&lt;</b></a><b></b></blockquote></p><p><img src=\"https://static.tigerbbs.com/d3e39946b3dcaf298794cd6d1d1e3955\" tg-width=\"1043\" tg-height=\"534\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Morgan Stanley posts better-than-expected earnings<blockquote>摩根士丹利公布好于预期的盈利</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMorgan Stanley posts better-than-expected earnings<blockquote>摩根士丹利公布好于预期的盈利</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-04-16 19:37</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(April 16)&nbsp;Morgan Stanley posts better-than-expected earnings.&nbsp;Here&nbsp;are&nbsp;the&nbsp;numbers:</p><p><blockquote>（4月16日）摩根士丹利公布好于预期的盈利数据如下：</blockquote></p><p><ul><li>Morgan Stanley Q1 adj. EPS $2.22 vs. $1.01 a year ago; FactSet consensus $1.72.</li><li>Morgan Stanley Q1 revenue $15.72 bln vs. $9.78 bln a year ago; FactSet consensus $14.10 bln.</li><li>Morgan Stanley Q1 net interest income $2.03 bln vs. $1.36 bln; FactSet consensus $1.60 bln.</li><li>Provision for credit losses on loans and lending commitments of $(93) million in the current quarter compared with $388 million in the prior year reflects a release in the allowance for credit losses driven by improvements in the outlook for macroeconomic conditions.</li><li>Book value of $52.71 vs. $51.85 consemsus, tangible book value of $38.97 vs. $41.52 consesus.</li></ul>The comparisons of current year results to prior periods were impacted by the acquisitions of Eaton Vance Corp. (“Eaton Vance”) completed on March 1, 2021, reported in the Investment Management segment and E*TRADE Financial Corporation (“E*TRADE”) completed in the fourth quarter of 2020, reported in the Wealth Management segment.</p><p><blockquote><ul><li>摩根士丹利第一季度调整后。每股收益为2.22美元，去年同期为1.01美元；FactSet共识1.72美元。</li><li>摩根士丹利第一季度营收为157.2亿美元，去年同期为97.8亿美元；FactSet共识为141亿美元。</li><li>摩根士丹利第一季度净利息收入20.3亿美元，对比13.6亿美元；FactSet共识为16亿美元。</li><li>本季度贷款和贷款承诺的信贷损失拨备为(9300万)美元，而去年为3.88亿美元，这反映了宏观经济状况前景改善推动的信贷损失拨备的释放。</li><li>账面价值为52.71美元，consesus为51.85美元，有形账面价值为38.97美元，consesus为41.52美元。</li></ul>本年度业绩与上期业绩的比较受到2021年3月1日完成的Eaton Vance Corp.（“Eaton Vance”）收购（在投资管理部门报告）和E*TRADE Financial Corporation（“E*TRADE”）的影响）于2020年第四季度完成，在财富管理部门报告。</blockquote></p><p>James P. Gorman, Chairman and Chief Executive Officer, said, “The Firm delivered record results. The integrated Investment Bank continues to thrive. We closed the acquisition of Eaton Vance which takes Investment Management to over $1.4 trillion of assets. Wealth Management brought in record flows of $105 billion. The Firm is very well positioned for growth in the years ahead.”</p><p><blockquote>董事长兼首席执行官詹姆斯·P·戈尔曼说：“该公司取得了创纪录的业绩。这家综合投资银行继续蓬勃发展。我们完成了对伊顿万斯的收购，使投资管理资产超过1.4万亿美元。财富管理带来了创纪录的1050亿美元。该公司为未来几年的增长做好了充分准备。”</blockquote></p><p>Morgan Stanley&nbsp;fell&nbsp;0.33%&nbsp;in&nbsp;premarket&nbsp;trading.<img src=\"https://static.tigerbbs.com/ca9cd904a98a7c121bcde453a279277c\" tg-width=\"708\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p><p><blockquote>摩根士丹利在盘前交易中下跌0。</blockquote></p><p><a href=\"https://www.businesswire.com/news/home/20210416005252/en/\" target=\"_blank\"><b>Morgan Stanley First Quarter 2021 Earnings Results &lt;&lt;&lt;</b></a><b></b><img src=\"https://static.tigerbbs.com/5ef0e544b84c2829f5915ab15782678d\" tg-width=\"1056\" tg-height=\"503\" referrerpolicy=\"no-referrer\"></p><p><blockquote><a href=\"https://www.businesswire.com/news/home/20210416005252/en/\" target=\"_blank\"><b>摩根士丹利2021年第一季度盈利结果&lt;&lt;&lt;</b></a><b></b></blockquote></p><p><img src=\"https://static.tigerbbs.com/d3e39946b3dcaf298794cd6d1d1e3955\" tg-width=\"1043\" tg-height=\"534\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MS":"摩根士丹利"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167145090","content_text":"(April 16) Morgan Stanley posts better-than-expected earnings. Here are the numbers:Morgan Stanley Q1 adj. EPS $2.22 vs. $1.01 a year ago; FactSet consensus $1.72.Morgan Stanley Q1 revenue $15.72 bln vs. $9.78 bln a year ago; FactSet consensus $14.10 bln.Morgan Stanley Q1 net interest income $2.03 bln vs. $1.36 bln; FactSet consensus $1.60 bln.Provision for credit losses on loans and lending commitments of $(93) million in the current quarter compared with $388 million in the prior year reflects a release in the allowance for credit losses driven by improvements in the outlook for macroeconomic conditions.Book value of $52.71 vs. $51.85 consemsus, tangible book value of $38.97 vs. $41.52 consesus.The comparisons of current year results to prior periods were impacted by the acquisitions of Eaton Vance Corp. (“Eaton Vance”) completed on March 1, 2021, reported in the Investment Management segment and E*TRADE Financial Corporation (“E*TRADE”) completed in the fourth quarter of 2020, reported in the Wealth Management segment.James P. Gorman, Chairman and Chief Executive Officer, said, “The Firm delivered record results. The integrated Investment Bank continues to thrive. We closed the acquisition of Eaton Vance which takes Investment Management to over $1.4 trillion of assets. Wealth Management brought in record flows of $105 billion. The Firm is very well positioned for growth in the years ahead.”Morgan Stanley fell 0.33% in premarket trading.Morgan Stanley First Quarter 2021 Earnings Results <<<","news_type":1,"symbols_score_info":{"MS":0.9}},"isVote":1,"tweetType":1,"viewCount":2242,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370854927,"gmtCreate":1618576187169,"gmtModify":1634291988571,"author":{"id":"3565932120723517","authorId":"3565932120723517","name":"ct123456","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565932120723517","authorIdStr":"3565932120723517"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/370854927","repostId":"1180499171","repostType":4,"isVote":1,"tweetType":1,"viewCount":1830,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370855291,"gmtCreate":1618576135513,"gmtModify":1634291988916,"author":{"id":"3565932120723517","authorId":"3565932120723517","name":"ct123456","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565932120723517","authorIdStr":"3565932120723517"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/370855291","repostId":"2127834845","repostType":4,"isVote":1,"tweetType":1,"viewCount":1351,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344873418,"gmtCreate":1618401665134,"gmtModify":1634293213074,"author":{"id":"3565932120723517","authorId":"3565932120723517","name":"ct123456","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565932120723517","authorIdStr":"3565932120723517"},"themes":[],"htmlText":"O","listText":"O","text":"O","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/344873418","repostId":"1195099187","repostType":4,"repost":{"id":"1195099187","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1618397517,"share":"https://www.laohu8.com/m/news/1195099187?lang=zh_CN&edition=full","pubTime":"2021-04-14 18:51","market":"us","language":"en","title":"JPMorgan Chase beats analysts’ estimates as bank releases $5.2 billion in loan loss reserves<blockquote>摩根大通释放52亿美元贷款损失准备金，超出分析师预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195099187","media":"Tiger Newspress","summary":"KEY POINTSEarnings: $4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.Re","content":"<p><b>KEY POINTS</b></p><p><blockquote><b>要点</b></blockquote></p><p><ul><li>Earnings: $4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.</li><li>Revenue: $33.12 billion, vs. $30.52 billion expected.</li></ul>(April 14)&nbsp;JPMorgan Chasereported first-quarter earnings before the opening bell on Wednesday.</p><p><blockquote><ul><li>收益：每股4.50美元，而Refinitiv调查的分析师预期为每股3.10美元。</li><li>营收：331.2亿美元，预期305.2亿美元。</li></ul>（4月14日）摩根大通在周三开盘前公布了第一季度财报。</blockquote></p><p>Here are the numbers:</p><p><blockquote>以下是数字：</blockquote></p><p><ul><li><b>Earnings:</b>$4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.</li><li><b>Revenue:</b>$33.12 billion, vs. $30.52 billion expected.</li><li>Credit costs net benefit of $4.2 billion included $5.2 billion of net reserve releases and $1.1 billion of net charge-offs.</li><li>Average loans up 1%; average deposits up 36%</li><li>$1.5 trillion of liquidity sources, including HQLA and unencumbered marketable securities</li><li>Average deposits up 32%; client investment assets up 44%</li><li>Average loans down 7%; debit and credit card sales volume up 9%</li><li>Active mobile customers up 9%</li><li>Global Investment Banking wallet share of 9.0% in 1Q21</li><li>Total Markets revenue of $9.1 billion, up 25%, with Fixed Income Markets up 15% and Equity Markets up 47%</li><li>Gross Investment Banking revenue of $1.1 billion, up 65%</li><li>Average loans down 2%; average deposits up 54%</li><li>Assets under management (AUM) of $2.8 trillion, up 28%</li><li>Average loans up 18%; average deposits up 43%</li></ul>JPMorgan Chase&nbsp;slipped&nbsp;1%&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><blockquote><ul><li><b>收益：</b>每股4.50美元，而Refinitiv调查的分析师预期为每股3.10美元。</li><li><b>收入：</b>331.2亿美元，预期为305.2亿美元。</li><li>信贷成本净收益为42亿美元，其中包括52亿美元的净准备金释放和11亿美元的净冲销。</li><li>平均贷款增长1%；平均存款增长36%</li><li>1.5万亿美元的流动性来源，包括HQLA和无抵押有价证券</li><li>平均存款增长32%；客户投资资产增长44%</li><li>平均贷款下降7%；借记卡和信用卡销量增长9%</li><li>活跃移动客户增长9%</li><li>2021年第一季度全球投资银行钱包份额为9.0%</li><li>市场总收入为91亿美元，增长25%，其中固定收益市场增长15%，股票市场增长47%</li><li>投资银行业务总收入为11亿美元，增长65%</li><li>平均贷款下降2%；平均存款增长54%</li><li>管理资产(AUM)为2.8万亿美元，增长28%</li><li>平均贷款增长18%；平均存款增长43%</li></ul>摩根大通在盘前交易中下跌1%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/e7507e54ef613f6f1636ce34550816c8\" tg-width=\"659\" tg-height=\"564\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>JPMorgan Chase, the first major bank to report first-quarter earnings, will be closely watched for clues as to how the industry will emerge from the coronavirus pandemic.</p><p><blockquote>摩根大通是第一家公布第一季度收益的主要银行，将受到密切关注，以寻找该行业将如何摆脱冠状病毒大流行的线索。</blockquote></p><p>One key question is whether banks will continue to release loan loss reserves — and the magnitude of those releases — that are no longer needed as the U.S. economic recovery gains pace. In the fourth quarter, JPMorgan beat expectations in part by releasing $2.9 billion in reserves.</p><p><blockquote>一个关键问题是，随着美国经济复苏步伐加快，银行是否会继续释放不再需要的贷款损失准备金——以及释放的规模。第四季度，摩根大通释放了29亿美元的准备金，部分超出了预期。</blockquote></p><p>JPMorgan, with the world's biggest Wall Street division by revenue, is also expected to benefit from robust investment banking fees driven by record issuance of SPACs, the blank check companies that saw more activity in the first quarter than all of 2020, itself a record year. Trading revenue is also expected to be a tailwind in the quarter.</p><p><blockquote>摩根大通拥有全球收入最大的华尔街部门，预计也将受益于SPAC创纪录发行推动的强劲投资银行费用，SPAC是空白支票公司，第一季度的活动超过了2020年全年，这本身就是创纪录的一年。交易收入预计也将成为本季度的推动力。</blockquote></p><p>Analysts will also be curious about the pace of share repurchases the bank is expected to make. Last month, the Federal Reserve&nbsp;said banks&nbsp;that pass the industry's 2021 stress test will be allowed to resume higher levels of dividend payouts and buybacks starting June 30.</p><p><blockquote>分析师还将对该银行预计进行股票回购的速度感到好奇。上个月，美联储表示，通过该行业2021年压力测试的银行将被允许从6月30日开始恢复更高水平的股息支付和回购。</blockquote></p><p>Shares of JPMorgan rose 21% so far this year, compared to the 25% advance of the KBW Bank Index.</p><p><blockquote>今年迄今为止，摩根大通股价上涨了21%，而KBW银行指数则上涨了25%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/ade6e23d309c02ebd566a97e22d0b776\" tg-width=\"1894\" tg-height=\"250\" referrerpolicy=\"no-referrer\">Discussion of Results:</p><p><blockquote>结果讨论：</blockquote></p><p>Net income was $14.3 billion, up $11.4 billion, predominantly driven by credit reserve releases of $5.2 billion compared to credit reserve builds of $6.8 billion in the prior year.</p><p><blockquote>净利润为143亿美元，增加114亿美元，主要是由于信贷准备金释放52亿美元，而上一年信贷准备金建设为68亿美元。</blockquote></p><p>Net revenue of $33.1 billion was up 14%. Noninterest revenue was $20.1 billion, up 39%, driven by higher CIB Markets revenue, higher Investment Banking fees, and the absence of losses in Credit Adjustments and Other and markdowns on held-for-sale positions in the bridge book13 recorded in the prior year. Net interest income was $13.0 billion, down 11%, predominantly driven by the impact of lower rates, partially offset by balance sheet growth.</p><p><blockquote>净收入为331亿美元，增长14%。非利息收入为201亿美元，增长39%，这是由于CIB Markets收入增加、投资银行费用增加以及上一年记录的过桥账簿13中未发生信贷调整和其他损失以及持有待售头寸的降价所推动的。净利息收入为130亿美元，下降11%，主要是由于利率下降的影响，但部分被资产负债表增长所抵消。</blockquote></p><p>Noninterest expense was $18.7 billion, up 12%, predominantly driven by higher volume- and revenue-related expense and continued investments. The increase in expense also included a $550 million contribution to the Firm’s Foundation.</p><p><blockquote>非利息支出为187亿美元，增长12%，主要是由销量和收入相关支出增加以及持续投资推动的。费用的增加还包括对公司基金会的5.5亿美元捐款。</blockquote></p><p>The provision for credit losses was a net benefit of $4.2 billion driven by net reserve releases of $5.2 billion, compared to an expense of $8.3 billion in the prior year predominantly driven by net reserve builds of $6.8 billion. The Consumer reserve release was $4.5 billion, and included a $3.5 billion release in Card, reflecting improvements in the macroeconomic scenarios, and a $625 million reserve release in Home Lending primarily due to improvements in house price index (HPI) expectations and to a lesser extent portfolio run-off. The Wholesale reserve release was $716 million reflecting improvements in the macroeconomic scenarios. Net charge-offs of $1.1 billion were down $412 million, predominantly driven by Card.</p><p><blockquote>信贷损失拨备的净收益为42亿美元，主要由净准备金释放52亿美元推动，而上一年的费用为83亿美元，主要由净准备金增加68亿美元推动。消费者准备金释放为45亿美元，其中包括35亿美元的信用卡释放，反映了宏观经济情景的改善，以及6.25亿美元的住房贷款准备金释放，这主要是由于房价指数(HPI)预期的改善以及较小程度上的投资组合流失。批发储备释放为7.16亿美元，反映了宏观经济情景的改善。11亿美元的净冲销减少了4.12亿美元，主要是由信用卡推动的。</blockquote></p><p><img src=\"https://static.tigerbbs.com/ef7db3c342d0b99ad63d96fdea9fd129\" tg-width=\"1889\" tg-height=\"232\">Discussion of Results:</p><p><blockquote>结果讨论：</blockquote></p><p>Net income was $6.7 billion, up $6.5 billion, driven by credit reserve releases compared to reserve builds in the prior year. Net revenue was $12.5 billion, down 6%.</p><p><blockquote>净利润为67亿美元，比上一年准备金增加65亿美元，这是由于信贷准备金释放的推动。净收入为125亿美元，下降6%。</blockquote></p><p></p><p>Consumer &amp; Business Banking net revenue was $5.6 billion, down 10%, driven by the impact of deposit margin compression, largely offset by growth in deposit balances. Home Lending net revenue was $1.5 billion, up 26%, driven by higher production revenue, partially offset by lower net interest income on lower balances. Card &amp; Auto net revenue was $5.4 billion, down 7%, driven by lower Card net interest income on lower balances, partially offset by lower Card acquisition costs and higher Card net interchange income.</p><p><blockquote>受存款利润率压缩影响，消费者和商业银行业务净收入为56亿美元，下降10%，但大部分被存款余额增长所抵消。住房贷款净收入为15亿美元，增长26%，这是由生产收入增加推动的，但部分被余额减少导致的净利息收入减少所抵消。卡和汽车净收入为54亿美元，下降7%，原因是余额减少导致卡净利息收入下降，但部分被卡收购成本下降和卡净交换收入增加所抵消。</blockquote></p><p>Noninterest expense was $7.2 billion, down 1%.</p><p><blockquote>非利息支出为72亿美元，下降1%。</blockquote></p><p>The provision for credit losses was a net benefit of $3.6 billion, including a $4.6 billion reserve release reflecting improvements in the macroeconomic scenarios compared to a $4.5 billion reserve build in the prior year. Net charge-offs were $1.0 billion, down $290 million, driven by Card.</p><p><blockquote>信贷损失拨备为36亿美元的净收益，其中包括46亿美元的准备金释放，反映了与上一年45亿美元的准备金建立相比宏观经济情景的改善。在Card的推动下，净冲销为10亿美元，减少了2.9亿美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>JPMorgan Chase beats analysts’ estimates as bank releases $5.2 billion in loan loss reserves<blockquote>摩根大通释放52亿美元贷款损失准备金，超出分析师预期</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJPMorgan Chase beats analysts’ estimates as bank releases $5.2 billion in loan loss reserves<blockquote>摩根大通释放52亿美元贷款损失准备金，超出分析师预期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-04-14 18:51</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>KEY POINTS</b></p><p><blockquote><b>要点</b></blockquote></p><p><ul><li>Earnings: $4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.</li><li>Revenue: $33.12 billion, vs. $30.52 billion expected.</li></ul>(April 14)&nbsp;JPMorgan Chasereported first-quarter earnings before the opening bell on Wednesday.</p><p><blockquote><ul><li>收益：每股4.50美元，而Refinitiv调查的分析师预期为每股3.10美元。</li><li>营收：331.2亿美元，预期305.2亿美元。</li></ul>（4月14日）摩根大通在周三开盘前公布了第一季度财报。</blockquote></p><p>Here are the numbers:</p><p><blockquote>以下是数字：</blockquote></p><p><ul><li><b>Earnings:</b>$4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.</li><li><b>Revenue:</b>$33.12 billion, vs. $30.52 billion expected.</li><li>Credit costs net benefit of $4.2 billion included $5.2 billion of net reserve releases and $1.1 billion of net charge-offs.</li><li>Average loans up 1%; average deposits up 36%</li><li>$1.5 trillion of liquidity sources, including HQLA and unencumbered marketable securities</li><li>Average deposits up 32%; client investment assets up 44%</li><li>Average loans down 7%; debit and credit card sales volume up 9%</li><li>Active mobile customers up 9%</li><li>Global Investment Banking wallet share of 9.0% in 1Q21</li><li>Total Markets revenue of $9.1 billion, up 25%, with Fixed Income Markets up 15% and Equity Markets up 47%</li><li>Gross Investment Banking revenue of $1.1 billion, up 65%</li><li>Average loans down 2%; average deposits up 54%</li><li>Assets under management (AUM) of $2.8 trillion, up 28%</li><li>Average loans up 18%; average deposits up 43%</li></ul>JPMorgan Chase&nbsp;slipped&nbsp;1%&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><blockquote><ul><li><b>收益：</b>每股4.50美元，而Refinitiv调查的分析师预期为每股3.10美元。</li><li><b>收入：</b>331.2亿美元，预期为305.2亿美元。</li><li>信贷成本净收益为42亿美元，其中包括52亿美元的净准备金释放和11亿美元的净冲销。</li><li>平均贷款增长1%；平均存款增长36%</li><li>1.5万亿美元的流动性来源，包括HQLA和无抵押有价证券</li><li>平均存款增长32%；客户投资资产增长44%</li><li>平均贷款下降7%；借记卡和信用卡销量增长9%</li><li>活跃移动客户增长9%</li><li>2021年第一季度全球投资银行钱包份额为9.0%</li><li>市场总收入为91亿美元，增长25%，其中固定收益市场增长15%，股票市场增长47%</li><li>投资银行业务总收入为11亿美元，增长65%</li><li>平均贷款下降2%；平均存款增长54%</li><li>管理资产(AUM)为2.8万亿美元，增长28%</li><li>平均贷款增长18%；平均存款增长43%</li></ul>摩根大通在盘前交易中下跌1%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/e7507e54ef613f6f1636ce34550816c8\" tg-width=\"659\" tg-height=\"564\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>JPMorgan Chase, the first major bank to report first-quarter earnings, will be closely watched for clues as to how the industry will emerge from the coronavirus pandemic.</p><p><blockquote>摩根大通是第一家公布第一季度收益的主要银行，将受到密切关注，以寻找该行业将如何摆脱冠状病毒大流行的线索。</blockquote></p><p>One key question is whether banks will continue to release loan loss reserves — and the magnitude of those releases — that are no longer needed as the U.S. economic recovery gains pace. In the fourth quarter, JPMorgan beat expectations in part by releasing $2.9 billion in reserves.</p><p><blockquote>一个关键问题是，随着美国经济复苏步伐加快，银行是否会继续释放不再需要的贷款损失准备金——以及释放的规模。第四季度，摩根大通释放了29亿美元的准备金，部分超出了预期。</blockquote></p><p>JPMorgan, with the world's biggest Wall Street division by revenue, is also expected to benefit from robust investment banking fees driven by record issuance of SPACs, the blank check companies that saw more activity in the first quarter than all of 2020, itself a record year. Trading revenue is also expected to be a tailwind in the quarter.</p><p><blockquote>摩根大通拥有全球收入最大的华尔街部门，预计也将受益于SPAC创纪录发行推动的强劲投资银行费用，SPAC是空白支票公司，第一季度的活动超过了2020年全年，这本身就是创纪录的一年。交易收入预计也将成为本季度的推动力。</blockquote></p><p>Analysts will also be curious about the pace of share repurchases the bank is expected to make. Last month, the Federal Reserve&nbsp;said banks&nbsp;that pass the industry's 2021 stress test will be allowed to resume higher levels of dividend payouts and buybacks starting June 30.</p><p><blockquote>分析师还将对该银行预计进行股票回购的速度感到好奇。上个月，美联储表示，通过该行业2021年压力测试的银行将被允许从6月30日开始恢复更高水平的股息支付和回购。</blockquote></p><p>Shares of JPMorgan rose 21% so far this year, compared to the 25% advance of the KBW Bank Index.</p><p><blockquote>今年迄今为止，摩根大通股价上涨了21%，而KBW银行指数则上涨了25%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/ade6e23d309c02ebd566a97e22d0b776\" tg-width=\"1894\" tg-height=\"250\" referrerpolicy=\"no-referrer\">Discussion of Results:</p><p><blockquote>结果讨论：</blockquote></p><p>Net income was $14.3 billion, up $11.4 billion, predominantly driven by credit reserve releases of $5.2 billion compared to credit reserve builds of $6.8 billion in the prior year.</p><p><blockquote>净利润为143亿美元，增加114亿美元，主要是由于信贷准备金释放52亿美元，而上一年信贷准备金建设为68亿美元。</blockquote></p><p>Net revenue of $33.1 billion was up 14%. Noninterest revenue was $20.1 billion, up 39%, driven by higher CIB Markets revenue, higher Investment Banking fees, and the absence of losses in Credit Adjustments and Other and markdowns on held-for-sale positions in the bridge book13 recorded in the prior year. Net interest income was $13.0 billion, down 11%, predominantly driven by the impact of lower rates, partially offset by balance sheet growth.</p><p><blockquote>净收入为331亿美元，增长14%。非利息收入为201亿美元，增长39%，这是由于CIB Markets收入增加、投资银行费用增加以及上一年记录的过桥账簿13中未发生信贷调整和其他损失以及持有待售头寸的降价所推动的。净利息收入为130亿美元，下降11%，主要是由于利率下降的影响，但部分被资产负债表增长所抵消。</blockquote></p><p>Noninterest expense was $18.7 billion, up 12%, predominantly driven by higher volume- and revenue-related expense and continued investments. The increase in expense also included a $550 million contribution to the Firm’s Foundation.</p><p><blockquote>非利息支出为187亿美元，增长12%，主要是由销量和收入相关支出增加以及持续投资推动的。费用的增加还包括对公司基金会的5.5亿美元捐款。</blockquote></p><p>The provision for credit losses was a net benefit of $4.2 billion driven by net reserve releases of $5.2 billion, compared to an expense of $8.3 billion in the prior year predominantly driven by net reserve builds of $6.8 billion. The Consumer reserve release was $4.5 billion, and included a $3.5 billion release in Card, reflecting improvements in the macroeconomic scenarios, and a $625 million reserve release in Home Lending primarily due to improvements in house price index (HPI) expectations and to a lesser extent portfolio run-off. The Wholesale reserve release was $716 million reflecting improvements in the macroeconomic scenarios. Net charge-offs of $1.1 billion were down $412 million, predominantly driven by Card.</p><p><blockquote>信贷损失拨备的净收益为42亿美元，主要由净准备金释放52亿美元推动，而上一年的费用为83亿美元，主要由净准备金增加68亿美元推动。消费者准备金释放为45亿美元，其中包括35亿美元的信用卡释放，反映了宏观经济情景的改善，以及6.25亿美元的住房贷款准备金释放，这主要是由于房价指数(HPI)预期的改善以及较小程度上的投资组合流失。批发储备释放为7.16亿美元，反映了宏观经济情景的改善。11亿美元的净冲销减少了4.12亿美元，主要是由信用卡推动的。</blockquote></p><p><img src=\"https://static.tigerbbs.com/ef7db3c342d0b99ad63d96fdea9fd129\" tg-width=\"1889\" tg-height=\"232\">Discussion of Results:</p><p><blockquote>结果讨论：</blockquote></p><p>Net income was $6.7 billion, up $6.5 billion, driven by credit reserve releases compared to reserve builds in the prior year. Net revenue was $12.5 billion, down 6%.</p><p><blockquote>净利润为67亿美元，比上一年准备金增加65亿美元，这是由于信贷准备金释放的推动。净收入为125亿美元，下降6%。</blockquote></p><p></p><p>Consumer &amp; Business Banking net revenue was $5.6 billion, down 10%, driven by the impact of deposit margin compression, largely offset by growth in deposit balances. Home Lending net revenue was $1.5 billion, up 26%, driven by higher production revenue, partially offset by lower net interest income on lower balances. Card &amp; Auto net revenue was $5.4 billion, down 7%, driven by lower Card net interest income on lower balances, partially offset by lower Card acquisition costs and higher Card net interchange income.</p><p><blockquote>受存款利润率压缩影响，消费者和商业银行业务净收入为56亿美元，下降10%，但大部分被存款余额增长所抵消。住房贷款净收入为15亿美元，增长26%，这是由生产收入增加推动的，但部分被余额减少导致的净利息收入减少所抵消。卡和汽车净收入为54亿美元，下降7%，原因是余额减少导致卡净利息收入下降，但部分被卡收购成本下降和卡净交换收入增加所抵消。</blockquote></p><p>Noninterest expense was $7.2 billion, down 1%.</p><p><blockquote>非利息支出为72亿美元，下降1%。</blockquote></p><p>The provision for credit losses was a net benefit of $3.6 billion, including a $4.6 billion reserve release reflecting improvements in the macroeconomic scenarios compared to a $4.5 billion reserve build in the prior year. Net charge-offs were $1.0 billion, down $290 million, driven by Card.</p><p><blockquote>信贷损失拨备为36亿美元的净收益，其中包括46亿美元的准备金释放，反映了与上一年45亿美元的准备金建立相比宏观经济情景的改善。在Card的推动下，净冲销为10亿美元，减少了2.9亿美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JPM":"摩根大通"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195099187","content_text":"KEY POINTSEarnings: $4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.Revenue: $33.12 billion, vs. $30.52 billion expected.(April 14) JPMorgan Chasereported first-quarter earnings before the opening bell on Wednesday.Here are the numbers:Earnings:$4.50 per share, vs. $3.10 per share expected by analysts polled by Refinitiv.Revenue:$33.12 billion, vs. $30.52 billion expected.Credit costs net benefit of $4.2 billion included $5.2 billion of net reserve releases and $1.1 billion of net charge-offs.Average loans up 1%; average deposits up 36%$1.5 trillion of liquidity sources, including HQLA and unencumbered marketable securitiesAverage deposits up 32%; client investment assets up 44%Average loans down 7%; debit and credit card sales volume up 9%Active mobile customers up 9%Global Investment Banking wallet share of 9.0% in 1Q21Total Markets revenue of $9.1 billion, up 25%, with Fixed Income Markets up 15% and Equity Markets up 47%Gross Investment Banking revenue of $1.1 billion, up 65%Average loans down 2%; average deposits up 54%Assets under management (AUM) of $2.8 trillion, up 28%Average loans up 18%; average deposits up 43%JPMorgan Chase slipped 1% in premarket trading.JPMorgan Chase, the first major bank to report first-quarter earnings, will be closely watched for clues as to how the industry will emerge from the coronavirus pandemic.One key question is whether banks will continue to release loan loss reserves — and the magnitude of those releases — that are no longer needed as the U.S. economic recovery gains pace. In the fourth quarter, JPMorgan beat expectations in part by releasing $2.9 billion in reserves.JPMorgan, with the world's biggest Wall Street division by revenue, is also expected to benefit from robust investment banking fees driven by record issuance of SPACs, the blank check companies that saw more activity in the first quarter than all of 2020, itself a record year. Trading revenue is also expected to be a tailwind in the quarter.Analysts will also be curious about the pace of share repurchases the bank is expected to make. Last month, the Federal Reserve said banks that pass the industry's 2021 stress test will be allowed to resume higher levels of dividend payouts and buybacks starting June 30.Shares of JPMorgan rose 21% so far this year, compared to the 25% advance of the KBW Bank Index.Discussion of Results:Net income was $14.3 billion, up $11.4 billion, predominantly driven by credit reserve releases of $5.2 billion compared to credit reserve builds of $6.8 billion in the prior year.Net revenue of $33.1 billion was up 14%. Noninterest revenue was $20.1 billion, up 39%, driven by higher CIB Markets revenue, higher Investment Banking fees, and the absence of losses in Credit Adjustments and Other and markdowns on held-for-sale positions in the bridge book13 recorded in the prior year. Net interest income was $13.0 billion, down 11%, predominantly driven by the impact of lower rates, partially offset by balance sheet growth.Noninterest expense was $18.7 billion, up 12%, predominantly driven by higher volume- and revenue-related expense and continued investments. The increase in expense also included a $550 million contribution to the Firm’s Foundation.The provision for credit losses was a net benefit of $4.2 billion driven by net reserve releases of $5.2 billion, compared to an expense of $8.3 billion in the prior year predominantly driven by net reserve builds of $6.8 billion. The Consumer reserve release was $4.5 billion, and included a $3.5 billion release in Card, reflecting improvements in the macroeconomic scenarios, and a $625 million reserve release in Home Lending primarily due to improvements in house price index (HPI) expectations and to a lesser extent portfolio run-off. The Wholesale reserve release was $716 million reflecting improvements in the macroeconomic scenarios. Net charge-offs of $1.1 billion were down $412 million, predominantly driven by Card.Discussion of Results:Net income was $6.7 billion, up $6.5 billion, driven by credit reserve releases compared to reserve builds in the prior year. Net revenue was $12.5 billion, down 6%.Consumer & Business Banking net revenue was $5.6 billion, down 10%, driven by the impact of deposit margin compression, largely offset by growth in deposit balances. Home Lending net revenue was $1.5 billion, up 26%, driven by higher production revenue, partially offset by lower net interest income on lower balances. Card & Auto net revenue was $5.4 billion, down 7%, driven by lower Card net interest income on lower balances, partially offset by lower Card acquisition costs and higher Card net interchange income.Noninterest expense was $7.2 billion, down 1%.The provision for credit losses was a net benefit of $3.6 billion, including a $4.6 billion reserve release reflecting improvements in the macroeconomic scenarios compared to a $4.5 billion reserve build in the prior year. Net charge-offs were $1.0 billion, down $290 million, driven by Card.","news_type":1,"symbols_score_info":{"JPM":0.9}},"isVote":1,"tweetType":1,"viewCount":1680,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344870345,"gmtCreate":1618401429487,"gmtModify":1634293214552,"author":{"id":"3565932120723517","authorId":"3565932120723517","name":"ct123456","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565932120723517","authorIdStr":"3565932120723517"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/344870345","repostId":"2127802988","repostType":2,"isVote":1,"tweetType":1,"viewCount":2351,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}