In europe. European stocks hitting a 20 bounce up from the bear market in 2020. A little bit of selling on the bond market as growth questions continue and Oil Takes Another leg lower. Lets get right to the bank numbers. Jp morgan shares up by about 2 . They reported blowout fixed income and trading revenue. With us now is Alison Williams is sonali basak. Sonali provisions for loan losses are really skyrocketing here, more than 8 billion expected. A lot of it is coming from the consumer business, where those provisions are more than 5 billion. On the other end of the loan but, we are expecting lower Net Interest Income this year. Also, as one would expect with lower interest rates, that would come into about 55 billion, lower than the 57 billion dollars initially estimated. On the bright side, we saw Net Interest Income for the quarter come in pretty healthy, and fixed income revenue beat by almost 1 billion. Trading was able to hold up. The question is, wasnt able to hold up well in a
Tom keene in new york. There was a big surprise from the boe yesterday. Tom i have to tell you, and we will show charts, yields speak to the tensions out there into this mornings jobs report. Francine they certainly do. Then we will go to the boj. Lets go to the bloomberg first word news. More on todays jobs report. The government will issue another solid report later this morning. 180,000 increased by july with the Unemployment Rate falling to 4. 8 from 4. 9 in june. Fornumber of people higher permanent positions in the u. K. Slumped the most in seven years in july, according to a report improvementd the federation. They are calling it a dramatic freefall. The bank of england said the outlook good weekend markedly. In south africa, the chief whip of the Ruling African National Congress Said the party conceded defeat in Nelson Mandela bay. That includes the city of port elizabeth. 98 of the vote counted, nearly 47 of the vote, to 41 for the anc. They are poised to lose control of Johan
Boehner announced that House Republicans would be making similar appearances across the country, going to Small Businesses to speak about the threat to jobs posed by Congressional Democrats Small Business tax hike. While members of Congress Plan to take their case to the American People, the aflcio is planning to take the American People to members of congress sending 33 local Union Leaders to capitol hill to push members of congress to let the bush tax cuts expire and leave Social Security untouched. One positive to emerge from negotiations so far has been that for the first time in recent memory, republicans have expressed an openness to increased revenues which means the choke hold Grover Norquist and his tax pledge held on republicans may be loosening. Frank bruni thinks republicans devolved into dummies and nor west was their ventriloquist. Not everyone saw norquist as the cause of the problem. Defending him truth is that mr. Norquist doesnt have such power. The voters do. He had