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12.01.2023 04:41 PM
JPMorgan Chase & Co expands its presence in Europe

According to the most recent data, JPMorgan Chase & Co. is expanding its corporate banking services to medium-sized businesses outside of the United States by hiring executives from Bank of America Corp. and Deutsche Bank AG and searching for highly qualified individuals.

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Stephanie Soybel, a former employee of Bank of America, reportedly accepted a position as head of sales at Nordics for corporate clients in Stockholm. Saskia Weller, a former employee of Deutsche Bank, will oversee debt finance in Germany, Austria, and Switzerland from her office in Berlin. The most recent hiring is a part of JPMorgan's effort to increase its international operations with smaller corporate clients. According to Andrew Kresse, head of worldwide corporate customer service at JPMorgan, "We're not just developing this for one phase of the cycle, but for the next 50 years."

It's important to note that JPMorgan's benchmark is intended for businesses operating in the technology, life sciences, and business sectors, as well as other industries including renewable energy, finance, and food technology. In terms of where money was allocated, how it was spent, and how it was valued, Kresse claimed that the European market for technological businesses was more regimented than the American one. "We are only starting our business here, and we think Europe is better positioned for technology."

Premarket

The firm increased its revenue forecast for the fourth quarter of 2022 due to high demand and expensive fares, which led to an increase in American Airlines' share price on Thursday in premarket trading. The airline forecasts that revenue climbed by 11–13% over the prior three-year period, before the epidemic, and by 17% during 2019 overall. American intends to announce its quarterly results on January 26 before the market opens. In the premarket, the company's shares increased by more than 3%.

Following the election of independent director Mark Parker as chairman of the board of the business, Disney shares increased more than 1% in morning trading.

The maker of mice and keyboards, Logitech, had a 16% drop in stock after lowering its sales forecast and missing revenue targets for the previous quarter.

The shares of streaming juggernaut Netflix increased from "hold" to "buy," resulting in a 1.4% rise. To combat password theft and launch an advertising offer, Jefferies boosted its target price from $310 to $385. They claimed that this would result in revenue and EBTIDA exceeding expectations.

The stock of the audio streaming company Spotify dropped by around 2% in the premarket after Jefferies, a competitor, lowered its rating from "buy" to "hold," claiming that Spotify's growth margin would fall short of Wall Street forecasts over the following two years.

According to the S&P500's technical picture, the index might keep expanding. Protecting the $3,960 nearest level will be a priority for today to achieve this. The trading instrument is expected to strengthen to $3,983 just after that, at which point we can anticipate a more confident upward move. The $4,010 level is a little higher; it will be challenging to surpass it. Buyers are only required to declare themselves in the vicinity of $3,866 in the event of a downward trend and a lack of support at $3,960 and $3,920. The trading instrument's breakdown will swiftly push it to $3,839, and the $3,806 region will be the furthest goal.

Jakub Novak,
Analytical expert of InstaForex
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