JP Morgan Fined S$2.4 Million Over Unsupervised Conduct Of Relationship Managers

Business Today02:16 ET

Singapore's central bank: JPMorgan was fined 1.8 million US dollars for improper conduct by relationship managers.

The Monetary Authority of Singapore (MAS) stated on Monday that it has imposed a civil penalty of 2.4 million Singapore dollars (1.79 million US dollars) on the US-based JPMorgan Chase Bank. MAS mentioned that JPMorgan's relationship managers provided inaccurate or incomplete information to clients in 24 over-the-counter bond trades, charging clients spreads higher than agreed. The country's central bank said that JPMorgan has acknowledged responsibility for failing to prevent or detect the misconduct and has paid the civil penalty to MAS.

Global Market Report22:43 ET

Morgan Stanley: Reiterates boc hong kong 'shareholding' rating with a target price of 28 Hong Kong dollars

JPMorgan released a research report stating that boc hong kong (02388) saw a 6% drop in its stock price last week, underperforming the Hang Seng Index and peers by 6 to 9%. This weak performance is believed to be caused by concerns over asset quality, although the market may have overreacted. The bank believes that the group's financial results for the 2024 fiscal year, to be announced in the first quarter of next year, will bring substantial risk rewards, reiterating its "shareholding" rating with a target price of HKD 28. The bank anticipates that over the next 6 to 12 months, as management increases shareholder returns in a capital-rich environment, the net interest margin and resilience of asset quality, along with the continued growth of average interest-earning assets (AIEA), will support the group.

新浪港股22:21 ET

JPMorgan: Maintains 'overweight' rating on Meituan-W, target price raised to HK$200.

JPMorgan released a research report stating that they believe Meituan is one of the best consumer and internet companies in China, maintaining a 'shareholding' rating for Meituan-W (03690) with a target price raised to HKD 200. The company's profitability remains strong, with forecasted adjusted earnings per share growth of 33% next year, 9% higher than market expectations, making it one of the fastest-growing companies covered by the bank. The report mentioned that Meituan is one of the best-performing stocks among China's internet stocks this year, and still believes that its stock price has room to rise in the next 6 to 12 months, mainly due to the increasing monetization level and the revenue from on-site and hotel services.

Sina Hong Kong Stocks22:20 ET

Express News | Singapore's MAS - Imposes Civil Penalty of S$2.4 Million on JPMorgan Chase Bank, N.a.

Reuters22:05 ET

"Doomsday Doctor" Rubini warns of Trump 2.0: higher inflation, lower economic growth.

Renowned economist, supported by the nickname "Dr. Doom," Nouriel Roubini recently expressed his concerns about the second term of US President Donald Trump. Roubini, dubbed "Dr. Doom" for correctly predicting the 2008 global financial crisis, shared his economic forecast for Trump's second term in a recent interview. Roubini acknowledged that some of Trump's economic strategies may stimulate economic growth, but he warned that others could lead to worsening inflation and a slowdown in economic expansion. During the interview, he specifically mentioned Trump's proposal to impose tariffs on products from Mexico, Canada, and other countries.

Global market news broadcast18:26 ET