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Musk Oversaw Video That Exaggerated Tesla’s Self-Driving Capabilities

2021-04-27

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07:10","market":"us","language":"en","title":"Musk Oversaw Video That Exaggerated Tesla’s Self-Driving Capabilities","url":"https://stock-news.laohu8.com/highlight/detail?id=2304678984","media":"Bloomberg","summary":"Emails shed new light on CEO’s involvement in 2016 demoCarmaker faces probes, claims on how it’s mar","content":"<html><head></head><body><ul><li>Emails shed new light on CEO’s involvement in 2016 demo</li><li>Carmaker faces probes, claims on how it’s marketed its tech</li></ul><p>(Bloomberg) — Elon Musk oversaw the creation of a 2016 video that exaggerated the abilities of Tesla Inc.’s driver-assistance system Autopilot, even dictating the opening text that claimed the company’s car drove itself, according to internal emails viewed by Bloomberg.</p><p>Musk wrote to Tesla’s Autopilot team after 2 a.m. California time in October 2016 to emphasize the importance of a demonstration drive to promote the system, which the chief executive officer made a splashy announcement about a week later. In an Oct. 19 call with reporters and blog post, Tesla said that all its cars from that day forward would ship with the hardware necessary for full self-driving capability.</p><p>“Just want to be absolutely clear that everyone’s top priority is achieving an amazing Autopilot demo drive,” Musk said in the email. “Since this is a demo, it is fine to hardcode some of it, since we will backfill with production code later in an OTA update,” he wrote, referring to using temporary code and updating it later using an over-the-air software update.</p><p>“I will be telling the world that this is what the car *will* be able to do,” Musk continued, “not that it can do this upon receipt.”</p><p>The email sheds light on Musk’s mindset before he and Tesla then made claims about capabilities that have yet to materialize more than six years later. After cycling through several different iterations of hardware, the company to this day tells customers using Autopilot and the system it markets as Full Self-Driving to keep their hands on the wheel and be prepared to take over at any moment.</p><p>In October, Bloomberg News reported that prosecutors in the US Justice Department’s Washington and San Francisco offices and investigators at the Securities and Exchange Commission were probing whether the company made misleading statements about its vehicles’ automated-driving capabilities.</p><p>Musk and Tesla — which disbanded its media relations department roughly three years ago — didn’t respond to requests for comment.</p><p><img src=\"https://static.tigerbbs.com/cc6b6798d5f99846f97a9796804c4653\" tg-width=\"7179\" tg-height=\"4786\" referrerpolicy=\"no-referrer\"/>BRUSSELS, BELGIUM - JANUARY 09: Tesla Model 3 compact sedan car in white on display at Brussels Expo on January 9, 2020 in Brussels, Belgium. The Model 3 is fitted with a full self-driving system. (Photo by Sjoerd van der Wal/Getty Images)</p><h2>‘Absolute Priority’</h2><p>Under the subject line “The Absolute Priority,” Musk wrote in his Oct. 11, 2016, email that he had canceled his obligations for the upcoming weekend to work with the Autopilot team on both Saturday and Sunday. He said everyone would be required to write a daily log of what they did to contribute to the success of the demo, and that he would read them personally.</p><p>Nine days later, after Tesla staffers shared a fourth version of the video, Musk replied that there were still too many jump cuts, and that the demo footage “needs to feel like one continuous take.”</p><p>While Musk had written in the earlier email that he would be clear Tesla was demonstrating what its cars would be able to do in the future, he then instructed staffers to open the video with a black screen and three sentences referring to the present.</p><p>The almost four-minute-long video that Musk shared in a tweet later that day opens with the text he asked for: “The person in the driver’s seat is only there for legal reasons. He is not doing anything. The car is driving itself.”</p><p>Seconds later, an engineer hops into the vehicle — a Model X — and The Rolling Stones’ Paint It Black begins to play. The engineer keeps his hands off the steering wheel as the car pulls forward from a driveway, turns left and travels to Tesla’s former headquarters in Palo Alto, California. The engineer steps out of the vehicle, the driver-side door appears to shut itself, and the vehicle parallel parks in a space with no one at the wheel.</p><p>The video, which remains on Tesla’s website, is of interest to attorneys in several lawsuits related to Autopilot crashes, including one involving the family of Walter Huang, the late Apple Inc. employee who died in a crash while using Autopilot in his Model X in March 2018. Lawyers for the family members who sued Tesla in May 2019 asked Ashok Elluswamy, the current director of Autopilot software, during a deposition in June last year whether the video accurately reflected the capabilities of Autopilot at the time of its release.</p><p>“The intent of the video was not to accurately portray what was available for customers in 2016,” Elluswamy said. “It was to portray what was possible.”</p><p>Reuters was first to report on the deposition earlier this week. Elluswamy declined to comment.</p><p><img src=\"https://static.tigerbbs.com/e7b39262df8ee5179299b5cccf2604d5\" tg-width=\"8256\" tg-height=\"5504\" referrerpolicy=\"no-referrer\"/>AUSTIN, TEXAS - JANUARY 03: Tesla cars are seen on a lot at a Tesla dealership on January 03, 2023 in Austin, Texas. (Photo by Brandon Bell/Getty Images)</p><h2>Fence Collision</h2><p>Tesla and Musk didn’t disclose when releasing the video that engineers had created a three-dimensional digital map for the route the Model X took, Elluswamy said during his deposition. Musk said years after the demo that the company doesn’t rely on high-definition maps for automated driving systems, and argued systems that do are less able to adapt to their surroundings.</p><p>The mapping detail — along with Elluswamy’s acknowledgment that the car was involved in an accident during the demo — broadly confirm a December 2021 New York Times report that said Tesla’s video didn’t provide a full picture of how the vehicle operated during the filming.</p><p>When asked if the Tesla drove up over a curb, through bushes and hit a fence, Elluswamy replied: “I’m not so sure about the curb or the bush. I do know about the fence.”</p><p>Last year, the US National Highway Traffic Safety Administration began publicly releasing data on crashes involving automated driver-assistance systems, which the agency ordered automakers to self-report. While Tesla reported the vast majority of such collisions, the regulator cautioned that the data was too limited to draw any conclusions about safety.</p><p>NHTSA has two active investigations into whether Autopilot is defective. The agency upgraded the first — focused on how Tesla Autopilot handles crash scenes with first-responder vehicles — in June of last year. It initiated the other probe — pertaining to sudden braking — four months earlier.</p><h2>‘Not Fraud’</h2><p>In August, California’s Department of Motor Vehicles accused Tesla of misleading consumers about its driver-assistance systems. The following month, a customer in the state accused the company of deceptive marketing and sought class-action status for other car owners to join his suit.</p><p>“Mere failure to realize a long-term, aspirational goal is not fraud,” Tesla said in a Nov. 28 motion to dismiss the California customer’s complaint.</p><p>Musk has said Tesla’s ability to make its cars self-driving will determine whether the company is worth “a lot of money and being worth basically zero.” During a Twitter Spaces conversation last month, he said the company has a leg up over other automakers in this regard.</p><p>“Something that Tesla possesses that other automakers do not is that the car is upgradeable to autonomy,” Musk said. “That’s something that no other car company can do.”</p></body></html>","source":"lsy1584095487587","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>Musk Oversaw Video That Exaggerated Tesla’s Self-Driving Capabilities</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nMusk Oversaw Video That Exaggerated Tesla’s Self-Driving Capabilities\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-01-20 07:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2023-01-19/elon-musk-directed-tesla-autopilot-video-saying-car-drove-itself-tsla?srnd=premium-asia><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Emails shed new light on CEO’s involvement in 2016 demoCarmaker faces probes, claims on how it’s marketed its tech(Bloomberg) — Elon Musk oversaw the creation of a 2016 video that exaggerated the ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-01-19/elon-musk-directed-tesla-autopilot-video-saying-car-drove-itself-tsla?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.bloomberg.com/news/articles/2023-01-19/elon-musk-directed-tesla-autopilot-video-saying-car-drove-itself-tsla?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2304678984","content_text":"Emails shed new light on CEO’s involvement in 2016 demoCarmaker faces probes, claims on how it’s marketed its tech(Bloomberg) — Elon Musk oversaw the creation of a 2016 video that exaggerated the abilities of Tesla Inc.’s driver-assistance system Autopilot, even dictating the opening text that claimed the company’s car drove itself, according to internal emails viewed by Bloomberg.Musk wrote to Tesla’s Autopilot team after 2 a.m. California time in October 2016 to emphasize the importance of a demonstration drive to promote the system, which the chief executive officer made a splashy announcement about a week later. In an Oct. 19 call with reporters and blog post, Tesla said that all its cars from that day forward would ship with the hardware necessary for full self-driving capability.“Just want to be absolutely clear that everyone’s top priority is achieving an amazing Autopilot demo drive,” Musk said in the email. “Since this is a demo, it is fine to hardcode some of it, since we will backfill with production code later in an OTA update,” he wrote, referring to using temporary code and updating it later using an over-the-air software update.“I will be telling the world that this is what the car *will* be able to do,” Musk continued, “not that it can do this upon receipt.”The email sheds light on Musk’s mindset before he and Tesla then made claims about capabilities that have yet to materialize more than six years later. After cycling through several different iterations of hardware, the company to this day tells customers using Autopilot and the system it markets as Full Self-Driving to keep their hands on the wheel and be prepared to take over at any moment.In October, Bloomberg News reported that prosecutors in the US Justice Department’s Washington and San Francisco offices and investigators at the Securities and Exchange Commission were probing whether the company made misleading statements about its vehicles’ automated-driving capabilities.Musk and Tesla — which disbanded its media relations department roughly three years ago — didn’t respond to requests for comment.BRUSSELS, BELGIUM - JANUARY 09: Tesla Model 3 compact sedan car in white on display at Brussels Expo on January 9, 2020 in Brussels, Belgium. The Model 3 is fitted with a full self-driving system. (Photo by Sjoerd van der Wal/Getty Images)‘Absolute Priority’Under the subject line “The Absolute Priority,” Musk wrote in his Oct. 11, 2016, email that he had canceled his obligations for the upcoming weekend to work with the Autopilot team on both Saturday and Sunday. He said everyone would be required to write a daily log of what they did to contribute to the success of the demo, and that he would read them personally.Nine days later, after Tesla staffers shared a fourth version of the video, Musk replied that there were still too many jump cuts, and that the demo footage “needs to feel like one continuous take.”While Musk had written in the earlier email that he would be clear Tesla was demonstrating what its cars would be able to do in the future, he then instructed staffers to open the video with a black screen and three sentences referring to the present.The almost four-minute-long video that Musk shared in a tweet later that day opens with the text he asked for: “The person in the driver’s seat is only there for legal reasons. He is not doing anything. The car is driving itself.”Seconds later, an engineer hops into the vehicle — a Model X — and The Rolling Stones’ Paint It Black begins to play. The engineer keeps his hands off the steering wheel as the car pulls forward from a driveway, turns left and travels to Tesla’s former headquarters in Palo Alto, California. The engineer steps out of the vehicle, the driver-side door appears to shut itself, and the vehicle parallel parks in a space with no one at the wheel.The video, which remains on Tesla’s website, is of interest to attorneys in several lawsuits related to Autopilot crashes, including one involving the family of Walter Huang, the late Apple Inc. employee who died in a crash while using Autopilot in his Model X in March 2018. Lawyers for the family members who sued Tesla in May 2019 asked Ashok Elluswamy, the current director of Autopilot software, during a deposition in June last year whether the video accurately reflected the capabilities of Autopilot at the time of its release.“The intent of the video was not to accurately portray what was available for customers in 2016,” Elluswamy said. “It was to portray what was possible.”Reuters was first to report on the deposition earlier this week. Elluswamy declined to comment.AUSTIN, TEXAS - JANUARY 03: Tesla cars are seen on a lot at a Tesla dealership on January 03, 2023 in Austin, Texas. (Photo by Brandon Bell/Getty Images)Fence CollisionTesla and Musk didn’t disclose when releasing the video that engineers had created a three-dimensional digital map for the route the Model X took, Elluswamy said during his deposition. Musk said years after the demo that the company doesn’t rely on high-definition maps for automated driving systems, and argued systems that do are less able to adapt to their surroundings.The mapping detail — along with Elluswamy’s acknowledgment that the car was involved in an accident during the demo — broadly confirm a December 2021 New York Times report that said Tesla’s video didn’t provide a full picture of how the vehicle operated during the filming.When asked if the Tesla drove up over a curb, through bushes and hit a fence, Elluswamy replied: “I’m not so sure about the curb or the bush. I do know about the fence.”Last year, the US National Highway Traffic Safety Administration began publicly releasing data on crashes involving automated driver-assistance systems, which the agency ordered automakers to self-report. While Tesla reported the vast majority of such collisions, the regulator cautioned that the data was too limited to draw any conclusions about safety.NHTSA has two active investigations into whether Autopilot is defective. The agency upgraded the first — focused on how Tesla Autopilot handles crash scenes with first-responder vehicles — in June of last year. It initiated the other probe — pertaining to sudden braking — four months earlier.‘Not Fraud’In August, California’s Department of Motor Vehicles accused Tesla of misleading consumers about its driver-assistance systems. The following month, a customer in the state accused the company of deceptive marketing and sought class-action status for other car owners to join his suit.“Mere failure to realize a long-term, aspirational goal is not fraud,” Tesla said in a Nov. 28 motion to dismiss the California customer’s complaint.Musk has said Tesla’s ability to make its cars self-driving will determine whether the company is worth “a lot of money and being worth basically zero.” During a Twitter Spaces conversation last month, he said the company has a leg up over other automakers in this regard.“Something that Tesla possesses that other automakers do not is that the car is upgradeable to autonomy,” Musk said. “That’s something that no other car company can do.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":131,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377633562,"gmtCreate":1619521782556,"gmtModify":1704725325586,"author":{"id":"3572305502229298","authorId":"3572305502229298","name":"eugene2382","avatar":"https://static.tigerbbs.com/5f7984eb3b593845f14bd2b3f6d90e91","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572305502229298","authorIdStr":"3572305502229298"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/377633562","repostId":"1155480059","repostType":4,"repost":{"id":"1155480059","pubTimestamp":1619484921,"share":"https://ttm.financial/m/news/1155480059?lang=&edition=fundamental","pubTime":"2021-04-27 08:55","market":"us","language":"en","title":"Biden’s 100-day stock market performance is the hottest going back to the 1950s","url":"https://stock-news.laohu8.com/highlight/detail?id=1155480059","media":"CNBC","summary":"KEY POINTS\n\nPresident Joe Biden has witnessed an unprecedented growth on Wall Street in his first 10","content":"<div>\n<p>KEY POINTS\n\nPresident Joe Biden has witnessed an unprecedented growth on Wall Street in his first 100 days in office, better than any of his predecessors going to at least Dwight Eisenhower.\nMassive ...</p>\n\n<a href=\"https://www.cnbc.com/2021/04/26/bidens-100-day-stock-market-performance-is-the-hottest-going-back-to-the-1950s.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","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>Biden’s 100-day stock market performance is the hottest going back to the 1950s</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; 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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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nBiden’s 100-day stock market performance is the hottest going back to the 1950s\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-27 08:55 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/04/26/bidens-100-day-stock-market-performance-is-the-hottest-going-back-to-the-1950s.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nPresident Joe Biden has witnessed an unprecedented growth on Wall Street in his first 100 days in office, better than any of his predecessors going to at least Dwight Eisenhower.\nMassive ...</p>\n\n<a href=\"https://www.cnbc.com/2021/04/26/bidens-100-day-stock-market-performance-is-the-hottest-going-back-to-the-1950s.html\">Web Link</a>\n\n</div>\n\n\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"},"source_url":"https://www.cnbc.com/2021/04/26/bidens-100-day-stock-market-performance-is-the-hottest-going-back-to-the-1950s.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1155480059","content_text":"KEY POINTS\n\nPresident Joe Biden has witnessed an unprecedented growth on Wall Street in his first 100 days in office, better than any of his predecessors going to at least Dwight Eisenhower.\nMassive stimulus and a booming economy, both of which were underway well before he took office, have helped propel the market.\nIf anything, the market’s main worry may be that it’s moving too fast and a policy mistake could slow it down.\n\nU.S. President Joe Biden speaks during an event with the CEOs of Johnson & Johnson and Merck at the South Court Auditorium of the Eisenhower Executive Office Building March 10, 2021 in Washington, DC.\nSo far in his young presidency, President Joe Biden has been one of the best friends the stock market has ever had.\nBetter, in fact, than any president before him going back to at least the 1950s and the Dwight Eisenhower administration, as the 46th chief executive has witnessed an unprecedented growth on Wall Street in his first 100 days in office as measured from the time of his election.\n\nHow long that cozy relationship will last is about to be determined, as investors have to digest a slew of potential obstacles from tax policy, regulations associated with Biden’s ambitious climate agenda, and the threat of overheating in an economy already on fire.\nBut so far, investors have shown no hesitance in making huge bets on corporate America.\n“Biden’s first 100 days have already delivered the strongest post-election equity returns in at least 75 years, due to record fiscal stimulus and despite heavy use of Executive Orders,” JPMorgan Chase strategist John Normand said in a note. The results are “not bad for some [former President Donald] Trump labeled as Sleepy Joe during the campaign.”\nIndeed, Biden’s results have been staggering so far.\nThe S&P 500 has risen 24.1% since Election Day with numbers that easily trounce any of his predecessors.\nThe only administration going back to 1953, or the beginning of Eisenhower’s term, to rival Biden’s were those of John F. Kennedy, who saw an 18.5% rise during the same period.\nEven Trump, who often touted how well stocks were doing, saw just an 11.4% rise for the first 100 days.\n\nTo be sure, judging results that early in a presidency is tricky. In Biden’s case, it’s especially difficult to gauge whether the market was reacting to him specifically or simply continuing to ride the steam locomotive that began in late March 2020 and has shown only sporadic signs of slowing down since.\n“Anyone that became president this year was going to have a pretty significant tailwind,” said Art Hogan, chief market strategist at National Securities. “You’re coming into a point where you had to just not mess things up, and hopefully improve on what it was you needed to get done.”\nNo president, in fact, had a tailwind comparable to what Biden was handed in January.\nCongress already had appropriated more than $3 trillion in stimulus and the Federal Reserve had relaxed policy to the loosest point in the central bank’s history. All told, more than $5.3 trillion has been spent on Covid-related relief efforts, and the Fed’s bond purchases have nearly doubled its balance sheet to just shy of $8 trillion.\nWith possibly trillions more coming in spending on infrastructure, a term that congressional Democrats have paint with a generously broad brush, that gives forward-looking investors even more reason to plow money into the market.\nOn top of that, the U.S. is still vaccinating about 3 million people a day, adding hopes that growth will continue as more of the economy comes back to life ahead.\n“It will be intriguing to see what the next 100 days looks like,” Hogan said. “There’s a significant tailwind for reopening. The tug-of-war between the virus and vaccine is finally being won by the vaccine.”\nWhat could go wrong\nStill, there’s plenty to watch ahead as the sizzling bull market tries to rage on.\nAfter all, the S&P 500 is up about 48% from a year ago, and it hasn’t had a meaningful pullback in more than six months. From November through March, investors poured more money into equity-based funds than they did in the previous 12 years, according to Bank of America.\nMoreover, some 96% of the components in the all-encompassing Wilshire 5000 have seen positive returns in the past 12 months, which Hogan said is a record and has come despite more volatility than usual, particularly in the past few months.\n\n“For sure, I would get concerned about going too far, too fast,” Hogan said. “But the corrections seem like they’re happening on a rotational basis instead of an index basis. At some point in time, there will be something that gums this up.”\nMarkets have continued to push higher even knowing that Biden has pinned a bull’s eye on the nation’s richest earners as well as corporations, with both groups expected to see substantially higher tax bills ahead.\nConcern remains, though, over policy mistakes in other areas.\nAll that stimulus has resulted in a $1.7 trillion budget deficit through just the first half of fiscal 2021, raising concerns over how all that red ink will be financed.\nAt the same time, the Fed has said it will not start tightening until it seems inflation that runs above its traditional 2% target for a considerable period of time as it takes aim at a goal of both full and inclusive employment.\nMohamed El-Erian, chief economic advisor at Allianz, said that “outcomes-based” approach to monetary policymaking is a mistake, particularly with inflation clearly on the rise. El-Erian told CNBC that “massive liquidity and a significant pickup in the economy recovery” are propelling the markets and should continue to do so unless there’s “either a policy mistake or some sort of market dislocation.”\nOne area he is watching is the Fed, which meets this week.\nThe policymaking Federal Open Market Committee is almost certain not to change policy or even indicate that interest rate hikes or a slowdown in asset purchases are anywhere on the horizon. El-Erian said he’d like to see a gradual tightening that starts soon.\n“The risk of falling behind is high. Then you have to slam on the brakes,” he said on “Squawk Box.” “That’s the one thing that can really disrupt the markets, if we get them slamming the brakes. So I would rather see them slowly tap the brakes now than have a very high risk of them slamming the brakes down the road.”\nWhile Fed officials have characterized the higher inflation numbers recently as temporary, El-Erian said supply-driven inflation, like with semiconductors and a number of consumer goods, indicates that may not be the case.\n“I’m really worried that what they hope is transitory inflation is going to end up being persistent inflation,” he said. “If we end up in a persistent inflation world, they’re going to have to slam on the brakes, and the market reaction then will be much worse than it would be if they just tapered a little bit now.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":67,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372982221,"gmtCreate":1619168383063,"gmtModify":1704720691680,"author":{"id":"3572305502229298","authorId":"3572305502229298","name":"eugene2382","avatar":"https://static.tigerbbs.com/5f7984eb3b593845f14bd2b3f6d90e91","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572305502229298","authorIdStr":"3572305502229298"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/372982221","repostId":"1144940040","repostType":4,"repost":{"id":"1144940040","pubTimestamp":1619165890,"share":"https://ttm.financial/m/news/1144940040?lang=&edition=fundamental","pubTime":"2021-04-23 16:18","market":"sg","language":"en","title":"Singapore names new finance minister in cabinet reshuffle after setback in leadership succession","url":"https://stock-news.laohu8.com/highlight/detail?id=1144940040","media":"cnbc","summary":"KEY POINTSSingapore’s Prime Minister Lee Hsien Loong has named Lawrence Wong as the country’s new fi","content":"<div>\n<p>KEY POINTSSingapore’s Prime Minister Lee Hsien Loong has named Lawrence Wong as the country’s new finance minister.Wong is the current education minister and second finance minister, and has been ...</p>\n\n<a href=\"https://www.cnbc.com/2021/04/23/singapore-cabinet-reshuffle-lawrence-wong-to-become-finance-minister.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","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>Singapore names new finance minister in cabinet reshuffle after setback in leadership succession</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nSingapore names new finance minister in cabinet reshuffle after setback in leadership succession\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-23 16:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/04/23/singapore-cabinet-reshuffle-lawrence-wong-to-become-finance-minister.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTSSingapore’s Prime Minister Lee Hsien Loong has named Lawrence Wong as the country’s new finance minister.Wong is the current education minister and second finance minister, and has been ...</p>\n\n<a href=\"https://www.cnbc.com/2021/04/23/singapore-cabinet-reshuffle-lawrence-wong-to-become-finance-minister.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"STI.SI":"富时新加坡海峡指数"},"source_url":"https://www.cnbc.com/2021/04/23/singapore-cabinet-reshuffle-lawrence-wong-to-become-finance-minister.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1144940040","content_text":"KEY POINTSSingapore’s Prime Minister Lee Hsien Loong has named Lawrence Wong as the country’s new finance minister.Wong is the current education minister and second finance minister, and has been tipped as one of the potential successors to Lee.Wong will take over from Heng Swee Keat, who announced two weeks ago that he will step aside as Lee’s designated successor.SINGAPORE — Singapore’s Prime Minister Lee Hsien Loong has named a new finance minister, replacing Heng Swee Keat who announced two weeks ago that he willstep aside as Lee’s designated successor.Lawrence Wong, the country’s current education minister and second finance minister, will helm the finance portfolio from May 15,the prime minister’s office said on Friday.Wong is also the co-chair of Singapore’s taskforce on Covid-19, and has risen in prominence since the coronavirus outbreak last year.Wong is among potential candidatesthat analysts said could eventually take over from Lee as prime minister.The cabinet shuffle came after Heng's announcement threw Singapore's carefully planned leadership succession into disarray. Heng, who's 60 this year, had cited his age as an obstacle in steering the country in a post-pandemic world.Heng will relinquish his role as finance minister, but remains the country's deputy prime minister and coordinating minister for economic policies.In addition to Wong, analysts identified three other potential candidates for prime minister:Minister for Trade and Industry Chan Chun Sing, 51, who will become education minister in the new cabinet.Minister for Transport Ong Ye Kung, 51, who will become health minister.Desmond Lee, 44, who will remain as minister for national development.The ruling People’s Action Party has governed Singapore since the country’s independence in 1965. The party suffered one of itsworst electoral showingslast year, winning 83 out of 93 parliamentary seats and 61% of the votes.Lee, the current prime minister, had previously said he was ready to retireby the time he turns 70. However, he later indicated he would delay his handover to see Singapore through the Covid-19 crisis.Lee is 69 this year.After Heng’s surprise announcement, Lee said he would stay on as prime minister until a new successor emerges and is ready to take over.","news_type":1},"isVote":1,"tweetType":1,"viewCount":20,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344826421,"gmtCreate":1618399255463,"gmtModify":1704710189151,"author":{"id":"3572305502229298","authorId":"3572305502229298","name":"eugene2382","avatar":"https://static.tigerbbs.com/5f7984eb3b593845f14bd2b3f6d90e91","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572305502229298","authorIdStr":"3572305502229298"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/344826421","repostId":"1195099187","repostType":4,"repost":{"id":"1195099187","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://ttm.financial/m/news/1195099187?lang=&edition=fundamental","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","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><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><p>(April 14)&nbsp;JPMorgan Chasereported first-quarter earnings before the opening bell on Wednesday.</p><p>Here are the numbers:</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><p>JPMorgan Chase&nbsp;slipped&nbsp;1%&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><img src=\"https://static.tigerbbs.com/e7507e54ef613f6f1636ce34550816c8\" tg-width=\"659\" tg-height=\"564\" referrerpolicy=\"no-referrer\"></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>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>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>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>Shares of JPMorgan rose 21% so far this year, compared to the 25% advance of the KBW Bank Index.</p><p><img src=\"https://static.tigerbbs.com/ade6e23d309c02ebd566a97e22d0b776\" tg-width=\"1894\" tg-height=\"250\" referrerpolicy=\"no-referrer\">Discussion of Results:</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>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>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>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><img src=\"https://static.tigerbbs.com/ef7db3c342d0b99ad63d96fdea9fd129\" tg-width=\"1889\" tg-height=\"232\">Discussion of Results:</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>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>Noninterest expense was $7.2 billion, down 1%.</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>","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</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\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\">2021-04-14 18:51</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p><b>KEY POINTS</b></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><p>(April 14)&nbsp;JPMorgan Chasereported first-quarter earnings before the opening bell on Wednesday.</p><p>Here are the numbers:</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><p>JPMorgan Chase&nbsp;slipped&nbsp;1%&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><img src=\"https://static.tigerbbs.com/e7507e54ef613f6f1636ce34550816c8\" tg-width=\"659\" tg-height=\"564\" referrerpolicy=\"no-referrer\"></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>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>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>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>Shares of JPMorgan rose 21% so far this year, compared to the 25% advance of the KBW Bank Index.</p><p><img src=\"https://static.tigerbbs.com/ade6e23d309c02ebd566a97e22d0b776\" tg-width=\"1894\" tg-height=\"250\" referrerpolicy=\"no-referrer\">Discussion of Results:</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>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>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>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><img src=\"https://static.tigerbbs.com/ef7db3c342d0b99ad63d96fdea9fd129\" tg-width=\"1889\" tg-height=\"232\">Discussion of Results:</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>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>Noninterest expense was $7.2 billion, down 1%.</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>\n\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},"isVote":1,"tweetType":1,"viewCount":62,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9956442486,"gmtCreate":1674174193746,"gmtModify":1676538927492,"author":{"id":"3572305502229298","authorId":"3572305502229298","name":"eugene2382","avatar":"https://static.tigerbbs.com/5f7984eb3b593845f14bd2b3f6d90e91","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572305502229298","authorIdStr":"3572305502229298"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9956442486","repostId":"2304678984","repostType":2,"isVote":1,"tweetType":1,"viewCount":131,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":257344588918952,"gmtCreate":1703862303714,"gmtModify":1703862308835,"author":{"id":"3572305502229298","authorId":"3572305502229298","name":"eugene2382","avatar":"https://static.tigerbbs.com/5f7984eb3b593845f14bd2b3f6d90e91","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572305502229298","authorIdStr":"3572305502229298"},"themes":[],"htmlText":"Stay invested!","listText":"Stay invested!","text":"Stay invested!","images":[{"img":"https://community-static.tradeup.com/news/08ed9c0579dcdbd5c273bcc168836b5b","width":"1080","height":"2019"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/257344588918952","isVote":1,"tweetType":1,"viewCount":77,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":377633562,"gmtCreate":1619521782556,"gmtModify":1704725325586,"author":{"id":"3572305502229298","authorId":"3572305502229298","name":"eugene2382","avatar":"https://static.tigerbbs.com/5f7984eb3b593845f14bd2b3f6d90e91","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572305502229298","authorIdStr":"3572305502229298"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/377633562","repostId":"1155480059","repostType":4,"isVote":1,"tweetType":1,"viewCount":67,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372982221,"gmtCreate":1619168383063,"gmtModify":1704720691680,"author":{"id":"3572305502229298","authorId":"3572305502229298","name":"eugene2382","avatar":"https://static.tigerbbs.com/5f7984eb3b593845f14bd2b3f6d90e91","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572305502229298","authorIdStr":"3572305502229298"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/372982221","repostId":"1144940040","repostType":4,"isVote":1,"tweetType":1,"viewCount":20,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344826421,"gmtCreate":1618399255463,"gmtModify":1704710189151,"author":{"id":"3572305502229298","authorId":"3572305502229298","name":"eugene2382","avatar":"https://static.tigerbbs.com/5f7984eb3b593845f14bd2b3f6d90e91","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572305502229298","authorIdStr":"3572305502229298"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/344826421","repostId":"1195099187","repostType":4,"isVote":1,"tweetType":1,"viewCount":62,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}