Proactive Investors
Published Jun 12, 2023 14:53
FTSE 100 Live: Stocks stay steady awaiting Wall Street open in Fed week
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Epstein's long shadow
JPMorgan Chase & Co (NYSE:JPM) has agreed in principle to settle a class action lawsuit with a victim of Jeffrey Epstein, the bank said in a statement on Monday, Reuters reported.
The settlement resolves one claim against the largest US bank in a proposed class action by women who say Epstein abused them, and by the government of the US Virgin Islands, where Epstein owned two neighboring islands and allegedly abused victims in his mansion.
Litigation is still pending between the US Virgin Islands and JPMorgan Chase, as are JPMorgan Chase’s claims against former executive Jes Staley, the bank said.
Epstein was a JPMorgan client from 1998 until he was dismissed in 2013. JPMorgan kept him aboard even after his 2006 arrest on prostitution-related charges and a related guilty plea two years later.
Epstein died in August 2019 at age 66 in a Manhattan jail cell while awaiting trial for sex trafficking
Soros passes the baton
Billionaire philanthropist and donor George Soros has passed control of his $25 billion foundation to his son, Alex.
Soros confirmed he had made 37-year-old Alex, a history graduate, chairman of his Open Society Foundation in December, telling the Wall Street Journal “he’s earned it,” in an interview on Sunday. He had been deputy chair of the foundation since 2017.
He is also in charge of his father’s “super PAC", a US mechanism to direct funds to political parties, the BBC reported.
Now aged 92, George Soros gained notoriety in the UK in 1992 after he made $1 billion by betting against the pound.
A glance at some fallers and risers
Risers
Fallers
US futures point to firm restart on Wall Street
The main US stock indexes are expected to start higher on Monday, extending last week's gains as investors look ahead to the latest inflation data and the key Federal Reserve policy decision due this week.
In pre-market trading, Dow Jones Industrial Average (DJIA) futures were up 0.1%, while those for the S&P 500 added 0.3%, and contracts for the Nasdaq 100 futures rose 0.5%.
Investors are coming off a positive week for markets, with the S&P 500 posting its fourth straight week of gains, and brushing its highest point since August. On Friday, the broader market index added 0.1%, while the DJIA also rose 0.1%, and the Nasdaq Composite gained 0.2%.
With little on the corporate or economic agenda on Monday, investors will be eyeing Tuesday’s consumer price index (CPI) report for signs of easing inflation which could encourage the Fed to pause its recent string of interest rate hikes.
The latest two-day Federal Open Market Committee (FOMC) meeting will then conclude on Wednesday. According to the CME FedWatch Tool, the likelihood that the Fed will pause rate hikes at its June meeting currently stands at about 70%.
TickMill Group’s market analyst Patrick Munnelly commented: "Recent US data has presented a mixed picture, with monthly payroll data indicating a tight employment market, but other indicators suggesting a softening economy as previous interest rate hikes take effect.
As a result, it is anticipated that the Fed will likely take a pause and maintain rates at the range of 5.00-5.25%."
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Written By: Proactive Investors
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