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U.S. Morning Call: JPMorgan profit falls on $4.4 bln loss

Thursday, July 12, 2012 - 03:07

July 13 - JPMorgan's second quarter profit falls after a $4.4 bln trading loss.

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Jamie -- in the spotlight here's your morning called this Friday and JPMorgan Chase CEO basic analysts and investors this morning. After the bank provides more details of its trading losses the bank reporting a four point four billion dollar pretax loss for the actions of its chief investment office. Previous reports had speculated the lost and he hit up -- nine billion it also says it has overhauled the group. Overall it posted a profit barely dented by the trades. Shares trading near the breakeven level in the premarket closed at 34 both for Thursday. The unusual JPMorgan earnings call taking place in midtown Manhattan are -- schaffler is there covering it for us. The numbers around a big deal for Jamie -- what -- -- -- -- get underway Chris -- pigeon capital you'll be in the meeting where that two questions diamonds got to answer for you. Number one wire replenishing needed through that mechanism it wanted to debate apparently. Number two whereas revenues during accidents and visibility on earnings we don't really -- You immigrants built this thing anymore thanks indeed -- the banking industry's -- by. I think so yes but you know what we've learned is that nobody knows what's going on those groups but couldn't believe anything good. Maybe learn more -- Chris Whalen thanks so much -- you there later put it this way -- meeting is not a tempest in the -- forgot. All right in other news -- to notch downgrade of Italy in China's weakest quarterly GDP growth. Since the financial crisis not hurting the outlet outlook for stocks today. Dow NASDAQ S&P 500 stock index futures point to a higher open. Indices having finished higher in more than a week PS and 500 trading below its fifty day moving average Thursday. Bonds little changed with the ten year note yield remaining below one point 5%. Don't blame Tim Geithner for not taking any action related to Libor. Documents obtained by Reuters show Geithner pressed the Bank of England in 2008 when he was headed in new York and to make changes to -- key interest rate is set. Geithner sent a private email to bank of England and Mervyn King recommending among other things that auditors for banks reporting their borrowing costs for the calculation of -- And tested the accuracy of their race. The Bank of England says governor king called the recommendations quotes sensible and pass into the British Bankers' Association which -- Libor. So far Barclays is the only bank to admit wrong doing in the -- fixing scandal has agreed to pay more than 450. Million dollars in -- US and UK regulators. And finally. Google's Larry Page continues to recover from his mystery illness chairman Eric Schmidt saying the CEO was in the office Monday and is doing much better. Page has missed Google's biggest public event for weeks and is recovering from an unspecified ailment that cost him to lose his -- That's -- morning call this Friday you can follow us on Twitter at Reuters Insider and check out our Reuters YouTube channel. At Reuters dot com slash Reuters TV I'm Lisa Bernhard this is Reuters.

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U.S. Morning Call: JPMorgan profit falls on $4.4 bln loss

Thursday, July 12, 2012 - 03:07