TN1!
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TN1!
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XLFBank earnings still show improving net interest income. JPM's net interest income rose 13% and Bank of America's rose 8%, while both reported lower net charge-offs than a year earlier. JPM still added $539M to reserves, mainly in wholesale lending.
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Z1!
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SOXIsn't it just majestic?
SOXXTSMC reported strong demand even as AI-related equities sold off. HPC revenue grew 22% from the previous quarter, and the company raised its 2026 dollar-revenue growth guidance to around 44%. Yet spreads on the AI-related high-yield basket widened 25bp over October 13-14, against just 2bp for non-AI borrowers. Strong chip sales do not settle the funding and investment-return problem I have been highlighting.
KOSPII warned about this ominous-looking chart last week. It lost roughly 20% in a week. As I wrote then, "KOSPI is indicative of the typical run into the tulip stage of any bull run, and typically, as we have seen from its PA, it doesn't bounce back to key levels (7.1K)."
Foreign selling in Korea now coincides with fading corporate buybacks. The latest desk flows showed continued selling in Korean technology even as local institutions and retail bought.
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