—— JPMorgan Chase sells homes for sale; U.S. real estate investment bank loan; Z founder’s $5 home price; average monthly rent of $500; “Apartment Building” averages over $5 per month at the box office; $300 million down payment on home prices; pre-war level.
1. JPMorgan Chase halted share buybacks
In a statement today, JPMorgan & Chase CEO Jamie Dimon said in a statement that in order to meet minimum capital savings requirements and provide the best service to customers, consumers, and communities, the company must The previously announced share repurchase program was suspended.
Last month, Jamie warned of the possibility of an economic “hurricane.” According to JPMorgan’s second-quarter earnings report released today, the company’s cash savings increased by $428 million.
Investment banking revenue fell 54%, exceeding analysts’ forecast for a 47% drop, as U.S. capital markets were unstable and many companies decided to hold off on listings or mergers and acquisitions.
Securities-trading revenue rose 15 percent to $7.8 billion, also missing analyst expectations.
JPMorgan’s second-quarter revenue fell short of company and analyst estimates, so it had to call off share buybacks
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2. Celsius is under bankruptcy reorganization
$2 trillion has evaporated from the cryptocurrency market this year, and companies large and small across many industries have been hit hard.
This week, Celsius Network Ltd., one of the largest cryptocurrency lenders, also filed for Chapter 11 bankruptcy.
Previously, Celsius was worth $20 billion at one point. Users who store and lend bitcoin at Celsius can earn up to 18% interest. But after the cryptocurrency market fell, many anxious customers began to demand their assets back. In order to prevent the occurrence of a run, Celsius stopped the user’s withdrawal.
Celsius said in its latest statement that the company expects total assets and liabilities to be around $1 billion and $10 billion, respectively.
Currently, the Pharos USD Fund is Celsius’ largest creditor, owed $81.1 million.
Companies whose business involves cryptocurrencies have been affected by the cryptocurrency winter.
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3. U.S. mortgage rates rise again
Interest rates on 30-year mortgages rose to 5.51% from 5.3% last week, according to a statement released today by Freddie Mac.
At current rates, a $300,000 mortgage with a 30-year mortgage costs $1,705 a month, $422 higher than at the end of last year.
Higher mortgage rates have helped to cool the housing market, particularly in hot U.S. areas such as San Francisco and San Jose.
Mortgage rates are very volatile and housing affordability remains the biggest challenge for homebuyers, said Sam Khater, Freddie Mac’s chief economist.
The Fed needs to control inflation without seriously damaging the economy
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4. Zara founder buys $500 million apartment complex
Amancio Ortega, the founder of well-known clothing brand Zara, recently agreed to buy the 19 Dutch apartment building in New York City through his holding company Pontegadea. The 64-story high-end apartment building was sold for $500 million from Carmel Partners.
After receiving dividends from Zara, Amancio, 86, usually transfers the money to Pontegadea and invests it. Pontegadea’s residential and commercial real estate portfolio includes properties in cities such as Seattle, Toronto, and Barcelona.
According to Bloomberg statistics, Amancio’s assets reached $ 48.5 billion, is Spain’s richest person, ranked 23rd on the world’s richest list.
Amancio’s holding company mainly invests in commercial and residential real estate, and in recent years has also begun to invest in infrastructure
Source: Bloomberg – Zara’s Billionaire Owner to Buy Luxury New York Apartment Building for $500 Million
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5. Manhattan Average monthly rent reaches $5,000
The median monthly rent for a new lease of an apartment in Manhattan, New York, hit a new record of $4,050 in June, according to data released by real estate appraisal firm Miller Samuel and brokerage firm Douglas Elliman.
Median rents in June were $50 higher than in May and 25% higher than at the same time a year ago. The average monthly rent also exceeded $5,000 for the first time, thanks to more high-end condos in New York City.
Brokers and analysts expect monthly rents to continue to climb in July and August, as the third quarter is the peak season for Manhattan rental apartments and a new class of college students will “influx” into New York City.
Average rent in August is the highest since 2008
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6. Thor 3 premieres at over 100 million
The latest Marvel superhero movie “Thor: Love and Lightning” grossed $144 million in its opening weekend and became Marvel’s second-highest-grossing film in the U.S. this year, behind “Strange”. Doctor’s $187 million.
Disney recently released the “Buzz Lightyear” animated film, but the film’s performance was not satisfactory, and it has slipped to the seventh place in the list of movies in theaters.
During the past two years during the epidemic, Disney released many works to the streaming media platform Disney+, so the overall box office was low. Disney has grossed $1.27 billion in 2021, down from $4.25 billion so far this year.
Marvel superheroes are Disney’s important IPs, bringing in billions in profits every year for the company
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7. Oil prices fall below pre-Ukraine war levels
Brent Crude fell below $94.5 a barrel today, down from $96.84 before the start of the Russian-Ukrainian war on February 23, 2022.
Crude oil prices have been on a downward trend for the past 6 weeks, and today’s one-day drop is 5%.
Another international oil benchmark, West Texas Intermediate, fell to $90.56 today, down from $92.1 before the war.
Goldman Sachs analyst Damien Courvalin (Damien Courvalin) said that oil prices fell mainly because the market was increasingly worried about the fundamentals of the economy and the commodity market – the market is increasingly worried about the reduction of demand than the lack of supply.
Fears of falling demand have outweighed fears of insufficient supply, sending oil prices lower
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The content of this article comes from various financial news media such as The Wall Street Journal, Financial Times, and Bloomberg.