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U.S. ride-hailing stocks rose after Nvidia (NVDA.O) announced its self-driving technology platform. Uber (UBER.N) rose 5.6%, Lyft (LYFT.O) rose 3%, and Tesla (TSLA.O) fell 3.2%.SanDisk (SNDK.O) surged 23%, marking its biggest single-day gain in 10 months and hitting a new all-time high.On January 6th, Lee Hardman of MUFG Bank stated in a report that unless Fridays US non-farm payroll data is strong enough to prompt the market to reassess its expectations for interest rate cuts, the dollars gains may be limited. LSEG data shows that the market sees a 50% probability of a rate cut in March and a 70% probability in April, but the full pricing of a rate cut is not expected until June. Hardman noted, "Private sector job growth may need to rebound to over 100,000 jobs per month to prompt US interest rate market participants to postpone further rate cuts and provide more support for the dollar at the beginning of the year."January 6th - According to party leadership, Republican Congressman Doug Lamarfa has passed away, further shrinking the Republican Partys already slim majority in the House of Representatives. Representative Richard Hudson, chairman of the Republican House Campaign Committee, announced Lamarfas death in a statement on Tuesday. He was 65 years old. Hudson praised the legislator as "a principled conservative and a steadfast advocate for the people of Northern California." Lamarfas death reduces the Republican majority in the House to 218 seats, while the Democrats hold 213. With Georgias Marjory Taylor-Green resigning this week, the Republican Party can only afford two defections in any partisan vote. House Republican Whip Tom Emer also confirmed the legislators death on social media. Neither announcement provided information about the cause of Lamarfas death.On January 6th, the Canadian dollar rebounded after a brief period of weakness triggered by the US arrest of Nicolás Maduro and President Trumps plans to use Venezuelan oil reserves. Kevin Ford, a foreign exchange and macro strategist at Convera, stated that the Canadian dollars weakness was related to "rumors" that a recovery in Venezuelas oil industry would replace Canadian crude. Ford believes that "the current state of energy infrastructure provides a more solid floor for the Canadian dollar." US Midwest refineries remain entirely dependent on Western Canadian crude. Ford added, "Replacing these supplies with Venezuelan crude would require a complete overhaul of the logistics system." He stated that the main risk facing the Canadian oil industry is not being replaced by Venezuela, but rather losing strategic leverage and facing more intense price competition from refineries along the US Gulf Coast.

JPMorgan Denies Responsibility For Its Top Banker's Jeffrey Epstein Ties

Haiden Holmes

Feb 23, 2023 11:58

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JPMorgan Chase & Co (NYSE:JPM) stated on Wednesday that it should not be held culpable for a former executive's relationship with Jeffrey Epstein in a lawsuit accusing the largest U.S. bank of aiding its former client's sex trafficking operation.


JPMorgan stated in a court filing in Manhattan that emails between former executive Jes Staley and Epstein did not support the U.S. Virgin Islands' claim that Staley could "detect Epstein's sex trafficking."


In addition, the bank stated that there was no evidence that Staley's personal travel to the islands or alleged inappropriate emails were part of his employment, and that even if Staley had helped "direct" Epstein's sex trafficking, "his conduct would have been far beyond his authority as a JPMC employee."


JPMorgan stated in its motion to dismiss the "misdirected and deficient" lawsuit that there was no plausible explanation for how it could have known about Epstein's malfeasance and profited from it during the years 2000 to 2013.


Attorneys for the United States Virgin Islands did not respond promptly to requests for comment. Staley is not an accused.


In August of 2019, Epstein committed suicide in a Manhattan prison cell while awaiting prosecution on sex trafficking charges.


JPMorgan's dismissal motion was filed one week after a court filing alleged that Staley and Epstein had exchanged approximately 1,200 sexually explicit emails between 2008 and 2012.


In 2008, Epstein pled guilty to a Florida state prostitution charge.


Staley, the former head of private finance at JPMorgan, has admitted to having a friendship with Epstein, but he has disputed knowledge of his alleged crimes.


Staley became CEO of Barclays (LON:BARC) Plc after leaving JPMorgan, but resigned in November 2021 amid a dispute with British financial regulators investigating his connections to Epstein.


In December 2022, the U.S. Virgin Islands filed a lawsuit against JPMorgan for unspecified damages, alleging that the bank should have been aware of Epstein's misconduct on a private island he owned there.


JPMorgan and Deutsche Bank AG (NYSE:DB), where Epstein was a client from 2013 to 2018, are also being sued by Epstein's victims. Both institutions are pursuing dismissals.


Case number 22-10904 is Government of the U.S. Virgin Islands v. JPMorgan Chase Bank NA in the U.S. District Court for the Southern District of New York.

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