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- A 'forgotten' valley in storm-hit North Carolina, desperate for help
- Italy targets climate activists in 'anti-Gandhi' demo clampdown
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- EU court blocks French ban on vegetable 'steak' labelling
- Meta AI turns pictures into videos with sound
- US dockworkers return to ports after three-day strike
- DR Congo to begin mpox vaccination campaign Saturday in east
- Meta must limit data use for targeted ads: EU court
- Oil extends gains, jobs report lifts Wall Street
- US hiring soars past expectations in sign of resilient market
- As EU targets Chinese cars, European rivals sputter
- Top EU court finds against FIFA in key transfer market ruling
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- 'A man provides': Ukrainian miners send families away as Russia advances
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- Oil rallies, stocks mostly retreat on Middle East tensions
- Phasing out teen smoking could save 1.2 mn lives: study
- 'Welcome relief': Asia producers hail EU deforestation law delay
- Japan PM slated to announce plans for 'happiness index'
- Turkish inflation falls less than expected in September at 49.4%
- Easing inflation lifts profit at UK supermarket Tesco
- Skiing calls on UN climate science to combat melting future
- China wine industry looks to breed climate resilience
- Tokyo rallies on weak yen, Hong Kong drops after surge
- Dutch airline KLM unveils 'firm' cost-cutting measures
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- Climate change, economics muddy West's drive to curb Chinese EVs
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- 2024 Nobels offer glimmer of hope as global crises mount
- Tokyo rallies on weak yen, Hong Kong reverses after surge
JPMorgan Chase reports lower profits, warns of economic 'headwinds'
JPMorgan Chase reported a drop in third-quarter profits Friday as it set aside funds for potential loan defaults and highlighted the rising risk of recession.
Profits fell 17 percent to $9.7 billion on a 10 percent increase in revenues to $32.7 billion.
The results were dented by JPMorgan's move to add $808 million in reserves for potential bad loans. In the year-ago period, profits were boosted by $2.1 billion in reserve releases.
The contrast reflects today's much more subdued economic outlook compared with a year ago.
Higher interest rates helped boost the bank's net interest income, but JPMorgan suffered a big drop in investment banking revenues.
Chief Executive Jamie Dimon said consumer spending remained robust during the period, but pointed to myriad risks facing the economy.
"There are significant headwinds immediately in front of us –- stubbornly high inflation leading to higher global interest rates, the uncertain impacts of quantitative tightening, the war in Ukraine, which is increasing all geopolitical risks, and the fragile state of oil supply and prices," Dimon said.
"While we are hoping for the best, we always remain vigilant and are prepared for bad outcomes so we can continue to serve customers even in the most challenging of times."
In an interview with CNBC earlier this week, Dimon said a US recession was likely in early-to-mid 2023 and that the stock market could fall another 20 percent.
Both earnings-per-share and revenues topped analyst expectations.
Shares rose 1.8 percent to $111.30 in pre-market trading.
Y.Ibrahim--CPN