JPMorgan CEO tells investors this may be ‘most dangerous time’ for world ‘in decades’
Global News
In his note to investors in the bank’s quarterly earnings report on Friday, Jamie Dimon warned of 'far-reaching impacts' to the global economy.
Amid the ongoing conflict between Israel and Hamas, JPMorgan Chase CEO Jamie Dimon told investors that we are living in “the most dangerous time the world has seen in decades.”
In a release accompanying the bank’s quarterly earnings report Oct. 13, Dimon warned that Russia’s war in Ukraine and the latest flare-up in the Israel-Hamas conflict would lead to “far-reaching impacts” to the global economy.
“The war in Ukraine compounded by last week’s attacks on Israel may have far-reaching impacts on energy and food markets, global trade, and geopolitical relationships,” Dimon said.
“This may be the most dangerous time the world has seen in decades. While we hope for the best, we prepare the Firm for a broad range of outcomes so we can consistently deliver for clients no matter the environment.”
Dimon said the bank was also considering the impact of a tight labour market.
“Currently, U.S. consumers and businesses generally remain healthy, although, consumers are spending down their excess cash buffers. However, persistently tight labor markets as well as extremely high government debt levels with the largest peacetime fiscal deficits ever are increasing the risks that inflation remains elevated and that interest rates rise further from here.”
He also said they were keeping an eye on the longer-term consequences of quantitative tightening.
That same day, Bank of Canada governor Tiff Macklem was asked about the conflict on the sidelines of the International Monetary Fund (IMF) annual meeting in Morocco.
Iran's foreign minister said the U.S. attacked Kharg and Abu Musa islands from locations in the United Arab Emirates, a claim the UAE rejected.
Citing "a more contested environment", British Prime Minister Keir Starmer and his Irish counterpart Micheal Martin said the exercises would begin in September.
Only one in four (23 per cent) Canadians approve while, 16 per cent are unsure either way. Forty-two per cent were found to strongly disapprove.
Countries around the world are grappling with skyrocketing costs for key commodities like oil and fertilizer as the war with Iran continues to upend global trade.
The U.S. Central Command said the crash followed an unspecified incident involving two aircraft in “friendly airspace,” and that the other plane landed safely.
Water treatment centres in the Persian Gulf region are under threat amid the Iran war, with desalination plants in areas like Bahrain taking damage from strikes.
John Gradek said that the price of jet fuel is up about 30 per cent and the cost of fuel represents about 30 per cent of an airline's operating costs.
Iran's unrelenting attacks on shipping traffic and energy infrastructure in the Persian Gulf pushed oil back above $100 a barrel on Thursday.
Concerns were raised in a document sent to British Prime Minster Keir Starmer in December 2024 when he was considering appointing Peter Mandelson.
Canada and a group of dozens of other countries have agreed to release 400 million barrels of oil from their strategic reserves as the Iran war threatens the global supply.
Iran's military command said on Wednesday the world should be prepared for oil to hit US$200 a barrel, as three more ships came under attack in the blockaded Gulf.
Iran launched new attacks against Israel and Gulf Arab countries, while Israel carried out airstrikes on Iran and Lebanon, where it is battling Hezbollah militants.
The department said it is also seeing fewer Canadians take government-assisted travel options as flights gradually resume in certain parts of the region.