Shares of Citigroup Inc (NYSE:C) ended Tuesday session in red amid volatile trading. The shares closed down -0.87 points or -1.82% at $46.92 with 19.89 million shares getting traded. Post opening the session at $46.90, the shares hit an intraday low of $46.61 and an intraday high of $47.29 and the price vacillated in this range throughout the day. The company has a market cap of $138.11 billion and the numbers of outstanding shares have been calculated to be 2.91 billion shares.
On September 13, 2016 Citi’s Issuer Services business, acting through Citibank, N.A., has been appointed by América Móvil S.A.B. de C.V., one of the largest integrated telecommunications companies in the world, as the successor depositary bank for its sponsored American Depositary Receipt (ADR) programs.
América Móvil’s ADRs are traded on the New York Stock Exchange under the symbol “AMX” for its ADRs representing L shares and on the NASDAQ Stock Market under the symbol “AMOV” for its ADRs representing A shares. Each ADR represents 20 L or A shares, respectively. América Móvil is based in Mexico and its underlying L and A shares are listed on the Mexican Stock Exchange.
“Providing value for our ADR holders is an important commitment, and we look forward to working with Citi to further develop and improve our ADR programs,” said Carlos Garcia Moreno, CFO of América Móvil.
“We are honored to be appointed successor depositary bank for América Móvil’s ADR programs,” said Dirk Jones, Head of Global Issuer Services at Citi. “With Citi’s investor relations expertise and global presence, we are confident we can facilitate the continued success of América Móvil’s ADR programs.”
Shares of JPMorgan Chase & Co. (NYSE:JPM) ended Tuesday session in red amid volatile trading. The shares closed down -0.53 points or -0.79% at $66.53 with 18.88 million shares getting traded. Post opening the session at $66.11, the shares hit an intraday low of $65.82 and an intraday high of $66.86 and the price vacillated in this range throughout the day. The company has a market cap of $241.78 billion and the numbers of outstanding shares have been calculated to be 3.61 billion shares.
On Sept. 12, 2016 J.P. Morgan Asset Management released a new Investment Insights paper exploring the outlook for global fiscal policy and the potential implications for multi-asset investors. The paper, “Fiscal therapy: Prospects for a policy-driven boost to growth,” argues that fiscal policy will play a more active role in heading off negative outcomes for economies and markets in the coming years. Moreover, the change in policy is unlikely to pose a grave challenge to the creditworthiness of governments.
“Considerable dissatisfaction among policymakers and voters surrounds economic performance in developed and emerging economies alike. Despite very supportive monetary policy stances, growth is running at a weak pace by historical standards,” said Michael Hood, Global Strategist, Multi-Asset Solutions, J.P. Morgan Asset Management. “To a large extent, this sluggishness reflects a structural slowdown in potential growth, driven by demographic changes. As central banks continue to explore ways of boosting demand and acting in increasingly unconventional fashions, the calls for greater use of fiscal stimulus have grown louder.”