FTSE 100 Live: Ibstock shares tumble, Princes confirms £1.5bn London IPO
Good morning from the City AM liveblog team.
JP Morgan boss Jamie Dimon has joined the chorus of warnings over an AI-driven market boom that some fear could go the way of the dot-com crash.
Speaking from Bournemouth, where the bank announced a £350m investment in its local campus, Dimon described himself as “far more worried than others” about a serious market correction within the next six months to two years.
“AI is real and will pay off in total”, Dimon told the BBC, “but most people involved won’t do well. Some of the money being invested will probably be lost”.
The caution echoes a recent alert from the Bank of England’s Financial Policy Committee (FPC) on Wednesday, which highlighted stretched valuations in AI-focused tech companies.
So far, there are relatively few signs traders are genuinely worried about an AI bubble. But will be hit peak AI this side of Christmas?
Here’s a summary of our top headlines from yesterday:
- HSBC shares sink on play to take control of Hong Kong bank
- Close Brothers shares plunge on new ‘material’ motor finance hit
- Lloyds banking group acquires remaining stake in Schroders personal wealth
- Zilch eyes ‘hot’ fintech IPO market amid product launch
- Bank of England’s Mann: Higher interest rates will lower inflation fears
- What will Rachel Reeves’ budget pay for and where will the money come from?
