finance economics

JPMorgan Chase's profits in the third quarter declined due to $3.11 billion in provisions for bad debts offsetting the income from its investment banking sector

Category 5 hurricane Milton is approaching Florida, causing a blow to U.S. property insurance stocks, and Berkshire Hathaway is also affected

2024/10/10

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Florida and the southeastern region are still recovering from Hurricane Helene, and now they face the threat of Hurricane Milton, which has been upgraded to a Category 5 storm. It is expected to make landfall in Tampa Bay on the 9th and could cause even more severe damage, with insurance losses estimated to exceed $10 billion.

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On the 7th, stocks related to U.S. property and casualty insurance plummeted, and shares of Berkshire Hathaway, which has significant exposure in the insurance sector, also fell.

Milton has strengthened to a Category 5 hurricane with maximum wind speeds reaching 160 miles per hour, potentially becoming the first hurricane to directly strike the densely populated Tampa Bay area in a century.

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