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The U.S. Federal Deposit Insurance Corporation reported bank profits at $68.4 billion in the most recent quarter, down 3.4% from the prior quarter. Year over year, bank profits were down 4.6%, due in large part to banks setting aside more funds in provision expenses for potential loan losses, which were up 33.2% in the last four quarters. Noninterest income was down $4.1 billion, or 5.2%, in the third quarter, while realized losses climbed $3 billion, the FDIC said. "The banking industry continued to show resilience in the third quarter," said FDIC Chairman Martin Gruenberg in a prepared statement. Gruenberg, who typically holds a press conference following the release of the quarterly report on bank profits, was not made available to reporters Wednesday.

Persons: Sheila Bair, Jason Reed, Martin Gruenberg, Gruenberg, Sen, Joni Ernst, Pete Schroeder, Chizu Organizations: Federal Deposit Insurance Corp, REUTERS, Rights, U.S, Federal Deposit Insurance Corporation, FDIC, Republicans, Republican, Thomson Locations: Washington, Iowa

☆ FDIC watchdog planning 'special inquiry' on agency leadership, sexual harassment
▼ + stars: | 2023-11-28 | by ( Douglas Gillison | Companies Need To Integrate Climate Reporting Across Functions To Comply With California S New Law | Henry Engler | ) www.reuters.com time to read: +2 min

A "new evaluation project" will also review FDIC reform efforts since a 2020 investigation found its handling of sexual harassment complaints was deficient, according to Caitlin Savino, spokesperson for the FDIC Office of Inspector General. Previously, FDIC officials said the agency had satisfied recommendations from that investigation. Gruenberg has expressed personal alarm at the accounts and vowed to address the matter as a top agency priority. Republican lawmakers on the House Financial Services Committee have announced the start of a "rigorous" congressional probe into the matter. Reporting by Douglas Gillison; editing by Franklin Paul, Jonathan Oatis and David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Sheila Bair, Jason Reed, Caitlin Savino, Martin Gruenberg, Gruenberg, Douglas Gillison, Franklin Paul, Jonathan Oatis, David Gregorio Our Organizations: Federal Deposit Insurance Corp, REUTERS, Companies United, U.S . Federal Deposit Insurance Corp, Republican, Financial Services, Thomson Locations: Washington, Companies United States, America

☆ How to choose the best Christmas tree, according to science
▼ + stars: | 2023-11-25 | by ( Jenny Mcgrath | ) www.businessinsider.com time to read: +11 min

Some aspects of choosing a live Christmas tree, like shape, color, and aroma, are subjective. Two Christmas tree experts explain how to choose between the many types of fir, pine, and spruce. Unlike fir and spruce trees, pine tree needles are clustered in groups instead of individually attached to the branch. The National Christmas Tree Association has a map for finding farms and other retailers that sell live Christmas trees. AdvertisementWhich Christmas tree has the best aroma?

Persons: —, there's, Fraser, Douglas, Noble, There's, Justin G, Whitehill, Bert Cregg, It's, Cregg, Chris Keane Whitehill, it's, Frasers, he's, Jason Reed Douglas, Mel Melcon, Jerry Holt, Bert, they'll, Alex Wong, Andrew Matthews, Tim Leedy, Paul J, Richards, Robert Nemeti, Jens Kalaene, you'll, Cesar L, Laure Organizations: Service, US Department of Agriculture, North Carolina State University, of Horticulture, Michigan State University, Northwest, REUTERS, White, Los Angeles Times, Getty, Star Tribune, MediaNews, Anadolu Agency, Call, Tribune Locations: Oregon, North Carolina, Michigan, Nobles , North Carolina, Douglas, Frasers, Fraser, Pacific Northwest, Europe, Canaan, Allentown

☆ South Korea court orders Japan to compensate 'comfort women', reverses earlier ruling
▼ + stars: | 2023-11-23 | by ( Hyonhee Shin | ) www.reuters.com time to read: +3 min

REUTERS/Jason Reed/File Photo Acquire Licensing RightsSEOUL, Nov 23 (Reuters) - A South Korean appellate court on Thursday ordered Japan to compensate a group of 16 women who were forced to work in Japanese wartime brothels, overturning a lower court ruling that dismissed the case and prompting a stern protest from Tokyo. In response to the court's decision, Japanese vice minister for foreign affairs Masataka Okano summoned South Korean ambassador Yun Dukmin to lodge a "strong protest". The Seoul High Court, however, reversed the lower court's decision, recognising the jurisdiction of South Korean courts over the Japanese government as a defendant. In a statement, Japanese Foreign Minister Yoko Kamikawa said the judgment went against international law and agreements between the two countries, calling it "extremely regrettable and absolutely unacceptable." South Korea's foreign ministry said it was looking into details of the latest ruling, without elaborating.

Persons: Jason Reed, Yoon Suk Yeol, Fumio Kishida, Masataka Okano, Yun Dukmin, Yoko Kamikawa, Lee Yong, I'm, 1,294.3500, Hyonhee Shin, Chang, Ran Kim, Makiko Yamazaki, Ed Davies, Simon Cameron, Moore, Sharon Singleton Organizations: REUTERS, Rights, South, Seoul Central, Court, Seoul High Court, Thomson Locations: Sydney, Australia, Korea, Rights SEOUL, Japan, Tokyo, South Korean, Seoul, South, Republic of Korea

☆ US FDIC launches review of alleged sexual harassment, misconduct
▼ + stars: | 2023-11-21 | by ( Douglas Gillison | ) www.reuters.com time to read: +3 min

FDIC Chair Martin Gruenberg was also cited in the reports as having earned a reputation for bullying and leniency in cases of misconduct. The special committee will be co-chaired by two FDIC board members, acting Comptroller of the Currency Michael Hsu, a Democrat, and board member Jonathan McKernan, a Republican. Last week, McKernan and FDIC Vice Chair Travis Hill, also a Republican, had demanded that Gruenberg recuse himself from oversight of any review. The board resolution approving the review includes provisions "that restrict the ability of FDIC management and FDIC Board members not on the Special Committee to engage with or influence the review," Hill said, noting that his support of the decision had depended on that condition. In a statement, Sherrod Brown, a Democrat and chair of the Senate Banking Committee who last week called on FDIC inspector general's office to investigate, said the FDIC board had taken "appropriate steps" to ensure its own review would proceed independently.

Persons: Sheila Bair, Jason Reed, Martin Gruenberg, Gruenberg, Michael Hsu, Jonathan McKernan, McKernan, Travis Hill, Hill, Sherrod Brown, Douglas Gillison, Lisa Shumaker, Marguerita Choy, Leslie Adler Organizations: Federal Deposit Insurance Corp, REUTERS, Companies United, U.S . Federal Deposit Insurance Corp, Street Journal, Wall Street, Republican, FDIC, Democrat, recusal, Thomson Locations: Washington, Companies United States, America

☆ Pressure mounts on FDIC chief amid calls for recusal, congressional probe
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

The Federal Deposit Insurance Corp (FDIC) logo is seen at the FDIC headquarters as Chairman Sheila Bair announces the bank and thrift industry earnings for the fourth quarter 2010, in Washington, February 23, 2011. In a statement, FDIC Vice Chairman Travis Hill and board member Jonathan McKernan said that "at a minimum" Gruenberg and FDIC General Counsel Harrel Pettway should recuse themselves from the internal review of workplace conduct at the agency. "It is clear Mr. Gruenberg never should have been reappointed or confirmed in the first place," McHenry said. McHenry also said Gruenberg had "initially misled" the committee during testimony on Wednesday, at first claiming he had not been the subject of an investigation to his workplace conduct before acknowledging that he had. Reporting by Douglas Gillison; Editing by Chizu Nomiyama and Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Sheila Bair, Jason Reed, Martin Gruenberg, Gruenberg, Travis Hill, Jonathan McKernan, Harrel Pettway, Patrick McHenry, McHenry, Douglas Gillison, Chizu Nomiyama, Nick Zieminski Organizations: Federal Deposit Insurance Corp, REUTERS, Republican, U.S, U.S . Federal Desposit Insurance Corporation, Financial Services, Thomson Locations: Washington, U.S .

☆ US FDIC to consider 'special assessment' for March bank failure losses
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

The Federal Deposit Insurance Corp (FDIC) logo is seen at the FDIC headquarters in Washington, February 23, 2011. REUTERS/Jason Reed/File Photo Acquire Licensing RightsNov 16 (Reuters) - The U.S. Federal Deposit Insurance Corporation on Thursday was due to consider approving the collection of bank fees to recover losses from the failures of Silicon Valley Bank and Signature Bank in March. The FDIC's board of directors had been due to conduct a public meeting to vote on the matter but the agency announced Thursday morning that board members would instead consider the matter in private. The final version may be different. (This story has been corrected throughout to say that the FDIC plans to vote without holding an open meeting)Reporting by Douglas Gillison; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Jason Reed, Douglas Gillison, Chizu Organizations: Federal Deposit Insurance Corp, REUTERS, U.S, Federal Deposit Insurance Corporation, Valley Bank, Signature Bank, Thomson Locations: Washington

☆ US lawmakers demand FDIC watchdog briefing on workplace culture
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Jason Reed/File Photo Acquire Licensing RightsNov 14 (Reuters) - Republican lawmakers on the House Financial Services Committee said Tuesday they were calling for an urgent briefing from a government watchdog to address reported allegations of pervasive sexual harassment at the Federal Deposit Insurance Corporation (FDIC). FDIC Chairman Martin Gruenberg was likely to face questioning on the matter during Congressional hearings with other top banking regulators this week, including a Wednesday appearance before the House Financial Services Committee. Gruenberg on Monday told staff the agency would not tolerate sexual harassment and announced that the agency had hired an outside law firm to review its internal practices. The FDIC Office of Inspector General (OIG) reported in 2020 that the FDIC's efforts to prevent sexual harassment were inadequate. "As is our practice, we will continue to monitor management challenges at the FDIC as they are brought to the attention of the OIG, including matters related to sexual harassment," said FDIC Chief of Staff Jon Lebruto.

Persons: Sheila Bair, Jason Reed, Patrick McHenry of, Martin Gruenberg, Tyler Smith, Jon Lebruto, Douglas Gillison, Anna Driver Organizations: Federal Deposit Insurance Corp, REUTERS, Republican, Financial, Federal Deposit Insurance Corporation, Street Journal, Financial Services Committee, FDIC, Monday, Reuters, Thomson Locations: Washington, Patrick McHenry of North Carolina

The logo of Australian energy company Origin is pictured in Melbourne, Australia, July 3, 2016. REUTERS/Jason Reed/File Photo Acquire Licensing RightsSYDNEY, Nov 13 (Reuters) - Australian pension fund AustralianSuper said on Monday it had rejected an "eleventh hour" offer from a Brookfield-led consortium and its partner EIG to drop its opposition to their $10.5 billion bid for Origin Energy and join the takeover. AustralianSuper said it was Origin Energy's largest shareholder, but did not specify the size of its stake as it has done in previous releases. Brookfield argues its bid, which comes with the commitment of A$20 to A$30 billion worth of investment, will decarbonise Origin Energy faster than if the company remains in public hands. However, AustralianSuper said on Monday it was also open to stumping up cash to fund Origin's transition.

Persons: Jason Reed, AustralianSuper, EIG, Luke Edwards, Lewis Jackson, Alasdair Pal, Stephen Coates Organizations: REUTERS, Rights, Origin Energy, Financial, Brookfield, Renewable, Thomson Locations: Melbourne, Australia, Brookfield, Sydney

☆ Australia's TPG Telecom ends $4 billion fibre sale talks with Vocus
▼ + stars: | 2023-11-12 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Jason Reed/File Photo Acquire Licensing RightsNov 13 (Reuters) - Australia's TPG Telecom Ltd (TPG.AX) said on Monday it had ended discussions with Macquarie-backed rival Vocus Group for the sale of some of its non-mobile fibre assets for about A$6.3 billion ($4.00 billion) as the parties failed to agree commercial terms. "The proposed transaction involved considerable complexity and, ultimately, the parties have been unable to reach alignment on the operating model and commercial terms," TPG Telecom said in a statement. In August, Vocus had made a non-binding offer to TPG Telecom to acquire certain Enterprise, Government and Wholesale (EGW) assets and associated fixed infrastructure assets, including wholesale broadband business Vision Network. The collapse of the fibre sale deal with Vocus is a second such setback for TPG Telecom, whose asset swap deal with bigger rival Telstra Group (TLS.AX) was blocked by the country's antitrust regulator and Australian Competition Tribunal. Under the asset swap deal, Telstra would have bought spectrum and transmission towers from TPG, while TPG would have kept selling 4G and 5G coverage using Telstra infrastructure.

Persons: Jason Reed, Vocus, Himanshi, Sandra Maler, Grant McCool Organizations: REUTERS, Australia's TPG Telecom Ltd, Vocus Group, TPG Telecom, Enterprise, Government, Wholesale, Vision Network, TPG, Vocus, Telstra Group, Australian Competition, Telstra, Thomson Locations: Sydney, Australia, Macquarie, Bengaluru

[1/3] The Federal Deposit Insurance Corp (FDIC) logo is seen at the FDIC headquarters in Washington, February 23, 2011. FDIC Chairman Martin Gruenberg said in March the agency was also probing possible misconduct related to the collapses of Silicon Valley Bank (SVB) and Signature Bank (SBNY.PK) New York. As with SVB and Signature Bank, the FDIC is probing whether First Republic executives and board members broke rules that require them to act in the bank's best interests. NO ACTIONThe March implosions of SVB and Signature Bank sparked a deposit run at First Republic. FDIC bank failure probes can take years.

Persons: Jason Reed, Martin Gruenberg, SVB, Michael Roffler, James Herbert, Roffler, Michael Krimminger, IndyMac, Michael Perry, Douglas Gillison, Christine Prentice, Michelle Price, Matthew Lewis Organizations: Federal Deposit Insurance Corp, REUTERS, Federal Deposit Insurance Corporation, First Republic Bank, Reuters, FDIC, Valley Bank, Signature Bank, Regulators, First Republic, U.S . Justice Department, Securities, Exchange Commission, SEC, First, Bloomberg, Federal, JPMorgan Chase &, JPMorgan, Reserve, New, Thomson Locations: Washington, Republic, New York, First Republic, Massachusetts, SVB

☆ Brookfield’s climate deal may run out of energy
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

The logo of Australian energy company Origin is pictured in Melbourne, Australia, July 3, 2016. REUTERS/Jason Reed/File Photo Acquire Licensing RightsMELBOURNE, Oct 31 (Reuters Breakingviews) - Australia’s top pension fund has aptly chosen Halloween to try to scare Brookfield Asset Management (BAM.TO) and co-bidder MidOcean Energy to dig deeper in their pursuit of Origin Energy (ORG.AX). AustralianSuper said on Tuesday it intends to vote its near-14% stake against the current A$18.7 billion ($12 billion) offer next month. On that score, the pension fund’s intervention may frighten the deal to death. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Jason Reed, AustralianSuper, Antony Currie, Peter Thal Larsen, Thomas Shum Organizations: REUTERS, Rights, Reuters, Asset Management, MidOcean Energy, Origin Energy, X, Vodafone, Thomson Locations: Melbourne, Australia, –, Brookfield, MidOcean, Spain

☆ These are the 10 most prestigious internships to have on your resume, according to 13,000 current and former interns
▼ + stars: | 2023-10-29 | by ( Jordan Hart | ) www.businessinsider.com time to read: +2 min

Thousands of current and former interns were surveyed about the most prestigious internships. The 13,000 interns rated the top companies on a scale of 1 to 10. Career intelligence company Vault surveyed 13,000 current and former interns, and they shared which companies they believe have the most prestigious internships. Wall Street summer interns can earn over $52,000 before taxes at some firms during their 11-week program. Here are the top 10 most prestigious internships according to thousands of current and former interns.

Persons: —, J.P, Morgan Mike Kemp, Jason Reed JIR, McKinsey & Company FABRICE COFFRINI, Joe Raedle, Morgan Stanley, Morgan Stanley's, Michael M, Goldman Sachs Michael M, Microsoft Toby Scott, Artur Widak Organizations: Service, White, Getty, CIA, U.S . Central Intelligence Agency, McKinsey & Company, SpaceX SpaceX, Times, Apple, California Thomson Reuters, Microsoft, NASA Locations: Langley, REUTERS, AFP, Palo Alto, California

REUTERS/Jason Reed/File Photo Acquire Licensing RightsOct 12 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. But the tone of trading across Asian markets on Thursday may be a little more cautious than some of the headline moves on Wednesday indicate, and may also hinge on the U.S. yield curve. But ugly U.S. producer inflation data at the U.S. open on Wednesday - monthly, annual, headline and core readings were all higher than expected - was a reality check for those betting the Fed is all but done raising rates. But this flipped back again after the latest Fed minutes were released, paving the way for a late flourish on Wall Street and positive close for the three main indexes. The 'pivot' message from Fed officials this week has been pretty strong and consistent, and Governor Christopher Waller on Wednesday was the latest to beat that drum.

Persons: Jason Reed, Jamie McGeever, Christopher Waller, India's, Josie Kao Organizations: U.S . Federal, REUTERS, CPI, U.S, PPI, India's CPI, Bank, Thomson, Reuters Locations: Washington, Malaysia, Asia, Japan, U.S, Europe, India, Marrakech, Morocco

☆ Morning Bid: Markets regain footing with focus back on Fed
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +2 min

The U.S. Federal Reserve building is pictured in Washington, March 18, 2008. Meanwhile, 10-year U.S. Treasuries managed their sharpest rally in more than a month at the Tokyo opening on Tuesday, on a combination of the dovish Fed remarks and demand for safe assets. Markets will have plenty more chances to hear from Fed officials, who will be out in full force at events on Tuesday while minutes of their September monetary policy meeting will be published on Wednesday. Elsewhere, the IMF and World Bank annual meetings in Morocco get into full swing, with a range of leading global policymakers set to speak. European Central Bank President Christine Lagarde makes her appearance at the meetings on Tuesday, speaking after economic data the previous day added fuel to fears of a potential recession in Germany, the euro zone's largest economy.

Persons: Jason Reed, Brigid Riley, Treasuries, Christine Lagarde, Fed's Raphael Bostic, Christopher Waller, Neel Kashkari, Mary Daly, Edmund Klamann Organizations: U.S . Federal, REUTERS, Federal Reserve, Treasury, IMF, World Bank, European Central Bank, PepsiCo, Bank, Thomson Locations: Washington, U.S, Tokyo, Morocco, Germany, Asia, China, Sweden

☆ Morning Bid: This Fed's not for turning
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +5 min

The U.S. Federal Reserve building is pictured in Washington, March 18, 2008. That thought was echoed by Cleveland Fed chief Loretta Mester, who said: "I suspect we may well need to raise the fed funds rate once more this year." Either way, this is not the sound of a Fed who thinks the inflation battle is won. Fed hawkishness, however, has kept futures markets pricing a 50-50 chance of another quarter point rate hike to the 5.50-5.75% range by year-end. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Jason Reed, Mike Dolan, they've, Michelle Bowman, Loretta Mester, Michael Barr, hawkishness, Raphael Bostic, Susan Fenton Organizations: U.S . Federal, REUTERS, Reserve, Cleveland Fed, Institute, Supply, Bank of Japan, Reserve Bank of Australia, Big Tech, Atlanta Federal Reserve, Treasury, McCormick, PMI, Reuters, Thomson Locations: Washington, U.S

☆ Australia posts first budget surplus in 15 years as tax revenues soar
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Jason Reed Acquire Licensing RightsSYDNEY, Sept 21 (Reuters) - Australia on Friday recorded a final budget surplus of A$22.1 billion ($14.2 billion) for the year to June 2023, five times earlier estimates, as strong jobs growth and bumper mining profits helped the country post the first surplus in 15 years. In its May budget, the Labor government had projected a surplus of A$4.2 billion, a huge turnaround from the pandemic-driven deficits of the two previous years. However, the budget is projected to return to deficit this year amid intensifying spending pressures on healthcare, energy and defence. By banking revenue upgrades, the government lowered gross debt by A$87.2 billion and will avoid around A$12 billion in interest payments over the five years to 2026-27. Chalmers said in July the budget surplus was likely to be a little over A$20 billion for the past financial year.

Persons: Jason Reed, Jim Chalmers, Chalmers, Stella Qiu, Jacqueline Wong, Lincoln Organizations: REUTERS, Rights, Treasury, Labor, ABC News, Thomson Locations: Australia's, Australia

☆ Goldman Sachs pushes its forecast for Fed rate cut to Q4 2024
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +1 min

"Today, participants appeared to move away from the view that monetary policy tightening could weigh on growth with a long lag next year, which weakens one argument for cutting," Goldman Sachs economists led by Jan Hatzius said in a note. "We think this means that inflation will have to fall further than we previously assumed for the FOMC to cut." Morgan Stanley, meanwhile, still expects the first rate cut to be delivered in March next year. The central bank's quarterly projections showed the rate may still be lifted one more time this year to a peak 5.50%-5.75% range. While Goldman and Morgan Stanley do not expect another rate hike this year, Barclays, BofA and Citigroup see the Fed delivering another 25 basis points raise in the November meeting.

Persons: Jason Reed, Goldman Sachs, Jan Hatzius, Morgan Stanley, Goldman, Susan Mathew, Nivedita Organizations: U.S . Federal, REUTERS, U.S . Federal Reserve, Fed, Wednesday, Barclays, BofA, Citigroup, Thomson Locations: Washington, Bengaluru

REUTERS/Jason Reed/File Photo Acquire Licensing RightsWASHINGTON, Sept 7 (Reuters) - U.S. bank profits were largely flat in the second quarter of 2023 after accounting for the impact of three large failed bank acquisitions, the Federal Deposit Insurance Corporation reported Thursday. The bank regulator said industry profits dipped 11.3% to $70.8 billion in the second quarter, but that was primarily due to the impact of the bank failures and ensuing acquisitions. Accounting for those events, bank profits were up 5.7% compared to a year prior. The FDIC said banks saw unrealized deposits on securities increase 8.3% in the second quarter, rising to $558.4 billion. U.S. bank deposits declined for the fifth straight quarter, but only fell 0.5% in the second quarter compared to a record 2.5% decline in the first quarter.

Persons: Jason Reed, Martin Gruenberg, JPMorgan Chase, Pete Schroeder, Chizu Organizations: Federal Deposit Insurance Corp, REUTERS, Rights, Federal Deposit Insurance Corporation, Silicon Valley Bank, First Republic Bank, JPMorgan, Thomson Locations: Washington, Silicon, U.S

☆ Wall Street gains, dollar softens as weak data signals Fed pause
▼ + stars: | 2023-08-30 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

Weak economic data could be good news for interest rates, as it could give the Federal Reserve a rationale for letting key interest rates stand at next month's monetary policy meeting. GDPFinancial markets have currently priced in a 88.5% likelihood of a September Fed pause, according to CME's FedWatch tool. Emerging market stocks rose 0.11%. The greenback extended its losses, touching a two-week low against a basket of world currencies in the wake of disappointing economic data. Crude prices edged higher as industry data showed tighter-than-expected supply as investors digested Hurricane Idalia's potential effect on demand.

Persons: Jason Reed, Dow, Oliver Pursche, Thomas Martin, Martin, Sterling, Brent, Stephen Culp, Sharon Singleton, Nick Zieminski, Josie Kao Organizations: U.S . Federal, REUTERS, Federal Reserve, Nasdaq, Federal, Wealthspire Advisors, Dow Jones, Japan's Nikkei, Treasury, U.S ., Thomson Locations: Washington, New York, Atlanta, Asia, Pacific, Japan, U.S

Megacap technology-related growth stocks dipped, with Alphabet (GOOGL.O) and Tesla (TSLA.O) falling, as investors fretted that interest rates could stay higher for longer. The tech-heavy Nasdaq (.IXIC) posted the biggest weekly decline of the three major indices. The Dow Jones Industrial Average (.DJI) rose 34.29 points, or 0.10%, to 34,510.38. The S&P 500 energy index (.SPNY) rose, with Exxon Mobil (XOM.N) among leading gainers. Shares of cryptocurrency firm Coinbase Global (COIN.O) fell and Riot Platform (RIOT.O) tumbled as bitcoin hit a two-month low.

Persons: Jason Reed, Estee Lauder, Jerome Powell, Nvidia's, Michael Reynolds, Amruta Khandekar, Saeed Azhar, Maju Samuel, David Gregorio Our Organizations: U.S . Federal, REUTERS, Federal, Nasdaq, Nvidia, Dow Jones, Walmart, Exxon Mobil, Treasury, Thursday, Hawaiian, Coinbase, Thomson Locations: Washington, Bengaluru, New York

[1/2] The U.S. Federal Reserve building is pictured in Washington, March 18, 2008. Among major movers of the day, Applied Materials (AMAT.O) rose 2.5% after the chip equipment maker forecast fourth-quarter profit above analysts' estimates and posted better-than-expected third-quarter earnings. Estee Lauder (EL.N) lost 2.9% after the cosmetics maker forecast its annual net sales and profit below Street estimates. Deere & Co(DE.N) added 0.4% after the construction equipment maker raised its annual profit outlook. With no major economic data due on Friday, focus will now shift to Federal Reserve Chair Jerome Powell's speech at the Jackson Hole economic symposium next week.

Persons: Jason Reed, Estee Lauder, Russ Mould, AJ Bell, EL.N, Jerome Powell's, Amruta Khandekar, Maju Samuel Organizations: U.S . Federal, REUTERS, Dow, Nasdaq, Federal Reserve, Traders, Alibaba, Materials, Deere, Co, Federal, Nvidia, Dow e, Keysight Technologies, Thomson Locations: Washington, U.S

☆ Take Five: Summer at Jackson Hole
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +5 min

REUTERS/Jason Reed Acquire Licensing RightsLONDON, Aug 16 (Reuters) - It's summer camp season and not to be left out, U.S. rate setters and overseas pals gather in Jackson Hole, Wyoming, to talk central banking. U.S. Federal Reserve officials (plus friends from the ECB, BoE and BOJ) descend on Jackson Hole, Wyoming on Aug. 24-26 for their annual central bank confab. Inflation remains sticky in places and investors want to know how long it will take for central banks to switch to easing. European PMIs could provide a bigger signal on whether the European Central Bank will hike again in September and if the Bank of England opts for a big rate increase. Turkey's central bank is poised to raise rates on Thursday for the third time in a row since Hafize Gaye Erkan was appointed as governor in early June.

Persons: Jason Reed, Ira Iosebashvili, Li Gu, Yoruk, Rosario, Marc Jones, Rachel Savage, BoE, Jackson, Vladimir Putin, Hafize Gaye Erkan, Erkan, Tayyip Erdogan, Dhara Ranasinghe, Stephen Coates Organizations: U.S . Federal, REUTERS, U.S . Federal Reserve, ECB, Nvidia, CARE, HK, China, European Central Bank, Bank of England, West, Reuters, Thomson Locations: Washington, U.S, Jackson Hole , Wyoming, China, Ira, New York, Shanghai, Amsterdam, Jorgelina, London, Johannesburg, confab, CHINA, Beijing, United States, European, Brazil, Russia, India, South Africa, Saudi Arabia, Argentina, Egypt, Turkey

☆ Wall St slides as megacap growth stocks drag on rate jitters
▼ + stars: | 2023-08-18 | by ( Amruta Khandekar | ) www.reuters.com time to read: +4 min

The yield on the 10-year Treasury note hit a ten-month high of 4.328% in the previous session and came within a whisker of its highest level since 2007. The communication services (.SPLRCL) and technology (.SPLRCT) sectors housing major growth stocks fell 1.6% and 1.0% respectively. With no major economic data due on Friday, focus will now shift to Federal Reserve Chair Jerome Powell's speech at the Jackson Hole economic symposium next week as well as earnings from chip designer Nvidia (NVDA.O). Declining issues outnumbered advancers for a 1.08-to-1 ratio on the NYSE and for a 1.00-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week highs and 17 new lows, while the Nasdaq recorded 10 new highs and 146 new lows.

Persons: Jason Reed, Estee Lauder, Hogan, EL.N, Jerome Powell's, advancers, Amruta Khandekar, Maju Samuel Organizations: U.S . Federal, REUTERS, Dow, Nasdaq, Riley, Apple, Microsoft, Nvidia, Alibaba, Federal, Dow Jones, Inc, NYSE, Thomson Locations: Washington, U.S, Maui

☆ Factbox: US banks outline expected costs to replenish FDIC's deposit insurance fund
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: 1 min

The Federal Deposit Insurance Corp (FDIC) logo is seen at the FDIC headquarters in Washington, February 23, 2011. REUTERS/Jason Reed/File PhotoAug 3 (Reuters) - U.S. banks have started to detail the expected impact to their costs from the "special assessment" fee they have to pay to replenish the Federal Deposit Insurance Corporation's deposit insurance fund. In May, the banking regulator said large U.S. lenders would bear most of the costs to replenish the fund. Here is what banks have disclosed so far:Source: Bank quarterly filingsCompiled by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Jason Reed, Jaiveer Singh, Shounak Dasgupta Organizations: Federal Deposit Insurance Corp, REUTERS, Deposit Insurance, Bank, Thomson Locations: Washington, U.S, Bengaluru

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