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☆ Opinion | The Wagner Group Is Always Ready for a Coup
▼ + stars: | 2023-08-11 | by ( Colin P. Clarke | ) www.nytimes.com time to read: +3 min

But the nation’s successive elected governments were at least willing to cooperate with Washington, allowing the U.S. military to conduct regional counterterrorism activities. Washington has stopped short of calling the crisis a coup — a move that would require the United States to halt security and economic assistance. Wagner will be ready. Their operations have frequently resulted in the deaths of civilians, with credible accusations of sexual violence, torture and extrajudicial killings. Within days of Wagner’s aborted advance on Moscow, Russia’s foreign minister, Sergei Lavrov, said that Wagner’s African footprint would remain.

Persons: Jama’at Nusrat al, Barkhane, jihadists, Wagner, —, Al Qaeda, Bazoum, Prigozhin’s, Wagner’s, Sergei Lavrov, Prigozhin, Putin Organizations: U.S, United, Nigerien, Islamic, West, Central African, Kremlin Locations: Sahel, Africa, Islamic State, Greater Sahara, Haram, Islam, Niger, Washington, United States, America, Mali, Libya, Central African Republic, Sudan, Moscow, St . Petersburg

"Our drone base in Niger is extremely important in countering terrorism in the region," one of the U.S. officials said. FOREIGN ASSISTANCEThe Biden administration has not formally labeled the military takeover in Niger a coup, a designation that would limit what security assistance Washington can provide the country. The U.S. drone base has grown in importance due to a lack of Western security partners in the region. The drone base, known as airbase 201, was built near Agadez in central Niger at a cost of more than $100 million. Wagner's chief, Yevgeny Prigozhin, has welcomed the coup in Niger and said his forces were available to restore order.

Persons: Abdourahmane Tiani, Balima, Mohamed Bazoum, Russia's Wagner, Biden, Antony Blinken, Nusrat al, Cameron Hudson, Hudson, Terence McCulley, WAGNER, Yevgeny Prigozhin, Wagner, Idrees Ali, Daphne Psaledakis, Simon Lewis, Michelle Nichols, Don Durfee, Deepa Babington Organizations: REUTERS, Nigerien, Islamic State, Al, West African, Center for Strategic, International Studies, United States Institute of Peace, Wagner Group, ., U.S, Thomson Locations: Niger, Niamey, United States, Sahel, Al Qaeda, France, Africa, insurgencies, Russia, China, Washington, U.S, Mali, Burkina Faso, Agadez, State, Nigeria, Ivory Coast, Niger's, Nigerien

☆ JPMorgan sees 'material upside' for this once-troubled regional bank
▼ + stars: | 2023-07-20 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Western Alliance has put the spring's regional banking crisis in the rearview mirror and will be able to sustain its recent rally, according to JPMorgan. Shares of the bank rose more than 7% on Wednesday after the report was released. WAL 5D mountain Shares of Western Alliance rose sharply on Wednesday. But even with that rally, the stock is still down about 37% from where it ended February, before the regional banking crisis. The firm's new price target represents upside of nearly 30% from where Western Alliance's shares closed on Wednesday.

Persons: Steven Alexopoulos, Alexopoulos, FactSet's, — CNBC's Michael Bloom Organizations: Western Alliance, JPMorgan, Western Locations: Republic

☆ These companies reporting next week have a history of beating earnings estimates
▼ + stars: | 2023-07-14 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

The new corporate earnings season revs up next week, and some stocks could do well on the back of their reports. The regional bank has beat earnings expectations in 70% of its past reports and typically advances 1.7% on the back of a report. Blackstone Investment firm Blackstone also made the list, with the company beating expectations 70% and 79% of the time for earnings and revenue, respectively. Horton , which is also set to report Thursday, has beat earnings expectations 76% of the time and sales forecasts 70%. The company, which reports Thursday after the bell, has beat earnings and sales expectations 87% and 83% of the time, respectively.

Persons: revs, Morgan Stanley, Goldman Sachs, they've, Wells, Jared Shaw, WAL, Blackstone, D.R, Horton D.R, — CNBC's Michael Bloom, Fred Imbert Organizations: Bank of America, Netflix, United, Investors, CNBC Pro, Investment, Western Alliance, Western Alliance Bancorp, Regional Banking, Blackstone Investment, Truland Locations: Horton, Friday's

☆ Wall Street analysts think these 5 bank stocks will do well in the second half
▼ + stars: | 2023-07-02 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

All 23 banks that the Federal Reserve subjects to its annual stress test passed the key evaluation after the market closed on Wednesday. Nonetheless, the stress test helped lift major banks stocks, including Wells Fargo and JPMorgan Chase , on Thursday. Phoenix-based Western Alliance , meanwhile, is 58% below its 52-week high. WAL YTD mountain Western Alliance stock has slipped more than 38% so far this year. Wells Fargo stock has gained almost 3.5% in 2023 after climbing 3.4% on Thursday following the Fed's stress test.

Persons: Wells, JPMorgan Chase, Goldman Sachs, Goldman, David Solomon, FactSet Organizations: Federal Reserve, Silicon Valley Bank, Signature Bank, First, KBW Bank, PacWest Bancorp, Western Alliance Bancorp, JPMorgan, CNBC Pro, KBW Bank ETF, Goldman, Western Alliance, Western, Wells, San Locations: U.S, Silicon, GreenSky, Phoenix, Wells Fargo, San Francisco

☆ Here are Wednesday's biggest analyst calls: Delta, Netflix, Pinterest, Nvidia, Pepsi, Deere, Nike and more
▼ + stars: | 2023-06-28 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Goldman Sachs reiterates Snowflake as buy Goldman said it's standing by its buy rating after the company's investor day. JPMorgan reiterates Pepsi as overweight JPMorgan said Pepsi is a "safe haven" heading into earnings in July. Wells Fargo upgrades Pinterest to overweight from equal weight Wells Fargo said it sees "above-consensus revenue growth" for Pinterest. Deutsche Bank downgrades Walgreens to hold from buy Deutsche Bank downgraded the stock after its disappointing earnings results earlier this week. Deutsche Bank initiates Western Alliance as hold Deutsche Bank said the regional bank's "funding pressures persist."

Persons: Goldman Sachs, Goldman, Snowflake, it's, Wells, Wells Fargo, Daiwa downgrades Uber, EBITDA, Deere, Canaccord, Oppenheimer, Morgan Stanley, CarMax, Needham, CFRA, KeyBanc Organizations: Nvidia, JPMorgan, Pepsi, Nike, Netflix, Deutsche Bank, Walgreens, RBC, Western Alliance, KMX, Delta, Barclays, Bank of America, Old Dominion, of America, Dominion, ZoomInfo Technologies, Lincoln, EV Locations: China, NVDA, Canada, Old

☆ Countries back weakened EU nature law, seek more biodiversity funding
▼ + stars: | 2023-06-20 | by ( Kate Abnett | ) www.reuters.com time to read: +3 min

Germany, Lithuania and Romania were among countries that had raised concerns over funding. POLITICAL PUSHBACKEU climate chief Frans Timmermans told reporters he was not worried by countries' tweaks to make the law more flexible. But he criticised lawmakers in the European Parliament who are trying to block the law and are refusing to negotiate. EU countries and the European Parliament must both approve the final bill. A motion by EU lawmakers to reject the entire proposal last week failed by a razor-thin margin, ahead of a full EU Parliament vote in July.

Persons: Eamon Ryan, Christianne van der Wal, Frans Timmermans, Timmermans, Kate Abnett, Jonathan Oatis, Gareth Jones Organizations: Sierra, EU, Union, European Commission, Reuters, EU Parliament's, Thomson Locations: Andalusia, Nieves, Brussels, LUXEMBOURG, Germany, Lithuania, Romania, Ireland, Netherlands

☆ Retailers are preparing for a discount heavy, down holiday season: CNBC survey
▼ + stars: | 2023-06-16 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

Many retailers are still drawing down inventories now as peak season for orders begins. Based on the concerns about cutbacks by consumers, 77% of all items being ordered this holiday season are middle-price point items, including jackets. Traditionally, retail sector orders for peak season items are placed in late winter, or early spring. Trucking, ground, rail profit hits For ground logistical firms, rail companies, and short-haul trucking, moving holiday products during peak season is a lucrative and critical time of year for making money. The largest subgroup of survey respondents who predict placing higher freight orders (42%) pegged the increase in a range of 6%-10%.

Persons: Patrick T, Cleary, Stephen Lamar, Jon Gold Organizations: Fallon, Bloomberg, Getty, CNBC Supply Chain Survey, Target, Walmart, CNBC, American Apparel & Footwear Association, American Footwear and Apparel Association, National Retail Federation, Council of Supply Chain Management, United National Consumer Suppliers, CNBC Fed Survey, Wall Street, Survey, Retailers, Chain, Labor Locations: West Coast, West

REUTERS/Caitlin OchsJune 13 (Reuters) - Shares of U.S. banks rose on Tuesday after inflation data backed the view that the Federal Reserve will keep interest rates unchanged on Wednesday while leaving the door open for more hikes later that will further boost interest income. The data lifted the S&P 500 Banks Index (.SPXBK) 1.5%, while the KBW Regional Banking Index (.KRX) gained about 1.6%. Higher net interest income has helped cushion a slump in the banking sector's market-sensitive business units such as investment banking and trading. On Tuesday, Wells Fargo CFO Mike Santomassimo said the lender expected an upside to interest income this year going ahead. Missing the rally were shares of Zions Bancorporation (ZION.O) after executives said at a conference that interest income at the regional lender was trending toward.

Persons: Caitlin Ochs, Wells, Mike Santomassimo, JPMorgan Chase, Goldman Sachs, Morgan Stanley, Zions, Manya Saini, Sriraj Organizations: JPMorgan Chase Bank, REUTERS, Federal Reserve, Banks, JPMorgan, Citigroup, Bank of America, PacWest Bancorp, Western Alliance, Comerica, U.S . Bancorp, Thomson Locations: New York City, U.S, KBW, Monday's, Wells Fargo, Bengaluru

[1/3] Signs of JP Morgan Chase Bank, Citibank and Wells Fargo & Co. bank are seen in this combination photo from Reuters files. The S&P 500 Banks Index (.SPXBK) rose 1.14%, while the KBW Regional Banking Index (.KRX) gained about 2%. JPMorgan Chase (JPM.N), Wells Fargo (WFC.N), Goldman Sachs (GS.N), Morgan Stanley (MS.N), Citigroup (C.N) and Bank of America (BAC.N) advanced between 1% and 2%. Higher net interest income has helped cushion a slump in the banking sector's market-sensitive business units such as investment banking and trading. Zions Bancorporation (ZION.O) shares fell 0.56% after its executives forecasted a slowdown in net interest income.

Persons: JP Morgan, Wells, Mike Santomassimo, Jack Janasiewicz, JPMorgan Chase, Goldman Sachs, Morgan Stanley, Zions, Manya Saini, Sriraj Kalluvila, Lisa Shumaker Organizations: JP Morgan Chase Bank, Citibank, Wells Fargo & Co, Federal Reserve, Labor Department, Traders, Natixis Investment, Banks, JPMorgan, Citigroup, Bank of America, Comerica Inc, Comerica, Bancorp, Western Alliance, U.S . Bancorp, National Bancorp, Thomson Locations: U.S, Wells, KBW, Monday's, Wells Fargo, Bengaluru

☆ Here are analysts' favorite regional banking stocks as sector recovers from its crisis lows
▼ + stars: | 2023-06-11 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

Investors could have reason to warm up to regional bank stocks. Over the past month, the regional bank fund has added nearly 17%. While the KRE is still well below its crisis-era lows from early May, some regional bank stocks seem to have swayed analysts that the worst is behind them. KRE 1M mountain The regional bank ETF over the past month. While the bank felt the pressure from the broader regional banking crisis, analysts aren't fleeing the stock.

Persons: aren't Organizations: Silicon Valley Bank, Regional Banking, CNBC, JPMorgan, FactSet, National, Western Alliance, WAL, Citizens Financial, Bancorp Locations: Republic

☆ US bank stocks rebound, regional banking index hits 6-week high
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +1 min

June 6 (Reuters) - Shares of major U.S. banks and regional lenders outperformed broader markets in morning trading on Tuesday with the KBW Regional Banking index (.KRX) hitting its highest since late April. The tenuous relief rally comes at a difficult time for the banking sector that has been grappling with worries around deposit flight, rising interest rates and exposure to commercial real estate since March. The S&P 500 Banks index (.SPXBK) advanced about 2.3%. Regional lenders were also higher, with PacWest Bancorp (PACW.O), Western Alliance (WAL.N), Zions Bancorp (ZION.O), Comerica (CMA.N), M&T Bank Corp (MTB.N) and KeyCorp (KEY.N) rising between 4.9% and 8.5%. The volatility in shares of regional lenders has underscored ongoing investor uncertainty over the health of the sector, with the KBW Regional Banking index losing roughly 22% so far this year.

Persons: Wells, Goldman, Morgan Stanley, Manya Saini, Shounak Dasgupta Organizations: KBW, JPMorgan Chase &, Wells Fargo & Co, Goldman Sachs Group Inc, Citigroup, Bank of America Corp, PacWest Bancorp, Western Alliance, Zions Bancorp, Comerica, T Bank Corp, Bank, Reuters, Thomson Locations: U.S, Bengaluru

June 5 (Reuters) - Tighter lending standards from regional banks are making it harder for U.S. hotel developers to secure funding, slowing construction of new hotels at a time Americans' appetite for travel is ripe. Analysts say slower hotel development will also limit profits of blue-chip manufacturers like Caterpillar Inc. , whose commercial real estate customers account for around 75% of construction sales. Overexposed regional banks are now offloading commercial real estate loans at a discount. Troubled regional lender PacWest Bancorp (PACW.O) announced in May it would sell $2.6 billion worth of real estate construction loans. Banks started to reduce their hotel loan portfolios in the first quarter of 2023, an analysis by S&P Global Market Intelligence found.

Persons: Joseph Delli Santi, James Hansen, Andy Ingraham, Ingraham, Evens Charles, Banks, Mitchell Hochberg, Bianca Flowers, Caroline Stauffer, Deepa Babington Organizations: U.S, Silicon Valley Bank, Shopoff, Reuters, Build Central Inc, Hilton, Hilton Worldwide Holdings Inc, Marriott International, Caterpillar Inc, Signature Bank, First Republic Bank, National Association of Black, Developers, Frontier Development, Hospitality Group, Washington D.C, PacWest Bancorp, P Global Market Intelligence, Lightstone, Thomson Locations: Silicon, California, Florida , Texas, Washington, Arizona, New York, Chicago, Bengaluru

Most big bank stocks were trading lower in afternoon trading with the S&P 500 banking index (.SPXBK) down nearly 1% on Monday. U.S. regulators, led by the Federal Reserve, are also expected to propose this month increasing average bank capital requirements by as much as 20% a person familiar with the matter told Reuters. Regional bank stocks also logged broad declines on Monday, with the KBW Regional Banking Index (.KRX) shedding 2%. The impending international capital rules come amid a broader Fed review of lenders' capital requirements. "It's not shocking that you should expect to see some capital requirements being increased and a little more oversight is expected given what has happened with regional banks," Janasiewicz said.

Persons: Wells, Goldman, Morgan Stanley, Jack Janasiewicz, Janasiewicz, Chibuike Oguh, Manya Saini, Michelle Price, Lance Tupper, Aurora Ellis Organizations: YORK, JPMorgan Chase &, Wells Fargo & Co, Goldman Sachs Group Inc, Citigroup, Bank of America Corp, Treasury, Natixis Investment, U.S, Federal Reserve, Reuters, Street Journal, Basel Committee, KBW, PacWest Bancorp, Western Alliance, Comerica Inc, Thomson Locations: U.S, Basel, Regional, New York

Persons: Joseph Delli Santi, James Hansen, Andy Ingraham, Ingraham, Evens Charles, Banks, Mitchell Hochberg, Bianca Flowers, Caroline Stauffer, Deepa Babington Organizations: U.S, Silicon Valley Bank, Shopoff, Reuters, Build Central Inc, Hilton, Hilton Worldwide Holdings Inc, Marriott International, Caterpillar Inc, Signature Bank, First Republic Bank, National Association of Black, Developers, Frontier Development, Hospitality Group, Washington D.C, PacWest Bancorp, P Global Market Intelligence, Western Alliance, Lightstone, Thomson Locations: Silicon, California, Florida , Texas, Washington, Arizona, New York, Chicago, Bengaluru

☆ U.S. banks sink on concerns about office real estate loans
▼ + stars: | 2023-05-31 | by ( Sinéad Carew | ) www.reuters.com time to read: +3 min

Investors worried about potential losses among banks from office real estate loans after comments from executives, including Wells Fargo & Co's (WFC.N) Chief Executive Officer Charlie Scharf and Blackstone President Jonathan Gray at a Sanford C Bernstein investor conference. Meanwhile, Blackstone's Gray talked about "unprecedented weakness" in older office buildings while noting that this segment currently makes up less than 2% of company's equity portfolio in real estate. Rick Meckler, partner, Cherry Lane Investments, a family investment office in New Vernon, New Jersey said "continued concern over loans made to the office market," was hurting bank stocks broadly on Wednesday, citing the Wells Fargo comments. "The implication is that there are those that will suffer even if Wells Fargo is diversified enough," Meckler said. KeyCorp, down 5.5%, was the biggest decliner in the S&P bank index, and Zions was next, down 4.9%.

Persons: Andrew Kelly, Wells, Charlie Scharf, Blackstone, Jonathan Gray, Sanford C, Wells Fargo's Scharf, Blackstone's Gray, Gray, Bernstein, Rick Meckler, Meckler, Morgan Stanley, Goldman Sachs, Zions, Sinéad Carew, Mehnaz Yasmin, Nick Zieminski Organizations: Citibank, New York Stock Exchange, REUTERS, Banks, Investors, Buyers, Cherry Lane Investments, Citigroup, JPMorgan Chase &, Bank of America, Citizens Financial, Western Alliance Bancorp, PacWest Bancorp, Comerica, PNC Financial Services, Fifth Third Bancorp, Federal Deposit Insurance Corporation, Thomson Locations: Manhattan , New York City, U.S, New Vernon , New Jersey, New York, Bengaluru

☆ Premarket stocks: The banking crisis isn't over
▼ + stars: | 2023-05-31 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN —Amid the US debt ceiling turmoil, a potential recession and the upcoming Fed meeting, Wall Street has a lot on its plate. Even as US lawmakers race to prevent a catastrophic default, the lingering effects of the regional banking crisis have not been completely extinguished. CEO Jamie Dimon said that his company’s emergency intervention had ended the immediate turmoil of the banking crisis. The SPDR Regional Banking ETF (KRE), which tracks a number of small and mid-sized bank stocks, is down about 3% so far this month and over 30% lower so far this year. Analysts are concerned that as rates get higher, the borrowing environment becomes tougher for regional banks, hurting their ability to lend.

Persons: New York CNN —, JPMorgan Chase, Jamie Dimon, ”, Janet Yellen, ” Fitch, “, What’s, Goldman Sachs, Joe Biden, Kevin McCarthy, Biden’s, Matt Egan Organizations: CNN Business, Bell, New York CNN, First Republic Bank, Silicon Valley Bank, Signature Bank, JPMorgan, First Republic, Fitch, Governors, Federal Reserve, Banking, PacWest Bancorp, Western Alliance Bancorp, Republican, Treasury Department, CNN, Saudi, Wall Street Journal Locations: New York, Banking, EY, ”, Saudi Arabia, Russia, OPEC, China, Vienna

☆ Five takeaways about the consumer from Walmart, other retailers after a big week of earnings
▼ + stars: | 2023-05-19 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +8 min

So far, at least five retailers – Target, Walmart, Tapestry , Bath and Body Works and Foot Locker – have spoken about sales trends across the country getting worse. The retailer's comparable sales in the U.S. declined 4.6% in the quarter versus the year-ago period. Target, Home Depot and Walmart all saw a noticeable pattern: Fewer pricey and fun items in shopping carts. At Home Depot, customers bought fewer big-ticket items like appliances and grills in the fiscal first-quarter. Customers at Walmart have become more selective when shopping for electronics, TVs, home items and apparel, Rainey told CNBC.

☆ US regional bank stocks fall after Yellen says more bank mergers necessary
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, May 19 (Reuters) - Shares of U.S. regional lenders fell on Friday after CNN reported that U.S. Treasury Secretary Janet Yellen told bank chief executives that more mergers may be necessary following a series of bank failures. Yellen also reaffirmed the strength and soundness of the country's banking system at the meeting with bank CEOs on Thursday in the aftermath of the collapse of Silicon Valley Bank, Signature Bank, and First Republic Bank. The KBW Regional Banking Index (.KRX) fell 3%, with shares of PacWest Bancorp (PACW.O) and Western Alliance (WAL.N) among the biggest losers as they shed 4% each. The regional bank crisis has been partly blamed by some on aggressive interest rates by the U.S. Federal Reserve, which forced some lenders to seek new capital to make up for a fall in the value of assets linked to interest rates. The debt ceiling dispute has weighed on market sentiment, including for regional bank stocks.

WASHINGTON, May 19 (Reuters) - U.S. Treasury Secretary Janet Yellen told bank CEOs on Thursday that more mergers may be necessary after a series of bank failures, CNN reported on Friday, citing two people familiar with the matter. The Treasury readout did not mention bank mergers, but CNN quoted sources as saying that consolidation was discussed. Yellen told Reuters in an interview in Japan last week that pressures on U.S. regional bank earnings may lead to more concentration in the sector and regulators will likely be open to such mergers. But the report that she gave a similar message directly to bank CEOs, alongside news that talks over the U.S. debt ceiling were at an impasse, had a significant impact on markets on Friday. Two-year Treasury yields initially dropped by some 11 basis points on Friday after the report, while benchmark 10-year yields fell by about five basis points.

Dow Jones Industrial Average (.DJI) constituent Cisco Systems Inc's (CSCO.O) shares fell 4.3% in premarket trading after it said a large backlog of products weighed on demand for new orders from customers. Shares of Walmart Inc (WMT.N) rose 1.7% after the retailer raised its annual sales and profit targets, befitting from inflation-wary consumers trading down to cheaper groceries. ET, Dow e-minis were down 31 points, or 0.09%, S&P 500 e-minis were up 1.75 points, or 0.04%, and Nasdaq 100 e-minis were up 15 points, or 0.11%. Bath & Body Works Inc (BBWI.N) gained 13% after the beauty and skincare firm raised its annual profit forecast. Japan's Prime Minister Fumio Kishida said he welcomed and expected more investment from global chipmakers in the country.

☆ PacWest, Western Alliance lead rebound in US regional lenders
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

May 18 (Reuters) - Battered shares of PacWest Bancorp and Western Alliance Bancorp edged higher premarket on Thursday as the U.S. midsize lenders looked to sustain a recent rebound powered by bets that the worst of the regional banking turmoil was over. PacWest Bancorp (PACW.O), which is currently exploring strategic options, climbed 7.2% and was set to build on a 22% gain recorded for the week till Wednesday. Shares of Western Alliance (WAL.N) climbed 7.2%, also poised to extend their near 27% surge this week after the Phoenix-based lender reported strong deposit growth in an attempt to reassure investors of its financial health after three regional lenders failed in recent months. The KBW Regional Banking Index (.KRX) jumped 7.2% on Wednesday, recording its biggest percentage gain in nearly two years. Among other movers on Thursday, Zion Bancorp (ZION.O) climbed 2.6% and First Horizon (FHN.N) added 2.4%.

May 17 (Reuters) - Shares of U.S. regional lenders jumped on Wednesday on growing investor confidence that the worst of the banking crisis was likely over, following news of strong deposit growth at Western Alliance Bancorp (WAL.N). Arthur Hogan, chief market strategist at B. Riley Wealth, said Western Alliance's deposit growth disclosure was good news for worried investors. "Western Alliance, one of the most hard-hit banks, came out with a filing showing deposit increase. Western Alliance shares, which are down 41% year-to-date, surged 10% to $34.81, erasing losses recorded over the last two weeks. Other regional lenders closed higher: PacWest Bancorp (PACW.O), whose stock has lost nearly 76% of its value year-to-date, spiked 22%.

☆ Wall St rallies on debt ceiling optimism, regional bank rise
▼ + stars: | 2023-05-17 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

President Joe Biden and top U.S. congressional Republican Kevin McCarthy on Wednesday reiterated their determination to strike a deal soon to raise the debt ceiling and avoid an economically catastrophic default. A jump in regional bank shares lifted sentiment, led by a 10.19% surge in Western Alliance Bancorp (WAL.N) a day after the bank said deposits grew by more than $2 billion in the quarter ended May 12. The KBW regional bank (.KRX) shot up 7.28% to notch its biggest one-day percentage gain since Jan. 6, 2021 to close at its highest level since May 1. The S&P 500 banks index also surged 4.46% for its biggest daily percentage gain since Nov. 10. "It is optimism over the debt ceiling.

☆ Wall St rallies on debt ceiling hopes, regional bank rebound
▼ + stars: | 2023-05-17 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

President Joe Biden and top U.S. congressional Republican Kevin McCarthy on Wednesday reiterated their determination to strike a deal soon to raise the federal debt ceiling and avoid an economically catastrophic default. A jump in regional bank shares lifted sentiment, led by a 12.12% surge in Western Alliance Bancorp (WAL.N) a day after the bank said deposits grew by more than $2 billion in the quarter ended May 12. The KBW regional bank (.KRX) index was up 6.86% and on track for its biggest one-day percentage gain since Jan. 6, 2021 after touching its highest intraday level since May 3. "It is optimism over the debt ceiling it. That slowing along with recent negotiations over the U.S. debt ceiling has focused attention on when the central bank will pause hiking, or cut interest rates.

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