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☆ U.S regional bank shares rise on interest income, deposits stabilizing
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +3 min

July 19 (Reuters) - Three major U.S. regional banks met or beat profit expectations on Wednesday as higher interest rates allowed them to charge more for loans, while deposits stabilized, sending shares across the sector up. Investors have been anxiously awaiting regional bank second quarter earnings as they look for reassurance that the turmoil that rocked the sector earlier this year has finally passed. M&T Bank Corporation (MTB.N) and Citizens Financial Group (CFG.N) both beat Wall Street estimates from charging clients higher interest rates after the U.S. Federal Reserve raised borrowing costs to rein in stubborn inflation. The KBW Regional Bank Index (.KRX) and S&P regional bank index (.SPCOMBNKS) were each gaining nearly 2% in line with the broader market. M&T's deposits rose to $162.1 billion from $159.1 billion at the end of the first quarter, but fell about 4.9% year-on-year.

Persons: NII, Dennis Dick, Michelle Price, Manya Saini, Jaiveer Singh Shekhawat, Johann Cherian, Chibuike, Nick Zieminski Organizations: T Bank Corporation, Citizens Financial, Wall, U.S . Federal Reserve, Citizens, US Bancorp, Big, Regional, Zions Bancorp, Truist, Fifth Third Bancorp, Bank, Triple D, Thomson Locations: Big U.S, Silicon, Bengaluru, New York

☆ US bank shares jump on interest income and deals optimism, but outlook mixed
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +5 min

The bank said it expects full year NII to be up about 8% at about $57 billion. The bank's full year NII outlook remains unchanged at 20% growth, Chief Financial Officer Dermot McDonogh told analysts. Overall, its profit slipped 18% in the second quarter as a fewer deals hurt investment banking revenues. Sluggish deals have been a sore spot across Wall Street with global investment banking activity plunging to $15.7 billion in the second quarter, the lowest since 2012, according to Dealogic. While investment banking and trading were also a drag on earnings for big banks on Friday, JPMorgan likewise said the bank was seeing “green shoots” in trading and investment banking.

Persons: Nacho, Morgan Stanley, BNY Mellon, Dermot McDonogh, Robert Pavlik, BNY, Morgan, JPMorgan Chase, Charles Schwab, Walt Bettinger, MS.N, Morgan Stanley's, Sharon Yeshaya, Goldman Sachs, Mehnaz Yasmin, Niket, Jaiveer, Manya Saini, Saeed Azhar, Tatiana Bautzer, Lance Tupper, Johann Cherian, Michelle Price, Megan Davies, Nick Zieminski Organizations: of America, REUTERS, WASHINGTON, . Bank of America, Bank of New York Mellon Corp, Federal Reserve, Bank of, Wall, PNC Financial Services, Dakota Wealth, JPMorgan, Citigroup, PNC, Silicon Valley Bank, Reuters, Street, Thomson Locations: New York, U.S, Big U.S, NII, KBW, Wells Fargo, Silicon, Bengaluru

☆ U.S. banks shares spark after interest income boost, but outlook mixed
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Nacho Doce/File PhotoWASHINGTON, July 18 (Reuters) - Big U.S. banks on Tuesday said higher interest rates had helped boost profits in the second quarter, causing shares to spike, but a pullback in consumer spending, slower loan growth and increased deposit costs may cloud the outlook for the sector. Bank of America's net interest income (NII), which measures the difference between what banks earn on loans and pay out on deposits, rose 14% to $14.2 billion in the second quarter, helping it to beat Wall Street estimates. The bank said it expects full year NII to be up about 8% at about $57 billion. That has forced some banks to offer consumers higher returns to deter them from moving their deposits to competitors. Overall, the bank's profit slipped 18% in the second quarter as Wall Street's deal-making drought stunted revenue from investment banking, although investors were cheered by executives' positive outlook for M&A.

Persons: Nacho, BNY Mellon, Robert Pavlik, BNY, JPMorgan Chase, Charles Schwab, Morgan Stanley, MS.N, BofA, Mehnaz Yasmin, Niket, Manya Saini, Saeed Azhar, Tatiana Bautzer, Lance Tupper, Johann Cherian, Michelle Price, Megan Davies, Nick Zieminski Organizations: of America, REUTERS, WASHINGTON, Bank of America, Bank of New York Mellon Corp, Federal Reserve, Bank of, Wall, PNC Financial Services, Dakota Wealth, " Bank of America, JPMorgan, Citigroup, PNC, Silicon Valley Bank, Investment, Thomson Locations: New York, U.S, Big U.S, NII, KBW, Wells Fargo, Silicon, Bengaluru

☆ Bob Iger's Disney revamp could keep critic Peltz 'at bay'
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +2 min

Feb 9 (Reuters) - Walt Disney Co (DIS.N) CEO Bob Iger dazzled Wall Street on Wednesday with sweeping changes and billions of dollars in cost cuts, and some analysts are convinced that will be enough to sway its harshest critic - activist investor Nelson Peltz. Under the restructuring, Disney is cutting 7,000 jobs and reorganizing into three divisions - an entertainment unit encompassing film, television and streaming, a sports-focused ESPN unit and one with Disney parks, experiences and products. "Iger's early steps seem likely to keep Peltz at bay, which the company dearly wants. Peltz could have an opening if Disney slips up," said Barton Crockett, analyst at Rosenblatt Securities. "We are pleased that Disney is listening," a Trian spokesperson said.

☆ Recession drumbeat gets louder as more U.S. CEOs strike mellow note for 2023
▼ + stars: | 2022-12-09 | by ( Medha Singh | ) www.reuters.com time to read: +3 min

A Reuters poll of economists published on Thursday showed that U.S. economic growth was expected to slow to 0.3% in 2023 following a 1.9% rise this year. Tesla Inc CEO Elon Musk said in October a recession would last until the spring of 2024. For 2023, analysts expect profit growth at S&P 500 companies to slow to 4.9%, after rising 5.8% in 2022, according to Refinitiv IBES data. While forecasts for the size and timing of recession vary, expectations for an economic recovery largely hinge on the Fed's stance on rates. S&P 500 performance YTDReporting by Medha Singh and Johann Cherian in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

The blue-chip FTSE 100 index (.FTSE) ended 0.9% higher, while the domestically focussed FTSE 250 index (.FTMC) closed 2.8% up. Both the indexes logged their third-straight day of gains, with the latter up more than 5%. Under the new policy, most of Truss's 45 billion pounds of unfunded tax cuts will go and a two-year energy support scheme for households and businesses - expected to cost well over 100 billion pounds - will now be curtailed in April. Register now for FREE unlimited access to Reuters.com RegisterHunt, who replaced Kwasi Kwarteng, said halting the planned tax cuts would raise 32 billion pounds ($36 billion) every year. Traders are now seeing a 68.2% chance of a 100 basis points hike at the central bank's Nov. 3 meeting.

☆ Futures up on higher gold, crude prices; U.S. inflation data awaited
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +2 min

Oct 13 (Reuters) - Futures for Canada's resource heavy stock index on Thursday ticked higher, tracking gold and crude prices, with investors avoiding big bets ahead of a crucial U.S. inflation data later in the day. December futures on the S&P/TSX index rose 0.3% after five days of losses on the TSX. Gold prices were steady, while crude oil prices enjoyed extended support from the OPEC+ cuts last week, which the International Energy Agency warned may push the global economy into recession. [GOl/]Register now for FREE unlimited access to Reuters.com RegisterS&P futures rose 0.5% to lead gains among the U.S. stock futures ahead of September consumer prices data due at 08:30 a.m. Canada's stock index (.GSPTSE) closed lower on Wednesday, as U.S. producer price data and minutes from the Federal Reserve's September meeting bolstered expectations for additional rate hikes.

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