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☆ China's stimulus plans are choking the profitability of its megabanks, analysts say
▼ + stars: | 2024-11-08 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +2 min

A man on a mobile phone walks past a Bank of China Ltd. branch in Guangzhou, Guangdong Province, China, on Thursday, March 27, 2014. China's largest state-owned banks are likely to see their record low profit margins decline even further as Beijing's broader stimulus package comes into play, analysts say. Still, that was 18 basis points lower from the beginning of this year. At the end of June, overall commercial bank margins dropped to 1.54%, a record low, according to official data from the national financial regulatory administration. They see NIM for state-owned banks contracting by 15-25 basis points in 2024, and "mid- to- high single-digit basis points" next year.

Persons: Agricultural Bank of China —, NIM, Karen Wu Organizations: Bank of China Ltd, — Industrial, Commercial Bank of China, China Construction Bank, Bank of China, Agricultural Bank of, Bank of, CNBC, Morningstar Locations: Guangzhou, Guangdong Province, China, China's, Agricultural Bank of China, Bank of China, Beijing

☆ We're hiking our Wells Fargo price target after the stock surged on earnings
▼ + stars: | 2024-10-11 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

Wells Fargo reported results before Friday's opening bell. WFC YTD mountain Wells Fargo YTD Shares of Wells Fargo surged 6% on the release to more than $61. Wells Fargo Why we own it : We bought Wells Fargo as a turnaround story under CEO Charlie Scharf. We come away from the call feeling good not only about Wells Fargo's setup for next year. A resurgence in Wall Street dealmaking — both mergers and acquisitions and initial public offerings — will benefit Wells Fargo.

Persons: Wells, Wells Fargo, That's, Charlie Scharf, He's, Scharf, Charles Scharf, we've, Morgan Stanley, NII, Jim Cramer's, Jim Cramer, Jim Organizations: Investors, Wells, Federal Reserve, Bank of America, Citigroup, buybacks, Management, CNBC Locations: LSEG, Wells, Wells Fargo, reinvest, U.S, NII

Elsewhere, TD Cowen raised its price target on Costco to $975. 7:04 a.m.: TD Cowen raises Costco price target TD Cowen is even more bullish on Costco after hosting the company's leadership for a post-earnings meeting. Analyst Brian Bedell reiterated his buy rating and lifted his price target by $3 to $27, implying about 13% upside. With that, analyst Stephen Scouten upgraded Amerant to overweight from neutral and raised his price target by 50 cents to $25.60. — Pia Singh 5:50 a.m.: TD Cowen upgrades Accenture Investors should buy shares of Accenture as the company's recovery gains steam, according to TD Cowen.

Persons: Morgan Stanley, TD Cowen, Cowen, Oliver Chen, Costco's, Chen, Gary Millerchip, — Pia Singh, Brian Bedell, Bedell, Robinhood, Wells, Donald Fandetti, Fandetti, Piper Sandler, Amerant, Stephen Scouten, Scouten, JPMorgan Chase, Betsy Graseck, Graseck, NIM, Bryan Bergin, Bergin, Fred Imbert Organizations: CNBC, JPMorgan Chase, Accenture, Costco, Deutsche Bank, American, Amerant, JPMorgan, Services Locations: Florida, Friday's

☆ Here are Monday's biggest analyst calls: Nvidia, Amazon, Tesla, Meta, Disney, Apple, Uber, JPMorgan Chase & more
▼ + stars: | 2024-09-30 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Morgan Stanley upgrades Blackline to overweight from equal weight Morgan Stanley said the software company is undervalued. Morgan Stanley upgrades US Bancorp to overweight from equal weight Morgan Stanley said U.S. Bancorp is well-positioned going forward. Barclays reiterates Tesla as equal weight Barclays says it's not sure the EV maker's upcoming robotaxi day will be a game changer. Morgan Stanley reiterates Apple as overweight Morgan Stanley says the iPhone 16 cycle remains "unchanged" for now for Apple. Morgan Stanley downgrades JPMorgan to equal weight from overweight Morgan Stanley sees better value elsewhere than shares of JPMorgan.

Persons: Wolfe, Hess, Brent, Morgan Stanley, reprice, Cantor Fitzgerald, Cantor, Tesla, it's, Uber, Apple, Goldman Sachs, Goldman, JPMorgan, Piper Sandler, Piper, Forman, Gamble, TD Cowen Organizations: Chevron, Bancorp, U.S, MU, Autodesk, Barclays, Citi, Meta, Apple, Pro, Westlake, Resources, JPMorgan, DIS, Brown, Barclays downgrades Procter, Accenture, UBS, Brookfield, Partners Locations: AVGO, ASML, TER, OW, 4Q24

☆ Here are Monday's biggest analyst calls: Nvidia, Netflix, Apple, Walmart, Disney, Boeing, Robinhood, Berkshire Hathaway and more
▼ + stars: | 2024-08-05 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Morgan Stanley reiterates Disney as overweight Morgan Stanley lowered its price target on the stock to $110 per share from $130 but said it is sticking with Disney shares. Morgan Stanley upgrades Prosperity Bancshares to overweight from equal weight Morgan Stanley said the regional bank has "best in class capital and growing liquidity." Morgan Stanley initiates MKS Instruments as overweight Morgan Stanley said the controlling and measuring device manufacturing company is well positioned. Morgan Stanley reiterates Apple as overweight Morgan Stanley said it is sticking with the stock following its quarterly 10-Q report. " Morgan Stanley reiterates Walmart as overweight Morgan Stanley said it is sticking with its overweight rating on the stock following Walmart+ membership hitting a record high according to its survey checks.

Persons: Mizuho, Morgan Stanley, Disney, Lockheed Martin, Berkshire Hathaway, HOOD, Apple, Jefferies, Mars, Bernstein Organizations: Bank of America, Nvidia, Disney, Gulfport Energy, RBC, Lockheed, UBS, Berkshire, Berkshire Hathaway, Citi, RBC downgrades Moderna, Moderna, Walmart, underperform Bank of America, Netflix, Reuters, Kellanova, Boeing Locations: China, Gulfport, Berkshire, Underperform

☆ Hurricane Beryl: Houston area residents frustrated as they enter 6th day without power and air conditioning in punishing heat
▼ + stars: | 2024-07-13 | by ( Dalia Faheid | Taylor Galgano | ) edition.cnn.com time to read: +11 min

We should not have had nine fire stations without power,” Patrick said. Combined with power outages, alarmingly dangerous consequences have ensued. CenterPoint foreign assistance crews work to restore power lines on Thursday in Houston, Texas. Danielle Villasana/Getty ImagesFrustration mounts with Houston utility providerThe crisis comes more than three years after massive power outages hit the state. Greg Abbott has requested an investigation into CenterPoint Energy and other electric companies in the wake of the outages, Patrick said in a news conference Thursday.

Persons: Hurricane Beryl, Energy –, Jordyn Rush, “ It’s, ” Rush, “ I’m, Gov, Dan Patrick, ”, ” Patrick, Beryl, KP George, Dawn O’Connell, Nim Kidd, Patrick, Kidd, Rush, it’s, Hurricane, Brian Maxwell, Danielle Villasana, Greg Abbott, CenterPoint, Jason Wells, “, ” Wells, Larry, Brandon Bell, Destinee Rideaux, she’s, she’s “, “, Rideaux, Laura, she’ll Organizations: CNN, Energy, Houston, Jordyn, CenterPoint Energy, Sunday, “, US Department of Health, Human Services, Preparedness, Texas Emergency Management, Gov, Federal Emergency Management Agency, Texas Gov, CenterPoint, Houston Chronicle, Ward Locations: Texas, Vermont, Louisiana, Houston, Fort Bend County, Harris County, Crystal Beach, City, Galveston, Houston , Texas, Iowa , Louisiana, Hurricane

☆ Live Updates: Beryl Expected to Hit Texas as a Hurricane
▼ + stars: | 2024-07-07 | by ( Isabelle Taft | ) www.nytimes.com time to read: +4 min

Beryl was forecast to bring winds of up to 110 miles per hour to parts of southeast Texas by early Monday. Texans are unusually familiar with power outages: The state had more weather-related power outages from 2000 to 2021 than any other, according to the advocacy organization Climate Central. In 2008, Hurricane Ike left two million customers across eastern Texas without power for three days after the storm. Hurricane Rita, in 2005, also caused widespread power outages lasting as long as seven days in some Texas counties. Texas officials, electricity companies and individuals were all thinking about the grid as Beryl churned through the Gulf of Mexico.

Persons: Nim Kidd, Beryl, Hurricane Ike, Hurricane Harvey, Ike, Harvey, Hurricane Rita, Gov, Dan Patrick, Thomas Muñoz, Muñoz, Robert DeShazo, “, ” Organizations: Texans, Texas Division, Emergency Management, Monday, Climate Central, Public, Commission, Energy, AEP Texas, Facebook, Corpus Christi Locations: Austin, Texas, Louisiana, Houston, U.S, Hurricane, Gulf of Mexico, South, West Texas, Ohio, Victoria, Rio Grande Valley

☆ Beryl moves into the Gulf of Mexico after battering Mexico’s Yucatan Peninsula, takes aim at Texas
▼ + stars: | 2024-07-06 | by ( ) www.cnbc.com time to read: +5 min

Beryl moved into the the Gulf of Mexico Friday and took aim at the south Texas coast after battering Mexico's Yucatan Peninsula. Texas officials issued disaster declarations and urge coastal residents to prepare as the storm headed their way. The storm's center Friday afternoon was in the Gulf just off Mexico, about 615 miles (995 kilometers) southeast of Corpus Christi, Texas. Some Texas counties have already issued voluntary evacuation orders in low-lying areas, and Texas officials urged coastal residents to prepare. Beryl spread destruction in Jamaica, St. Vincent and the Grenadines, and Barbados this week.

Persons: Beryl, Tulum, Gov, Dan Patrick, Patrick, Nim Kidd, Storm Alberto, Vincent, Laura Velázquez, Beryl hadn't, Balcaza, Lara Marsters, Andrew Holness, Hurricane Beryl, St Elizabeth, Baga Organizations: U.S, National Hurricane Center, Texas, Storm Locations: Mexico, Texas, Yucatan Peninsula . Texas, Corpus Christi , Texas, Gulf, Rio Grande, Corpus Christi, Northeastern Mexico, Jamaica, St, Grenadines, Barbados, Grenada, Venezuela, Boise , Idaho, Yucatan

☆ India: Policy continuity will be welcomed, economist says
▼ + stars: | 2024-06-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIndia: Policy continuity will be welcomed, economist saysDhiraj Nim, economist and foreign exchange strategist at ANZ Research, says, however, that "reform momentum may partially slow down."

Persons: Dhiraj Nim Organizations: ANZ Research

☆ Regional banks are struggling. Here's why and how to profit from the trend with options
▼ + stars: | 2024-04-11 | by ( Michael Khouw | ) www.cnbc.com time to read: +6 min

Regional banks are taking hits this week and investors are increasing their bearish bets on the sector. Higher rates impact Higher interest rates increase the cost of borrowing money. Higher interest rates can also reduce demand for loans, as borrowing becomes more expensive for consumers and businesses. This can deteriorate the asset quality of regional banks, increasing the need for loan loss provisions, which are expenses set aside to cover potential loan losses. Rising interest rates and inflation can pressure banks' capital adequacy ratios, a measure of a bank's capital relative to its risks.

Persons: Banks Organizations: Regional Banking, Banks

☆ Nvidia has a parade of partners, but these two stocks are my favorite beneficiaries
▼ + stars: | 2024-03-24 | by ( Jim Cramer | ) www.cnbc.com time to read: +23 min

That's what Nvidia needed semiconductor design firm Synopsys to do to make this next generation of chips. Right now, Nvidia has had not one, but two different breakthroughs: Accelerated computing at a ridiculously fast speed and generative artificial intelligence. I think Jensen regards Dell as a crucial partner when it comes to installing Nvidia's systems anywhere. Do I think Nvidia would like to do more business with Apple? I think Nvidia would like to do more business with everyone, including alleged opponent Intel .

Persons: Abraham Lincoln, David Herbert Donald, Jensen, It's, Jensen Huang, Lincoln, Leonardo da Vinci, da Vinci, he's, Blackwell, Grace Hooper Superchip, –, Moby Dick –, that's, they've, Adam Selipsky, Jensen laughingly, Claude, Anthropic, Dell, Michael Dell, Jensen's, it's, dink, I'm, Johnson, J, Abbott, Reckitt Benckiser, we've, CrowdStrike, ServiceNow, Bill McDermott, Tesla, Elon Musk, Lora Kolodny, That's, Frank Slootman, Ansys, Synopsys, isn't, Sundar Pichai, Satya Nadella, Larry Ellison, Nvidia's Blackwell, Mark Zuckerberg, Jim, Tim Cook, Cook, Apple, Jim Cramer's, Jim Cramer, Josh Edelson Organizations: Lincoln, GTC, Nvidia, GTC –, CNBC, Amazon, Microsoft, Google, Dell Technologies, Club, Dell, Siemens, Rockwell Automation, Cadence Design Systems, Nvidia's, Johnson, Abbott Laboratories, GE Healthcare, cybersecurity, Palo Alto, Palo, Snowflake, AMD, Autodesk, Cadence, Computer, Oracle, Apple, Justice Department, Intel, Vision, Jim Cramer's Charitable, SAP Center, AFP, Getty Locations: U.S, Silicon Valley, Lincoln, Here's, Palo Alto, Pittsburgh, Switzerland, San Jose , California

☆ Nvidia CEO Jensen Huang announces new AI chips: 'We need bigger GPUs'
▼ + stars: | 2024-03-18 | by ( Kif Leswing | ) www.cnbc.com time to read: +2 min

Nvidia CEO Jensen Huang delivers a keynote address during the Nvidia GTC Artificial Intelligence Conference at SAP Center on March 18, 2024 in San Jose, California. Nvidia on Monday announced a new generation of artificial intelligence chips and software for running artificial intelligence models. The announcement, made during Nvidia's developer's conference in San Jose, comes as the chipmaker seeks to solidify its position as the go-to supplier for AI companies. “Hopper is fantastic, but we need bigger GPUs,” Nvidia CEO Jensen Huang said on Monday at the company's developer conference in California. Das said Nvidia's new software will make it easier to run programs on any of Nvidia's GPUs, even older ones that might be better suited for deploying but not building AI.

Persons: Jensen Huang, Nvidia's, ChatGPT, Blackwell, Hopper, Huang, Manuvir Das, what's, Das, you've, we'll Organizations: Nvidia, Intelligence, SAP Center, Monday, Microsoft, Meta, Companies, Apple, Manuvir Locations: San Jose , California, San Jose, California

☆ Italy Finance Minister evokes default risk to defend bank measures
▼ + stars: | 2023-11-14 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +2 min

Minister of Economic Development Giancarlo Giorgetti attends the first voting session at the lower house of parliament to elect the new speaker in Rome, Italy, October 13, 2022. "In two or three years' time, when I may not be around but there will be a default crisis, perhaps someone will say that our government was not so crazy," Giorgetti said, without giving further details of this scenario. The average default rate for Italian companies rose for the first time in nearly decade in 2022 to stand at 2.4% in December, compared with a record low of 1.6% in December 2021, credit data company CRIF said last month. The rate has edged up in the first half of 2023 to 2.5%, CRIF added, forecasting it could get to 3% by the end of 2023. ($1 = 0.9346 euros)Additional reporting by Valentina Za in Milan; Editing by Gareth Jones and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

Persons: Giancarlo Giorgetti, Guglielmo Mangiapane, Giorgetti, CRIF, Valentina Za, Gareth Jones, Alexander Smith Organizations: Economic, REUTERS, Italian Economy, Hamas, Thomson Locations: Rome, Italy, ROME, Italian, Europe, Israel, Ukraine, Milan

CBA said cash profit was A$2.5 billion ($1.6 billion) for the quarter, which was 3% better than a consensus estimate for the period, according to data aggregator Visible Alpha. "Home lending margins stabilised in the quarter," it added, without giving figures. Shares of CBA rose as much as 1% in morning trading, in line with the broader market (.AXJO) as analysts welcomed the better-than-expected margin outcome and a smaller-than-expected provision for potential loan impairments. Commenting on the bank's stabilising home loan margins, E&P Financial analyst Azib Khan said that "it would be helping on this front that CBA has been willing to forgo market share". For the year to September, CBA said it grew its mortgage book at 0.7 times the rate of the overall mortgage industry.

Persons: Brendan Sproules, Azib Khan, Himanshi, Shilpi Majumdar Organizations: Commonwealth Bank of, ANZ, Westpac, National Australia Bank, CBA, Citi, P, Thomson Locations: Bengaluru

That pushed net profit from the bank's institutional unit up 53% to overtake its retail unit, by dollar value, in the year to September, and helped the Melbourne-listed company grow overall profit 14% to A$7.4 billion ($4.7 billion), just missing a Visible Alpha consensus forecast of A$7.56 billion. But analysts expressed concern about a faster-than-expected narrowing of profit margin from the bank's retail unit, the only one of Australia's so-called big four lenders that has persisted with offering cash handouts to lure mortgage customers looking for a cheaper deal. The logo of the ANZ Bank is seen at Lambton Quay, in Wellington, New Zealand November 10, 2022. ANZ CEO Shayne Elliott denied forgoing margin to grow mortgages faster than the market, and challenged comments from other banks that have said they were intentionally slowing mortgage growth while competition eroded profit. ANZ declared a final dividend of 94 Australian cents per share, up from 74 cents a year ago.

Persons: NIM, Lucy Craymer, Shayne Elliott, we've, Byron Kaye, Rishav Chatterjee, Roushni Nair, Lisa Shumaker, Stephen Coates Organizations: ANZ, Westpac, National Australia Bank, midsession, ANZ Bank, REUTERS, UBS, Thomson Locations: Melbourne, Lambton Quay, Wellington , New Zealand, Sydney, Bengaluru

☆ Australia's ANZ sinks as record annual profit falls short of market forecasts
▼ + stars: | 2023-11-12 | by ( Rishav Chatterjee | ) www.reuters.com time to read: +2 min

The logo of the ANZ Bank is seen at Lambton Quay, in Wellington, New Zealand November 10, 2022. The banking group's Aussie commercial business recorded 11% revenue growth over the year with lending rising to record high of A$62 billion. ANZ intends to expand its commercial business with focus on its currency and payment sites while reducing costs, it said. ANZ declared a final dividend of 94 Australian cents apiece, up from 74 Australian cents apiece announced a year ago. ANZ, however flagged that the external environment will likely remain challenging adding that higher interest rates will impact economic activity as it sees "another year of cost-of-living pressures."

Persons: Lucy Craymer, Azib Khan, Rishav Chatterjee, Roushni Nair, Grant McCool, Lisa Shumaker Organizations: ANZ Bank, REUTERS, ANZ, Citi, P Capital, Suncorp, Thomson Locations: Lambton Quay, Wellington , New Zealand, Australia, Bengaluru

[1/2] The branch of Credit Agricole bank is seen in Warsaw, Poland, July 3, 2018. Its net income jumped 33% to 1.75 billion euros ($1.87 billion), above the 1.37 billion expected by analysts in a company-compiled poll. Group revenue rose 19% to 6.34 billion euros, topping the 5.99 billion expected by analysts. It reported lower-than-expected provisions of 429 million euros, helping its bottom line. Credit Agricole controls Europe's largest fund manager Amundi (AMUN.PA) and recently announced plans to acquire Belgian wealth management firm Degroof Petercam.

Persons: Marcin Goclowski, Morgan, Amundi, Degroof, Mathieu Rosemain, Augustin Turpin, Silvia Aloisi, Jason Neely Organizations: Credit Agricole, REUTERS, Credit, Credit Agricole Group, Societe Generale, BNP, Deutsche Bank, Barclays, Thomson Locations: Credit, Warsaw, Poland, PARIS, Italy, France

☆ Bank stocks could be the hot year-end trade if peak rates prove a 'mini clearing event'
▼ + stars: | 2023-11-07 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

It's time to pick positions in bank stocks heading into year end as peak rates could be a "mini clearing event" for the sector, according to Bank of America. "While we are careful to not [get] carried away, peak interest rates do have potential to serve as a mini clearing event for bank stocks," BofA's Ebrahim Poonawala wrote in a Sunday note. Regional banks are down by 27% this year, and have continued to face intense scrutiny due to their exposure to commercial real estate. "Best case, peak rates could mark near term bottom in bank stocks vs. S & P." To be sure, there remain issues in the sector. Bank stocks are highly tied to the broader economy and their loans could take a hit if the U.S. falls into a recession.

Persons: BofA's Ebrahim Poonawala, JPMorgan Chase, KRE, Poonawala, NIM, it's, Bryn Talkington, Talkington, Morgan Stanley, Bill Gross, Gross Organizations: Bank of America, Bank, Citigroup, JPMorgan, Regional Banking, P Bank, Federal Reserve, Capital Management, West Bancorp, Truist Financial, Citizens, Apple Locations: Wells Fargo, U.S

☆ Cross-Tabs: October 2023 Times/Siena Poll of the 2024 Battlegrounds
▼ + stars: | 2023-11-06 | by ( ) www.nytimes.com time to read: +19 min

[READ LIST]Thinking about the investigations into Donald Trump, do you think that Donald Trump has or has not committed any serious federal crimes? (Split 2) Do you think Donald Trump has the mental sharpness to be an effective president? (Split 2) Do you think Donald Trump has the personality and temperament to be an effective president? (Split 2) Do you think Joe Biden has the personality and temperament to be an effective president? [READ LIST]Do you think Donald Trump is good for democracy, bad for democracy, or neither good nor bad for democracy?

Persons: †, Donald Trump, Joe Biden, Donald Trump's, Tell, Donald Trump’s, Joe Biden’s, Trump, Biden, Fielding, ReconMR Organizations: Pennsylvania, Wisconsin Party, Siena College Research Institute, Republican, Trump, Democratic, Democrat, New York Times, The New York Times, statehouse, Research, University of North, Institute for Policy, Roanoke College, The Times, • Party, Times Locations: Arizona, Georgia, Michigan, Nevada, Dominican, Puerto Rican, American, Ukraine, China, America, U.S, Mexico, United States, Siena, Arizona , Georgia, Nevada , Pennsylvania, Wisconsin, Arizona , Michigan, Pennsylvania, University of North Florida, State

☆ HSBC's after-tax profit surges over 235% year-on-year, announces $3 billion share buyback
▼ + stars: | 2023-10-30 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

HSBC's profit after tax came in at $6.26 billion in the three months ended September, jumping 235% compared to the $2.66 billion in the same period last year. Europe largest bank by assets also saw profit before tax for the quarter rise by $4.5 billion to $7.7 billion, mainly due to a higher interest rate environment. However, the numbers missed expectations by economists, who were forecasting a third quarter profit after tax figure of $6.42 billion and profit before tax of $8.1 billion. HSBC also attributed this to the higher interest rate environment, saying that it has supported growth in net interest income in all of its global businesses. For the nine months ended September, profit after tax stood at $24.33 billion, compared to $11.59 billion in the first nine months of 2022.

Persons: —, NIM Organizations: HSBC Locations: Europe, France, 4Q23, Asia

☆ India's festival season to bring some cheer to economy, say economists
▼ + stars: | 2023-10-26 | by ( Milounee Purohit | ) www.reuters.com time to read: +3 min

Nearly 75% of economists, 25 of 33, said spending during this year's festival season, which lasts from October through December, will be higher compared to last year. Among those, 21 said slightly higher and four said significantly higher. "From a year-on-year growth rate perspective, it may not be a substantial upside so to speak." Economists generally agree India needs an even higher growth rate to generate enough jobs for millions of young people who enter the workforce every year. When asked what was India's potential economic growth rate over the next 2-3 years, economists returned a median range of 6.0%-7.0%.

Persons: Anushree, Dhiraj Nim, Alexandra Hermann, Milounee Purohit, Anant Chandak, Susobhan Sarkar, Veronica Khongwir, Hari Kishan, Ross Finley, Sharon Singleton Organizations: REUTERS, Rights, Reuters, Reserve Bank of, ANZ Research, Oxford Economics, Thomson Locations: Delhi, India, Reserve Bank of India

☆ Top private Indian banks report strong Q2 profit rise as loan growth continues
▼ + stars: | 2023-10-21 | by ( Siddhi Nayak | ) www.reuters.com time to read: +2 min

The bank's net interest income - the difference between interest earned and paid - rose nearly 24% to 183.08 billion rupees, while asset quality also improved. Kotak Mahindra Bank (KTKM.NS), the fourth largest Indian bank by market capitalisation, reported a 21% rise in loans for the second quarter, which contributed to a 24% increase in standalone net profit. Indian banks have consistently clocked double-digit loan growth over the past few months due to rising demand for credit, amid increased consumer spending. However, the banking regulator has been concerned about a sharp rise in unsecured loans - mostly personal loans and credit cards. "Although concerns (in the unsecured book) remain, they are not currently significant," said the bank's MD Prashant Kumar.

Persons: Dipak Gupta, Prashant Kumar, Siddhi Nayak, Clelia Oziel, Tomasz Janowski Organizations: ICICI Bank, Kotak Mahindra Bank, Yes Bank, Siddhi, Thomson Locations: MUMBAI

☆ Regional banks are in focus in the week ahead as third-quarter earnings season ramps up
▼ + stars: | 2023-10-13 | by ( Sarah Min | ) www.cnbc.com time to read: +7 min

Regional banks will be in focus in the week ahead as traders head into the thick of third-quarter earnings season. Regional bank earnings are also expected to be a weak point this season. But a closer look into the sector's sub-industries showed that regional banks are anticipated to have tumbled by 15% last quarter. Traders parsing through regional bank earnings will pay special attention to signs of narrowing net interest margins (NIM). Earnings season underway Many investors anticipate that the third-quarter earnings season will be alright.

Persons: Wells, Kumar, FactSet's John Butters, NIM, They'll, JPMorgan Chase, Jamie Dimon, Goldman Sachs, Morgan Stanley, FactSet's Butters, Nancy Tengler, Lauren Goodwin, we'll, Goodwin, Charles Schwab, Lockheed Martin, Goldman, Zions, Kinder Morgan, Lam, McLennan, Philip Morris, Huntington Bancshares, —, Jesse Pound Organizations: Citigroup, JPMorgan Chase, Sri, Kumar, Silicon Valley Bank, Regional Banking, Dow Jones Industrial, JPMorgan, Hamas, Northern Trust, U.S . Bancorp, T Bank, Citizens Financial, Bank of America, Federal Reserve, Companies, Investments, New York Life Investments, Index, Johnson, Bank of New York Mellon, Goldman Sachs Group, Hunt Transport Services, Omnicom, United Airlines Wednesday, Housing, Elevance, Citizens Financial Group, Procter, Gamble, Abbott Laboratories, Discover Financial Services, Las Vegas Sands, PPG Industries, Steel Dynamics, Tesla, Netflix, Lam Research, Philadelphia Fed, Truist, Alaska Air Group, Fifth Third Bancorp, American Airlines Group, Marsh, Philip Morris International, Union, CSX, Comerica, Regions Financial, American Express, Interpublic, Cos Locations: Wells Fargo, Silicon, Ukraine, Israel, J.B, Las Vegas, Philadelphia, Truist Financial, Union Pacific, Freeport, Huntington

☆ Here are 3 stocks in our portfolio that Goldman Sachs think will rally on earnings
▼ + stars: | 2023-10-12 | by ( Zev Fima | ) www.cnbc.com time to read: +5 min

It's encouraging to see three Club stocks on the bullish side of Goldman Sachs' new list of 25 tactical trades for earnings season. The Goldman research analysts think Wells Fargo's management has "adequately de-risked its NIM [net interest margin] guidance to incorporate potentially higher-for-longer policy rates." HUM YTD mountain Humana YTD Humana (HUM) — which trades at 15.8 times forward earnings estimates — was highlighted by Goldman analysts who are "positive on the company's 2024 outlook." Nvidia — the Club's only other "own it, don't trade it" stock besides Apple (AAPL) — trades at 31.1 times forward earnings estimates. The Goldman Sachs logo is seen on at the New York Stock Exchange on September 13, 2022 in New York City.

Persons: Goldman Sachs, Goldman, Wells, YTD Goldman Sachs, It's, Jim Cramer's, Jim Cramer, Jim, Michael M Organizations: Humana, Nvidia, WFC, Apple, CNBC, New York Stock Exchange, Santiago, Getty Locations: Wells, Wells Fargo, New York City

☆ Indian inflation seen easing to 5.50% in Sept on softening food price rises: Reuters poll
▼ + stars: | 2023-10-10 | by ( Milounee Purohit | ) www.reuters.com time to read: +2 min

Rises in food prices, which make up about half the consumer price index (CPI), continue to cool from recent peaks after the Indian government enacted a series of measures to boost supply. "Having said that, the persistent part of the food inflation problem remains there, which is cereals, pulses and spices, and I think the RBI can't do much about it anyway." Rising crude oil prices are also likely to keep inflation elevated in the world's third-largest oil importer. Oil prices rose around 3% on Monday to trade around $90 a barrel. "Oil prices ... are likely to remain high over the remainder of the year on global supply concerns," said Alexandra Hermann at Oxford Economics.

Persons: Amit Dave, Dhiraj Nim, Alexandra Hermann, Milounee Purohit, Anant Chandak, Veronica Khongwir, Hari Kishan, Mark Potter Organizations: REUTERS, Reserve Bank of India's, CPI, ANZ Research, Oxford, Inflation, Thomson Locations: Ahmedabad, India, BENGALURU

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