DIRS.INFO The most relevant business & tech news

Financial filings this week from two super PACs supporting him, which together have raised nearly $10.5 million, seemed to underscore this theme. The pro-Kennedy super PAC American Values 2024 received the bulk of its money from two megadonors: one who has contributed tens of millions to Republican causes, and another who has backed both Democrats and Republicans. Timothy Mellon, a Wyoming Republican who contributed $53 million in stock to a Texas fund paying for construction of a new border wall, gave that super PAC $5 million. “The fact that Kennedy gets so much bipartisan support tells me two things,” Mr. Mellon, previously a top donor to former President Donald J. Trump, said in a statement issued by American Values 2024. Dozens of venture capitalists, tech executives, real-estate builders and investors with varying political alliances also contributed to the Kennedy-aligned PACs.

Persons: Timothy Mellon, Gavin de Becker, Jeff Bezos, Kennedy, Mr, Mellon, Donald J, Trump, ”, Kennedy’s, Biden Organizations: Kennedy, Republicans, Wyoming Republican, Amazon, Mr, Republican, Senate Locations: Wyoming, Texas

☆ Harvard professor Francesca Gino was accused of faking data. Now her million-dollar empire is crumbling — and scholars are eyeing who's next.
▼ + stars: | 2023-08-01 | by ( Kate Taylor | ) www.businessinsider.com time to read: +22 min

"We believe that many more Gino-authored papers contain fake data," the Data Colada professors wrote. Data Colada found that the raw data showed clear anomalies, such as a distribution infinitely more likely to be produced by a random-number generator than actual people. Soon after, Data Colada ran an article alleging that Gino tampered with data in at least one of her honesty-pledge experiments. A post on Data Colada or a tweet from Brown is like a bomb going off in the behavioral-science world. Others who attempted to build on Gino's studies are grappling with having wasted time, money, and energy.

Persons: It's, Francesca Gino, Gino, Michael Sanders, Greg Burd, —, Hugo Boss, Gino coauthoring, Swarthmore College's Bhanot, Maurice Schweitzer, Simine Vazire, Sanders, Goldman Sachs, Schweitzer, they'd, Uri Simonsohn, Joe Simmons, Leif Nelson —, Data Colada, Dan Ariely, Ariely, Chris Goodney, Harvard, Colada, Nick Brown, Brown, Jeff Lees, Lees, There's Ariely, Brian Wansink's, HBS's Amy Cuddy's, Cuddy, Amy Cuddy's, Marie Claire's, Allison Williams, Astrid Stawiarz, Marie Claire Simonsohn, Simmons, Nelson, they're, Gordon Pennycook, Pennycook, it's, Bhanot Organizations: TED, Twitter, LinkedIn, Harvard, Wharton, Swarthmore College, Harvard Business School, Alaska Airlines, King's College London, Tione, University of Trento, Sant'anna, Studies, Carnegie Mellon University, University of North, Wired, Forbes, Google, Swarthmore, University of Melbourne, Disney, Lavin Agency, Data, Duke University, who's, NBC, BuzzFeed News, Bloomberg, Getty, Privately, Higher Education, Hill, Duke, US Department of, Cornell University, New York Times Locations: Trento, Pisa, University of North Carolina, HBS, Guatemala, Boston, New York, British, Guatemalan

☆ State Street is cutting fees on 10 funds worth more than $70 billion combined
▼ + stars: | 2023-08-01 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

The biggest fund seeing an expense cut is the SPDR Portfolio S&P 500 ETF (SPLG) , with roughly $20 billion in assets under management. The changes impact roughly half of the SPDR Portfolio ETF suite, including funds focused on U.S. stocks, foreign stocks and fixed income. Combined, the 10 funds hold about $77 billion in assets, according to FactSet. The SPLG will now have an expense ratio of just 0.02% and a per share price of close to $50. It has been a massive win for smaller investors," Thompson said.

Persons: Sue Thompson, Thompson Organizations: State Street Global Advisors, BNY, Core Equity Locations: Americas

☆ Watch CNBC's full interview with the 'Closing Bell' panel
▼ + stars: | 2023-07-31 | 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 EmailWatch CNBC's full interview with the 'Closing Bell' panelMeera Pandit, J.P. Morgan Asset Management, Alicia Levine, BNY Mellon, and Emily Roland, John Hancock Investment Management, join 'Closing Bell' to discuss Levine's thoughts on the current market footing, Rowland's thoughts on inflation and more.

Persons: Meera Pandit, J.P, Alicia Levine, BNY Mellon, Emily Roland, John Organizations: Morgan Asset Management, John Hancock Investment Management

☆ RFK Jr's super PAC is mostly funded by a GOP megadonor who spent millions on Trump and bankrolled an effort to build a border wall in Texas
▼ + stars: | 2023-07-31 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +3 min

A major super PAC backing RFK Jr's campaign is mostly funded by Timothy Mellon. Mellon has given millions to GOP campaigns, including Trump, and bankrolled a border wall effort in Texas. Mellon cited Kennedy's "bipartisan support" in a statement to CNBC on his contribution to the super PAC. That includes:$20 million in contributions to America First Action, a super PAC that supported former President Donald Trump's 2020 re-election campaign. $30 million to Senate Leadership Fund, a super PAC associated with Senate Minority Leader Mitch McConnell.

Persons: Timothy Mellon, Mellon, He's, Robert F, Kennedy Jr, —, Kennedy, Kennedy's, Donald Trump's, Kevin McCarthy, Mitch McConnell, Greg Abbott, Andrew Mellon, Gavin De Becker, De Becker, Biden, he's Organizations: PAC, RFK, GOP, Trump, Service, Democratic, Federal, CNBC, Republican, America, Congressional Leadership Fund, Leadership Fund, Republican Gov Locations: bankrolled, Texas, Wall, Silicon, Mexico

Wesleyan University, a liberal arts college in Connecticut, announced two weeks ago that it was ending legacy admissions. Many elite schools say legacy admissions are important for maintaining relationships with alumni, which can help universities raise money that is then available for financial aid to needy students. In a June 2018 legal filing in the case that led to the Supreme Court’s affirmative action decision, Harvard argued that “there would be substantial costs” to ending legacy admissions. Legacy students may donate more. In the American Sociological Review study, legacy students were about half as likely to apply for financial aid as admitted students who weren’t related to alumni.

Persons: Johns Hopkins, ”, Mickey Munley, “ It’s, “, Richard D Organizations: Wesleyan University, Carnegie Mellon, Harvard, American Sociological Review, Council, Advancement, Wesleyan, American Sociological, Georgetown University Locations: Connecticut, Amherst, Iowa, ”

☆ AI researchers say they've found 'virtually unlimited' ways to bypass Bard and ChatGPT's safety rules
▼ + stars: | 2023-07-28 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +3 min

Researchers say they have found ways to break through guardrails on major AI-powered chatbots. Researchers used jailbreaks developed for open-source systems to target mainstream AI systems. Researchers say they have found potentially unlimited ways to break the safety guardrails on major AI-powered chatbots from OpenAI, Google, and Anthropic. The researchers found they could use jailbreaks they'd developed for open-source systems to target mainstream and closed AI systems. This is something that raises questions about the way AI systems are moderated, as well as the safety of releasing powerful open-source language models to the public.

Persons: jailbreaks, Bard, Anthropic's Claude, they'd, we've, Bard –, Anthropic, OpenAI's, Bing Organizations: Google, Carnegie Mellon University, Center, A.I, OpenAI Locations: OpenAI, Pittsburgh, San Francisco

Deutsche Bank's emerging market carry strategy index had its best year on record in the 12 months to May. Reuters GraphicsOVERCROWDING FEARSInvestors, however, are becoming concerned the carry trade might be becoming too popular for its own good. "You have to be worried about some of these more crowded positions," said Stephen Gallo, European head of FX strategy at BMO Capital Markets. "I think that is big enough to offset any carry trade income," said Yujiro Goto, head of FX strategy for Japan at Nomura. A hypothetical $50,000 invested in a short Norwegian crown, long dollar carry trade in the first three weeks of July would have lost $3,000, according to Refinitiv.

Persons: Refinitiv, Kamakshya Trivedi, Goldman Sachs, Stephen Gallo, Gallo, James Athey, Yujiro Goto, Oliver Brennan, Brennan, Robin Winkler, Goldman's Trivedi, Geoff Yu, BNY Mellon, Harry Robertson, Alun John, Ankur, Rae Wee, Bernadette Baum Organizations: LONDON, Bank of America, FX, Deutsche, Federal Reserve, European Central Bank and Bank of Japan, BMO Capital Markets, Nomura, BNP Paribas, Bank of England, Bank of Japan, Reuters Graphics, Federal, Deutsche Bank, Swiss, Reuters, Korean, BNY, Thomson Locations: SINGAPORE, Japan, European, U.S, America, Asia, London, Singapore

The yuan firmed by more than 0.5% in both the onshore and offshore markets as investors cheered comments at the closely watched Politburo meeting, though many were still seeking specific details on greater stimulus measures. The yuan traded offshore was last at 7.1444 per dollar and in the onshore market it was at 7.1454 per dollar. Also propping up the yuan were China's major state-owned banks selling U.S. dollars to buy yuan in both onshore and offshore spot markets on Tuesday, sources told Reuters. The positive sentiment from China lifted the Australian dollar, often used as a liquid proxy for the yuan, which rose 0.4% to $0.6767. In Europe, the pound rose 0.22% to $1.2854, its first day of gains after seven straight sessions of losses, its longest such streak since March 2020.

Persons: Tommy Xie, Guillermo Felices, Ueda, Aninda Mitra, Rae Wee, Alun John, Shri Navaratnam, Lincoln, Christina Fincher Organizations: Reuters, European Central Bank, Federal Reserve, Bank of Japan, BNY Mellon Investment Management, Thomson Locations: SINGAPORE, LONDON, China, Europe, Asia, Singapore, London

☆ Dollar clings to gains with central banks in focus
▼ + stars: | 2023-07-24 | by ( Laura Matthews | ) www.reuters.com time to read: +3 min

[1/2] U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. The euro was down 0.49% at $1.1069 while sterling was last trading at $1.2823, down 0.25% on the day, kicking off a busy week for central bank meetings with investors expecting rate hikes in Europe and the United States. The Fed concludes a meeting on Wednesday, followed by the European Central Bank (ECB) a day later and the Bank of Japan (BOJ) on Friday, as well as earnings from many heavyweight companies. The BOJ is the most likely of the three central banks to throw up a market-moving surprise, traders say, with a tweak to its yield curve control policy seen as a possibility. "There's a deep sense of unease around what might come next from the Bank of Japan," said ForexLive's Button.

Persons: Dado Ruvic, Adam Button, John Velis, ForexLive's Button, bitcoin, Laura Matthews, Alun John, Tom Westbrook, David Holmes, Jacqueline Wong, Susan Fenton Organizations: REUTERS, ForexLive, European Central Bank, Bank of Japan, Investors, ECB, Fed, BNY Mellon, Reuters, Thomson Locations: York, Europe, Toronto, U.S, United States, Americas, New York

☆ Yen pressured as traders wait on policy decisions
▼ + stars: | 2023-07-24 | by ( ) www.cnbc.com time to read: +2 min

A bundle of Japanese 10,000 yen banknotes on a tray arranged at a branch of Resona Bank Ltd. in Tokyo, Japan. The Federal Reserve concludes a meeting on Wednesday, followed by the European Central Bank a day later and the Bank of Japan on Friday. It is under pressure as the central bank believes it is finished hiking rates and export prices have dragged as China's post-pandemic recovery has disappointed. "As long as dairy prices remain under pressure, the New Zealand dollar is unlikely to thrive," said ANZ analysts. On the data front, traders will be watching out for Purchasing Manager's Index figures due across the globe through the trading day on Monday.

Persons: Bob Savage Organizations: Resona Bank, Bank of Japan, European Central Bank, Reuters, Swiss, U.S, BNY Mellon, ECB, New Zealand, ANZ Locations: Tokyo, Japan, Europe, United States

The European common currency fell 0.4% to $1.1083 , skidding after a quiet Asian session on PMI data that showed euro zone business activity shrank much more than expected in July. The pound dropped after British activity data, but less dramatically and was last down 0.1% at $1.2839. The yen strengthened with the dollar down 0.47% at 141.2 yen , and the euro down 0.7% at 156.6 yen. The Swiss franc was steady at 0.8648 per dollar, and the dollar index was up 0.1% at 101.2. Reporting by Tom Westbrook; Editing by David Holmes and Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

Persons: Simon Harvey, Bob Savage, Tom Westbrook, David Holmes, Jacqueline Wong Organizations: SYDNEY, PMI, Reserve, European Central Bank, Bank of Japan, Investors, ECB, Fed, U.S, BNY Mellon, The Bank of Japan, Reuters, Commonwealth Bank of Australia, Swiss, Thomson Locations: LONDON, Europe, United States, Ukraine

☆ UK still at risk of harder landing than other major economies, strategist says
▼ + stars: | 2023-07-21 | 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 EmailUK still at risk of harder landing than other major economies, strategist saysGeoffrey Yu, senior EMEA market strategist at BNY Mellon, assesses the outlook for the U.K. economy, saying wages are unlikely to keep up with rising costs.

Persons: Geoffrey Yu Organizations: BNY Mellon

HONG KONG/TAIPEI, July 21 (Reuters) - Investors are putting aside geopolitical tensions to pile in to Taiwan stocks, with foreign inflows the biggest in years, thanks to soaring artificial intelligence and chipmaking stocks. Rather, investors say it's all the more sturdy as the bogged-down conflict deters Chinese action and risks can be managed by keeping positions liquid with one eye on a possibly quick exit. "A potential escalation of events in the Taiwan Strait down the line is less relevant for these investors," he said. "So that makes Taiwan’s AI supply chain very attractive for foreign investors, and we believe their fund inflows will continue to be strong throughout the year." Investors say Taiwan's market is uniquely positioned to benefit because it is exposed to the sector's growth from applications to components, where demand is rebounding.

Persons: Carlos Casanova, Warren Buffett, we've, Frank Benzimra, Hai, Andrew Swan, Goldman Sachs, Clarence Chan, Summer Zhen, Kim Coghill Organizations: Nasdaq, Union Bancaire, Taiwan Semiconductor Manufacturing, Societe Generale ., Accton Technology, Hai Precision Industry, Wistron Corp, Alchip Technologies, Ark Investment Management, Vanguard, PineBridge Investments, Mellon Investment Management, Thomson Locations: HONG KONG, TAIPEI, Taiwan, Asia, Ukraine, Taiwan Strait, China, Taipei, Japan, PineBridge Investments Asia, Alchip, Asia Pacific, Hong Kong

The service will compete with private sector real-time payments systems, including The Clearing House's RTP network, and was initially opposed by big banks who said it was redundant. Unlike peer-to-peer payments services like Venmo or PayPal, which act as intermediaries between banks, payments made via FedNow will settle directly in central bank accounts. The Fed also operates a real-time payments system called FedWire, but that's reserved for large-scale, mostly corporate payments and is only operational during business hours. While the new FedNow system is for everyone, it's likely to benefit consumers and small businesses the most, analysts have said. But Fed officials have downplayed those concerns, arguing that banks have tools available to mitigate a wave of outflows.

Persons: JPMorgan Chase, FedNow, Anu Somani, it's, ”, Carl Slabicki, Lance Noggle, Hannah Lang, Michelle Price, Andrea Ricci Organizations: U.S . Federal, European Union, JPMorgan, Bank of New York Mellon, US Bancorp, RTP, U.S . Bank, PayPal, Fed, Mellon’s Treasury Services, “, Independent Community Bankers of, Thomson Locations: United Kingdom, India, Brazil, FedNow, Independent Community Bankers of America, Silicon, Washington

☆ Coinbase is a crypto conundrum, squared
▼ + stars: | 2023-07-20 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +7 min

Shares in Coinbase got a major boost after money management behemoth BlackRock (BLK.N) applied to launch a bitcoin-backed exchange-traded fund this month with Coinbase as its custodian. Coinbase shares are up nearly 54% in July, handily beating the tech-heavy Nasdaq Composite Index (.IXIC), which rose 4%. Price targets range widely: analysts polled by Refinitiv think Coinbase is worth anywhere from $8 billion to nearly $50 billion. Coinbase investors would therefore be unwise to count on a judge delivering Coinbase a win. Given bitcoin’s current $584 billion market capitalization, that suggests $74 billion of ETFs would not be much of a stretch.

Persons: Brian Armstrong, Coinbase, behemoth BlackRock, –, Gary Gensler, there’s, Goldman Sachs, Cowen, Refinitiv, Armstrong, Sam Bankman, Larry Fink, Charles Schwab, doubters, Ripple, John Foley, Streisand Neto Organizations: YORK, Reuters, Securities and Exchange, Nasdaq, SEC, Citigroup, Commodity Futures, BlackRock, Bank, New York Mellon, Interactive, Securities and Exchange Commission, Thomson Locations: Washington, United States, U.S

☆ Asia stocks split as US-China outlooks diverge
▼ + stars: | 2023-07-19 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

Overnight the S&P 500 (.SPX) rose 0.7% to hit a three-month high, with results propelling bank shares. Morgan Stanley (MS.N), Bank of America (BAC.N) and Bank of New York Mellon (BK.N) shares rose sharply on strong results and an upbeat outlook overnight. Microsoft (MSFT.O) shares rose 4% - adding $100 billion in market value - after announcing charges for artificial intelligence features in its office software. British inflation data due at 0600 GMT is the next major calendar item and traders are expecting a fall to a still-uncomfortable 8.2% annual pace. "While annual headline inflation fell sharply, which is helpful for inflation expectations, the details suggest persistence in non-tradables inflation."

Persons: Seng, SYDNEY, Dovish, Tapas Strickland, Morgan Stanley, Klaas Knot, Brian Daingerfield, Treasuries, Brent, Lincoln Organizations: Companies, Microsoft, U.S, European Central Bank, New Zealand, Japan's Nikkei, Headline U.S, National Australia Bank, Bank of America, Bank of New York Mellon, NatWest Markets, Bank of, Fed, ECB, ANZ, Thomson Locations: China, Japan, Australia, Asia, Pacific, Hong Kong, South Korea, Sydney, Atlanta, U.S, Europe, New York, New Zealand, Bank of England

☆ If you win the lottery, here’s what you should (and shouldn’t) do
▼ + stars: | 2023-07-19 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

Before you broadcast your sudden windfall to the world, and even before you contact lottery officials, you’ll be wise to surround yourself with a team of lawyers and financial advisers. Make copies of both sides of your lottery ticket, and then lock it up somewhere only you can access it. “Find an attorney who has experience dealing with people with this level of wealth, because it is different,” says Herzig. Next up, you’ll need an accountant and a financial adviser to protect your wealth from “creditors and predators,” as Herzig puts it. But there’s one big piece of the lottery puzzle that you can’t farm out to lawyers, and that’s your mental health.

Persons: you’ll, “, ” Belinda Herzig, ”, Gary, who’s, Herzig, you’re Organizations: New York CNN, Mellon Wealth Management, CNN, lotto Locations: New

☆ Wesleyan University Ends Legacy Admissions
▼ + stars: | 2023-07-19 | by ( Vimal Patel | More About Vimal Patel | ) www.nytimes.com time to read: +3 min

Why It Matters: Opposition to legacy admissions has grown. After the Supreme Court decision, legacy admissions came under heavy attack because the practice tends to favor white, wealthy applicants over Black, Hispanic, Asian American and Native American students. Polls also show that the public does not support legacy admissions. Some highly selective universities and colleges have dropped legacy admissions, including Amherst, Johns Hopkins, Carnegie Mellon and M.I.T. The future of legacy admissions on campuses is uncertain.

Persons: Joe Biden, Alexandria Ocasio, Tim Scott, Johns Hopkins, Michael S, Roth, Mr, whittle, ” Mr, ”, Biden, Iván Espinoza, Madrigal Organizations: Republican, Pew Research Center, Carnegie Mellon, Wesleyan, Harvard, Yale, Department, ”, Civil Rights Locations: Cortez, New York, South Carolina, Amherst

☆ Recession appears nowhere in sight, says BNY Mellon's Alicia Levine
▼ + stars: | 2023-07-19 | 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 EmailRecession appears nowhere in sight, says BNY Mellon's Alicia LevineAlicia Levine, BNY Mellon head of investment strategy, joins 'Closing Bell' to discuss the Dow's rally and how the Fed's next move will determine how long it'll last.

Persons: BNY, Alicia Levine Alicia Levine, BNY Mellon

☆ Bank results lift stocks; Dow up for seventh straight session
▼ + stars: | 2023-07-18 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +3 min

Shares of other banks such as Bank of New York Mellon (BK.N) and PNC Financial (PNC.N) also rose on Tuesday after they reported quarterly results. "I always hate to extrapolate the big bank earnings, which are always the first ones, to the rest of the market. The S&P 500 banks index (.SPXBK) advanced to its highest intraday level since March 10, when the start of a mini-bank crisis created a sharp sell-off in the sector. Charles Schwab (SCHW.N) shot higher as the best performer on the S&P 500 after the brokerage posted a smaller-than-expected drop in quarterly profit. Equities have rallied recently, with the S&P 500 and Nasdaq climbing to 15-month highs on data showing economic resilience, cooling inflation and a solid labor market.

Persons: Morgan Stanley, Tim Ghriskey, Ingalls & Snyder, JP Morgan, Charles Schwab, Bernstein, Chuck Mikolajczak, Richard Chang Organizations: Bank of America, Dow, Reuters Graphics Bank of America, Bank of New York Mellon, PNC Financial, PNC, Ingalls &, Nasdaq, Dow Jones, Technology, Microsoft, Thomson Locations: 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

Bank of America (BAC.N) rose marginally in premarket trading after the lender posted a 20% surge in second-quarter profit, while Morgan Stanley's (MS.N) shares pared early gains after the bank's profit slipped 18%, hurt by a deal-making drought. The S&P 500 banks index (.SPXBK) has fallen 5.2% so far this year, underperforming the S&P 500 index (.SPX) which has notched a 17.8% gain after the biggest banking crisis since 2008 earlier this year took down three lenders and pummeled the sector. Overall earnings across industries are expected to decline 8.1% for the quarter, according to Refinitiv data. ET, Dow e-minis were down 18 points, or 0.05%, S&P 500 e-minis were down 3.75 points, or 0.08%, and Nasdaq 100 e-minis were down 26.25 points, or 0.17%. Pinterest (PINS.N) gained 3.3% as Evercore ISI upgraded its rating on the stock to "outperform" and Marvell Technology (MRVL.O) climbed 1.1% after Bank of America added the chipmaker to its U.S. No.1 list.

Persons: Morgan Stanley, Morgan Stanley's, Sam Stovall, Wells, Lockheed Martin, Bansari Mayur Kamdar, Johann M, Nivedita Bhattacharjee Organizations: Bank of America, Dow, Nasdaq, CFRA Research, JPMorgan Chase, Bank of New York Mellon, PNC Financial Services, Lockheed, Dow e, Federal Reserve, ISI, Marvell Technology, U.S, Thomson Locations: New York, Bengaluru

July 19 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The disconnect between Asia and the rest of the world has widened recently, and correlations between the MSCI Asia ex-Japan index and leading U.S. and global indexes are the weakest in about a month. Bulls in Asia will be hoping some of that momentum drives local trading on Wednesday. The MSCI Asia equity index ex-Japan is up 4.6% this year, significantly underperforming the MSCI World index, S&P 500 and Nasdaq which are up 17%, 19% and 38%, respectively. Disappointing second quarter growth figures this week pushed the Chinese economic surprises index to its lowest in more than three years.

Persons: Jamie McGeever, John Kerry, Li Shangfu, Henry Kissinger, Pita Limjaroenrat, Josie Kao Organizations: Bulls, Nasdaq, Bank of America, Bank of New York Mellon, Biden, Thomson, Reuters Locations: Asia, Japan, U.S, China, Beijing, Thailand, Zealand

Search resuls for: "Mellon

25 mentions found