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☆ Will inflation come down this year? Investors seek clues in corporate results
▼ + stars: | 2023-07-11 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

It’s not just in the United States, either. Coming up: Two major measures of inflation in the United States are out this week — the Consumer Price Index on Wednesday and Producer Price Index on Thursday. On Friday morning, earnings reports for the second quarter kick off with JPMorgan Chase, Wells Fargo, Citi and BlackRock all reporting. Her Many Horses joined Wells Fargo in 2018 as senior vice president in middle market banking to focus on rebuilding the bank’s Native American banking effort. Wells Fargo Native American Banking is the leading provider of capital and financial services to Native American and Alaska Native markets, according to a statement from the company.

Persons: they’re, Jerome Powell, Christine Lagarde, ”, Albert Edwards, Edwards, it’s, Lael Brainard, Price, Michael Barr, Barr, ” Barr, Elisabeth Buchwald, Wells Fargo, Dawson, “ Dawson, Ruth Jacks, Wells Organizations: New, New York CNN, Federal, Kansas City Fed, Monetary Fund, European Central Bank, Societe, National Economic Council, JPMorgan Chase, Citi, BlackRock, Rosebud Sioux, Wells, Wells Fargo Commercial Banking, American Banking Locations: New York, United States, Wells Fargo, Wells, Dawson, Rosebud, South Dakota, American, Alaska

☆ Watchdog with teeth can help EU hunt unicorns
▼ + stars: | 2023-07-11 | by ( Rebecca Christie | ) www.reuters.com time to read: +8 min

Yet the EU today is a long way from uniting its capital markets. By comparison, the United States has seven exchange groups, three listings exchanges and 16 trading exchanges, along with one clearing house and one depository. Bringing capital markets together through better regulation, as well as better market incentives, could keep the next generation of unicorns home. Follow @rebeccawire on TwitterCONTEXT NEWSEuropean Union leaders called for the EU to improve capital markets as part of a push for competitiveness at summits in March and June. Capital markets union is an EU endeavour launched in 2014 as a long-term project to boost investment across borders.

Persons: –, Austria’s i5invest, Backes, Magdalena Rzeczkowska, Nadia Calviño, ESMA, ” Calviño, won’t, centralisation, Francesco Guerrera, Oliver Taslic Organizations: Reuters, EU, ABC Fitness Solutions, Reuters Graphics Reuters, Canada, Berlin Brands Group, European Securities and Markets Authority, European, Central, Union, European Commission, Capital, Thomson Locations: BRUSSELS, Europe, China, Ukraine, Arkansas, London, Switzerland, United States, IPOs, Belgian, U.S, Paris, spillovers, Luxembourg, Poland, Brussels, EU, wean

All eyes will be on U.S. inflation data, expected on Wednesday, that will feed into the Fed's interest rate decision later in the month. The second-quarter earnings season kicks off this week and investors will assess the impact of tight monetary conditions and fears of an impending economic slowdown on businesses. Overall, earnings for the S&P 500 constituents are expected to fall 5.7% in the quarter, Refintiv data showed. Most megacap growth and technology stocks slid in mid-day trading, with the FANG index (.NYFANG) falling 1.3%. Big banks such as JPMorgan Chase (JPM.N) and Citigroup (C.N) edged up, ahead of reporting earnings on Friday.

Persons: Carl Icahn, Chris Larkin, Morgan Stanley, Michael Barr, Loretta Mester, Mary Daly, Jefferies, JPMorgan Chase, Janet Yellen, Johann M Cherian, Saumyadeb Chakrabarty Organizations: Citigroup, Dow, Nasdaq, Federal Reserve, PPI, Traders, Dow Jones, JPMorgan, Icahn Enterprises, Intel, Qualcomm, U.S, Treasury, NYSE, Thomson Locations: U.S, Bengaluru

☆ CNBC Daily Open: June’s jobs report won’t deter Fed from hikes
▼ + stars: | 2023-07-10 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Modest jobs growthU.S. nonfarm payrolls increased 290,000 in June while the unemployment rate was 3.6%, according to the Labor Department. Job creation was — for once — lower than economists' expectations of 240,000, though the unemployment rate, which was 0.1 percentage point lower than in May, was exactly on the mark. [PRO] Eyes on inflationNow that June's jobs report is out, investors are turning their attention to the month's consumer price index, coming out on Wednesday, to get an idea of how high interest rates will go.

Persons: nonfarm, Janet Yellen, she's, Elon Musk's, Elon Musk, Musk Organizations: CNBC, Labor Department, Treasury, U.S, Elon, Twitter Locations: U.S, Europe, British, Restabilizing U.S, China

☆ The American banking landscape is on the cusp of a seismic shift. Expect more pain to come
▼ + stars: | 2023-07-10 | by ( Hugh Son | ) www.cnbc.com time to read: +10 min

But even as the dust settles from a string of government seizures of failed midsized banks, the forces that sparked the regional banking crisis in March are still at play. What is coming will likely be the most significant shift in the American banking landscape since the 2008 financial crisis. JPMorgan shares are up 7.6% this year, while the KBW Regional Banking Index is down more than 20%. Some of those pressures will be visible as regional banks disclose second-quarter results this month. "The fundamental issue with the regional banking system is the underlying business model is under stress," said incoming Lazard CEO Peter Orszag.

Persons: Jamie Dimon, Brian Graham, Banks, KeyCorp, Matt O'Connor, Peter Orszag, SVB, Chris Wolfe, Wolfe, you've, You've, Goldman Sachs, Lazard's Orszag, Orszag, Janet Yellen, Sen, Elizabeth Warren, Klaros, Graham Organizations: First, JPMorgan, Silicon Valley Bank, CNBC, Klaros, Deutsche Bank, Federal Reserve Bank of New, Justice Department Locations: First Republic, Silicon Valley, SVB, KBW, Federal Reserve Bank of New York, Republic

☆ Earnings season is upon us. What to look out for when major banks report Friday
▼ + stars: | 2023-07-10 | by ( Morgan Chittum | ) www.cnbc.com time to read: +8 min

Wells Fargo (WFC) and Morgan Stanley (MS), our two financial holdings, will report quarterly numbers Friday and a week from Tuesday, respectively. All 23 institutions tested, including Wells Fargo and Morgan Stanley, passed the exercise that simulates a hypothetical severe global recession. Wells Fargo and Morgan Stanley announced increases in their capital returns to shareholders after clearing that regulatory hurdle. WFC YTD mountain Wells Fargo YTD performance Wells Fargo has a unique story among the major U.S. banks because of its multiyear restructuring plan. MS YTD mountain Morgan Stanley YTD performance When Morgan Stanley reports, net assets in its wealth management (WM) business will be a key metric.

Persons: Wells Fargo, Morgan Stanley, Christopher Whalen, Whalen, Banks, Wells, ROTCE, there's, Jim Cramer's, Jim Cramer, Jim, JPMorgan, Goldman Sachs Organizations: Federal, Silicon Valley Bank, Street, Street Journal, CNBC, Barclays, Investment, Citibank, JPMorgan Chase, Bank of America, Reuters Locations: U.S, Silicon, SVB, Wells, Wells Fargo

All eyes will be on U.S. inflation data this week that will feed into the Federal Reserve's interest rate decision later in the month. A Reuters poll of economists showed they suspect that growth in consumer prices likely slowed in June. Most megacap technology and growth stocks, valuations in which come under pressure when borrowing costs rise, eased in premarket trading, with Apple (AAPL.O) and Alphabet (GOOGL.O) down 0.7% each. Overall, earnings for the S&P 500 constituents are expected to fall 5.7% in the second quarter, Refintiv data showed. ET, Dow e-minis were up 19 points, or 0.06%, S&P 500 e-minis were down 4.5 points, or 0.1%, and Nasdaq 100 e-minis were down 41.25 points, or 0.27%.

Persons: Carl Icahn, Wall, JPMorgan Chase, Ipek Ozkardeskaya, Li Auto, Johann M Cherian, Saumyadeb Chakrabarty Organizations: Citigroup, Dow, Nasdaq, Traders, Apple, JPMorgan, Swissquote Bank, Dow e, China Association of Auto Manufacturers, Ichan Enterprises, Thomson Locations: China, U.S, Bengaluru

☆ 3 things to pay attention to in the markets this coming week
▼ + stars: | 2023-07-08 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

The consumer price index (CPI) report — which calculates the average change over time in prices that shoppers pay for goods and services — drops Wednesday. On Thursday, the producer price index (PPI) is out and will show the change in selling prices received by producers of goods and services. ET: Consumer Price Index After the bell: MillerKnoll (MLKN) Thursday, July 13 8:30 a.m. The consumer price index (CPI) report — which calculates the average change over time in prices that shoppers pay for goods and services — drops Wednesday. ET: Consumer Price IndexAfter the bell: MillerKnoll (MLKN) Thursday, July 13 8:30 a.m.

Persons: Stocks, Wells Fargo, We'll, Jim Cramer, Jeff Marks, Helen of Troy, HELE, Wells, ERIC, Jim Cramer's, Jim Organizations: Federal Reserve, PPI, Delta, DAL, PepsiCo, Conagra Brands, Delta Air Lines, JPMorgan, Citigroup, UnitedHealth, Ericsson, Jim Cramer's Charitable, CNBC, Anadolu Agency, Getty Locations: China, Wells, Wells Fargo, Red, Ras Behar, Egypt

A lawyer for Woehrmann said DWS' internal investigations "did not reveal any evidence of misconduct on the part of my client". A spokesperson for prosecutors in Frankfurt, where DWS is headquartered, would only say an individual was targeted but would not name the person. DWS declined to comment on Woehrmann, but has said that it stands by its financial disclosures and fund prospectuses and is cooperating with investigators. At present, we cannot estimate when and how the proceeding of the Frankfurt Public Prosecutor’s Office will be concluded," DWS said. Woehrmann resigned as CEO of DWS last year after German prosecutors raided the offices of DWS and Deutsche Bank in Frankfurt over the allegations.

Persons: DWS's, Asoka Woehrmann, Patrizia, Woehrmann, DWS, BaFin, Matthias Inverardi, Miranda Murray, Sabine Wollrab, Susan Fenton, Louise Heavens Organizations: Deutsche Bank, Frankfurt Public, U.S . Securities, Exchange Commission, Thomson Locations: FRANKFURT, Frankfurt

Management at Deutsche Boerse has touted the acquisition announced in April as key to its future strategy, combining SimCorp's investment management software with Deutsche Boerse's data. "The chemistry is right," Deutsche Boerse Chief Executive Officer Theodor Weimer told its investors in May. Deutsche Boerse hopes to take "significantly" more than 50% of the company. Deutsche Boerse said it had received approval from authorities in the United States, Denmark and Italy. "The remaining filing process with the EU commission is on track," Deutsche Boerse said.

Persons: Theodor Weimer, SimCorp's, Deutsche Boerse, Tom Sims, Friederike Heine, Rachel More Organizations: Denmark Deal, Deutsche, European, Management, Deutsche Boerse, Thomson Locations: U.S, Italy, Denmark, FRANKFURT, United States

☆ Wall St Week Ahead As earnings loom, investors weigh recession resilience
▼ + stars: | 2023-07-07 | by ( David Randall | ) www.reuters.com time to read: +5 min

The financials sector is down 2%, while energy is nearly 9% lower. These unloved sectors are growing attractive to investors increasingly torn over whether a long-feared U.S. recession will ever materialize. Quincy Krosby, chief global strategist for LPL Financial noted a "tug of war" in the market over the likelihood of a recession. The healthcare sector trades at a forward price-to-earnings ratio of 17.6, well below the 20.1 ratio of the broad S&P 500. Yet a continued rally in megacaps will likely stretch their valuations further, prompting some investors to rotate toward healthcare and financials, LPL Financial's Krosby said.

Persons: Goldman Sachs, Quincy Krosby, Sameer Samana, Max Wasserman, Financials, Tom Ognar, Morgan Stanley, John Quealy, Financial's Krosby, David Randall, Megan Davies, Michelle Price, Richard Chang Organizations: YORK, Global, BofA, Commerce Department, LPL Financial, Reserve, Wells, Wells Fargo Investment Institute, FINANCIALS, Miramar Capital, Abbott Laboratories, Allspring Global Investments, LPL Financial Holdings Inc, Trillium Asset Management, Russell, Thomson Locations: U.S, BlackRock, Wells Fargo, megacaps

☆ June inflation data will be closely watched by investors in the week ahead
▼ + stars: | 2023-07-07 | by ( Sarah Min | ) www.cnbc.com time to read: +5 min

Investors are turning their attention to inflation data in the week ahead, following this week's hot jobs data, to further clarify the path of future monetary policy. Market participants are hoping next week's release of the June consumer price index on Wednesday, as well as last month's producer price index on Thursday, will show a downward trajectory in inflation after this week's strong ADP data spurred investor fears of further rate hikes ahead. Broadly speaking, investors are pricing in another quarter point rate hike at the July meeting. Of note, stocks tumbled Thursday after hotter-than-expected ADP data suggested the Federal Reserve has further to go in its tightening campaign. FactSet data shows analysts expect S & P 500 earnings fell 7% in the second quarter against the same quarter a year ago.

Persons: James Ragan, Davidson, Hogan, Rhys Williams, Williams, you've, Davidson's Ragan, Citigroup startegists, Wells, UnitedHealth, Michael Barr Organizations: Traders, Federal Reserve, Riley, Dow Jones Industrial, Treasury, Asset Management, JPMorgan, Citigroup, JPMorgan Chase, BlackRock, Dow, PepsiCo, Delta Air, Conagra, Delta Air Lines, Fastenal Locations: Wells Fargo, Cintas, UnitedHealth

☆ Savers should be cheering higher interest rates. So why are they unhappy?
▼ + stars: | 2023-07-06 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

London CNN —When central banks raise interest rates, mortgage borrowers can expect higher monthly repayments, while savers are supposed to be rewarded with bigger returns on their deposits. In Asia, the picture is less uniform: China cut its benchmark lending rate last month, adding to recent reductions in other interest rates, and Japan has kept its main interest rate negative in a bid to stimulate demand. However, rates on savings accounts there are closer to the central bank’s main rate than in other major economies. “While interest rates were ultra-low, the mortgage market was incredibly competitive, so [banks] were operating on unusually small margins between savings rates and mortgage deals… so they’re busy filling their boots,” she said. The top 100 US money market funds tracked by Crane Data are offering an average annual interest rate of 4.94%.

Persons: Nathan Howard, Jeremy Hunt, Sarah Coles, Hargreaves Lansdown, ”, Christopher Furlong, Crane, Peter Crane, they’ve Organizations: London CNN, Federal Deposit Insurance Corporation, US Federal Reserve, Bloomberg, Getty, European Central Bank, of, CNN, Getty Images Bank, Finance, Bank of England’s, HSBC, Barclays, Crane Data, Bank of England, “ Locations: Europe, United States, United Kingdom, Asia, China, Japan, South Korea

☆ US bank stocks fall as investors turn jittery ahead of Q2 results
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

July 6 (Reuters) - U.S. bank stocks fell and a key regional index hit a near two-week low on Thursday amid lingering worries about the health of the lenders in the aftermath of the crisis in regional banks and ahead of second-quarter results that start next week. The KBW Regional Banking Index (.KRX) fell 3% to its lowest since June 23, adding to its year-to-date loss of 25.9%. The S&P 500 Banks Index (.SPXBK) slipped nearly 2.8%. Regional lender PacWest Bancorp (PACW.O) dropped 8.1% after KBW analysts cut the price target on the stock to $9 from $14. Last week, shares rose after the Federal Reserve's annual health checks showed lenders could weather an economic slump.

Persons: Raymond James, Goldman, Morgan Stanley, Banks, Manya Saini, Arun Koyyur Organizations: Banks, U.S, PacWest Bancorp, Comerica, U.S . Bancorp, Bank, Federal, JPMorgan Chase, Goldman Sachs, Citigroup, Bank of America, Thomson Locations: U.S . Federal, U.S, Wells Fargo, Bengaluru

☆ 14 charts show why a recession is imminent for the US economy despite strong labor-market data suggesting otherwise
▼ + stars: | 2023-07-05 | by ( William Edwards | ) www.businessinsider.com time to read: +1 min

Indicators like GDP and unemployment show the economy remains intact. But forward-looking indicators continue to point to an imminent downturn. Unemployment is still historically low at 3.7% as monthly job reports continue to post healthy gains, making forecasters look silly. He added: "Investors who over-rely on coincident data may be in for a rude awakening as restrictive rates continue to work their way through the economy." Below, we've compiled some of the forward-looking indicators that show a recession is brewing, or may already be underway.

Persons: Jason Pride, we've Organizations: Deutsche Bank Locations: Glenmede

☆ Big Banks Stay Cautious as Stress Doesn’t End With a Test
▼ + stars: | 2023-07-02 | by ( Telis Demos | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

JPMorgan, the biggest U.S. lender, plans to increase its quarterly stock dividend to $1.05 per share from a current $1.00. Wells Fargo will boost its dividend to 35 cents a share from 30 cents, the companies said. Goldman Sachs' dividend will rise to $2.75 a share from $2.50, while Morgan Stanley's will increase to 85 cents a share from the current 77.5 cents. Citigroup's stress capital buffer (SCB) requirement rose to 4.3%, from a current 4.0%, contrasting with large peers whose SCB dropped. "While we would have clearly preferred not to see an increase in our stress capital buffer, these results still demonstrate Citi’s financial resilience through all economic environments," Fraser said.

Persons: Morgan Chase, Mike Segar, Goldman Sachs, Morgan Stanley, Wells, Morgan Stanley's, Jane Fraser, Fraser, Saeed Azhar, Nupur Anand, Tatiana Bautzer, Michelle Price, Lananh Nguyen, Richard Chang, Diane Craft, Cynthia Osterman Organizations: Co, New York City, REUTERS, JPMorgan Chase, Federal, JPMorgan, Bank of America, Moody's Investors Service, Citigroup repurchased, Thomson Locations: New York, Wells Fargo, U.S

☆ US regulators consider to limit major lenders' borrowings from FHLBs - Bloomberg News
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Sarah Silbiger/File PhotoJune 30 (Reuters) - U.S. officials are considering to limit the ability of large banks to use Federal Home Loan Banks (FHLBs) as a financial backstop, as part of a broader proposal to overhaul the system, Bloomberg News reported on Friday. The Federal Housing Finance Agency might still adjust its plans before announcing the recommendations in the coming months, the report added. Federal Home Loan Banks are 11 U.S. government-chartered institutions that raise money for low-cost lending to their member regional banks. For many of the member banks, they are a preferred final stop for cash before banks in need turn to the Federal Reserve itself as a last resort. Federal Housing Finance Agency did not immediately respond to a Reuters request for comment.

Persons: Sarah Silbiger, Jaiveer Singh, Shweta Agarwal Organizations: REUTERS, Loan, Bloomberg, Federal Housing Finance Agency, Silicon Valley Bank, Signature Bank, Credit Suisse, Federal, Loan Banks, Federal Reserve, Thomson Locations: Washington , U.S, Silicon, U.S, Bengaluru

☆ US regulators consider to limit major lenders' borrowings from FHLBs, Bloomberg reports
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Sarah Silbiger/File PhotoJune 30 (Reuters) - U.S. officials are considering to limit the ability of large banks to use Federal Home Loan Banks (FHLBs) as a financial backstop, as part of a broader proposal to overhaul the system, Bloomberg News reported on Friday. The Federal Housing Finance Agency (FHFA) might still adjust its plans before announcing the recommendations in the coming months, the report added. Federal Home Loan Banks are 11 U.S. government-chartered institutions that raise money for low-cost lending to their member regional banks. For many of the member banks, they are a preferred final stop for cash before banks in need turn to the Federal Reserve itself as a last resort. Federal Housing Finance Agency did not immediately respond to a Reuters request for comment.

Persons: Sarah Silbiger, FHFA, Jaiveer Singh, Shweta Agarwal Organizations: REUTERS, Loan, Bloomberg, Federal Housing Finance Agency, Reuters, Silicon Valley Bank, Signature Bank, Credit Suisse, Federal, Loan Banks, Federal Reserve, Thomson Locations: Washington , U.S, Silicon, U.S, Bengaluru

☆ China's PBOC asks foreign banks about dollar deposit rates amid weak yuan
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +3 min

The People's Bank of China did not immediately respond to Reuters request for comments. The PBOC said in mid-May that authorities will resolutely curb large fluctuations in the exchange rate and study the strengthening of self-regulation of dollar deposits. Weeks later, sources told Reuters that a self-regulatory body overseen by the central bank had told major state-owned banks to lower dollar deposit interest rates. Big banks were told to cap them at 4.3%, from the previous ceiling of 5.3%. "The move could help increase offshore dollar deposits," said a trader at a foreign bank, adding it may add downside pressure on China's balance of payments and the yuan.

Persons: PBOC, Weeks, Christopher Wong Organizations: People's Bank of China, Reuters, U.S . Federal, OCBC Bank, Thomson Locations: SHANGHAI, BEIJING, China, U.S

☆ JPMorgan, Wells Fargo and Morgan Stanley to boost dividends after clearing Fed stress test
▼ + stars: | 2023-06-30 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

Large U.S banks including JPMorgan Chase , Wells Fargo and Morgan Stanley said Friday they plan to raise their quarterly dividends after clearing the Federal Reserve's annual stress test. On Wednesday, the Fed released results from its annual exercise and said that all 23 banks that participated cleared the regulatory hurdle. The test dictates how much capital banks can return to shareholders via buybacks and dividends. After they cleared the test, Wells Fargo said it will increase its dividend to 35 cents a share from 30 cents a share, and Morgan Stanley said it would boost its payout to 85 cents a share from 77.5 cents a share. Goldman Sachs announced the largest per share boost among big banks, taking its dividend to $2.75 a share from $2.50 a share.

Persons: Wells, Morgan Stanley, Jamie Dimon, Wells Fargo, Goldman Sachs Organizations: JPMorgan Chase, Federal, JPMorgan Locations: Wells Fargo, New York

☆ The good news and the unknowns for bank stocks after the Fed's latest stress tests
▼ + stars: | 2023-06-30 | by ( Morgan Chittum | ) www.cnbc.com time to read: +6 min

Understandable because this year's stress tests came against a backdrop of uncertainty for the sector. The stress tests Starting in the aftermath of the 2007-2009 Great Financial Crisis, bank stress tests were designed as a tool to ensure that so-called too-big-to-fail institutions could endure a similar calamity. WFC MS YTD mountain Wells Fargo vs. Morgan Stanley YTD performance It's worth noting that Wells Fargo is in a unique situation compared to its rivals. He added that the "stress tests only really address a macro environment where rates decline during a crisis. A sign is posted in front of a Wells Fargo Bank on April 14, 2023 in San Bruno, California.

Persons: Morgan Stanley, Nicholas Colas, Wells Fargo, Doug Butler, Wells, Colas, Chris Kotowski, Oppenheimer, Banks, Kotowski, Jim Cramer's, Jim Cramer, Jim, Justin Sullivan Organizations: Wells, Silicon Valley Bank, Bank, Research, CNBC, Fed, JPMorgan, Bank of America, Rockland Trust, Citi, Equity, WFC, Wall, Wells Fargo Bank Locations: U.S, Silicon, Wells, Rockland, Wells Fargo, San Bruno , California

☆ US bank stocks rise as lenders sail through Fed's stress test
▼ + stars: | 2023-06-29 | by ( Manya Saini | Thomson Reuters | Manya Saini Reports On Prominent Publicly Listed U.S. Financial Firms Including Wall Street S Biggest Banks | ) www.reuters.com time to read: +4 min

This year's test, which was devised before the latest banking crisis, checked if banks would stay above the minimum 4.5% capital ratio during economic stress and macroeconomic instability. Banks will disclose their new stress capital buffer in the coming days and Well Fargo expects a reduction in the capital requirements for JP Morgan, BofA and Goldman. Goldman Sachs analysts said market focus will likely return quickly to potential increases to stress capital buffer and tougher regulations against the backdrop of Basel III revision. Citigroup (C.N) rose 0.7%, but trailed its peers as analysts said higher stress capital buffer would hamper its efforts to boost profitability. "Citi will now have the highest CET1 requirement among our banks at 12.3%," J.P. Morgan analysts wrote in a client note.

Persons: Charles Schwab, Morgan Stanley, Goldman Sachs, Banks, JP Morgan, BofA, Goldman, Wells, J.P, Morgan, It's, Brian Jacobsen, Manya Saini, Niket Nishant, Chuck Mikolajczak, Arun Koyyur Organizations: Big, JPMorgan Chase, Bank of America, Fargo, JP, Reuters Graphics Reuters, Wall Street, Jefferies, Citizens, Citigroup, Citi, Bank of New York Mellon, US Bancorp, RBC Capital Markets, Wealth Management, Reuters, Banks, Thomson Locations: Wells Fargo, Basel, U.S, Menomonee Falls , Wisconsin, Bengaluru

☆ US stocks rise after fresh batch of positive economic data and bank stress tests
▼ + stars: | 2023-06-29 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

Big banks on Wall Street passed their annual stress tests, dialing back fears of more banking turmoil. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyStocks ended mostly higher on Thursday on upbeat economic news and positive results of the latest bank stress tests from the Federal Reserve. The Dow Jones Industrial Average gained more than 200 points, while whe S&P 500 and Nasdaq Composite traded nearly flat. Meanwhile, big lenders on Wall Street passed their annual stress tests from the Federal Reserve, leading to a rally in bank stocks. Shares of Bank of America and JPMorgan rose about 3% through the course of the day.

Persons: —, Stocks, whe, Wells Fargo Organizations: Dow, Nasdaq, Service, Federal Reserve, Dow Jones Industrial, Traders, Wall, Bank of America, JPMorgan, Wells, Dow Jones

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