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A BNY Mellon sign is seen on their headquarters in New York's financial district, January 19, 2011. "We're in a period when the Treasury market needs to be relied upon for its safety and liquidity," Nate Wuerffel, head of market structure at BNY Mellon, said in an interview. "And if on top of that you're trying to implement very rapidly a fundamental reassembly of the Treasury market, that's when you run the risk of having market functioning deteriorate." Notably, in March 2020 the market seized up as pandemic fears gripped investors, prompting the Federal Reserve to buy Treasuries to support the market. "An extended implementation timeline in the final rule could substantially lower the risk that the transition itself could worsen market functioning," Wuerffel said in a note on Wednesday.

Persons: Brendan McDermid, BNY Mellon, Treasuries, Nate Wuerffel, Wuerffel, Davide Barbuscia, Laura Matthews, Richard Chang Organizations: REUTERS, Companies Bank of New York Mellon, U.S . Securities, Exchange Commission, Treasury, SEC, BNY, Federal Reserve, Federal, Thomson Locations: New

☆ In the Market: Treasury market braces for seismic SEC rule
▼ + stars: | 2023-10-30 | by ( Paritosh Bansal | Thomson Reuters | Paritosh Oversees The Work Of More Than Journalists Across The Globe Who Write About Finance | ) www.reuters.com time to read: +6 min

SIFMA, which has lobbied the SEC, expects the final rule next month, ahead of a Treasury market conference on Nov. 16. The SEC rule would be the most significant regulation so far to come out of that review. There is broad consensus on the need for Treasury market reform, including the benefits of central clearing -- even among the industry sources interviewed for this article. "It is going to improve financing and reduce the risks for turmoil in the U.S. Treasury market," said Yiming Ma, an associate professor at Columbia Business School. The SEC rule would force the banks to move that to central clearing.

Persons: Andrew Kelly, JPMorgan Chase, ”, Rob Toomey, SIFMA's, Gary Gensler, Banks, Ma, SIFMA, Toomey, Paritosh Bansal, Anna Driver Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, Treasury, SEC, JPMorgan, Bank of New York Mellon, Federal Reserve, U.S . Treasury, Columbia Business School, Depository Trust, Clearing Corp, Thomson Locations: Washington ,, U.S

BANGKOK (AP) — Markets fell in Europe and Asia after China reported Wednesday that its economy grew at a 4.9% annual pace in July-September, down from 6.3% in the previous quarter. The future for the S&P 500 lost 0.2% and that for the Dow Jones Industrial Average was 0.1% lower. Weak global demand and the property industry remain the biggest shadows overhanging the economy in the near term, economists said. “The wider data on the property sector remained weak, although green shoots are appearing,” Capital Economics said in a report. Bank of New York Mellon rose 3.8% after it also reported stronger profit than expected for the latest quarter.

Persons: Germany's DAX, Wyndham, Brent, Writers Zen Soo, Stan Choe Organizations: —, CAC, FTSE, Dow Jones, Bureau of Statistics, Nikkei, Nasdaq, U.S, Treasury, Nvidia, Bank of America, Wall, Bank of New, Bank of New York Mellon, Wyndham Hotels, Resorts, ”, New York Mercantile Exchange, AP, Writers Zen Locations: BANGKOK, Europe, Asia, China, Paris, Shanghai, Tokyo, Bank of New York, Iran

☆ Morning Bid: Banks, Biden visit buoy markets
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. Biden leaves later on Tuesday for a high stakes visit to Israel and Jordan and Washington said Israeli Prime Minister Benjamin Netanyahu had agreed to let humanitarian aid reach besieged Gazans. That reversed a pre-weekend 'safety bid' that emerged amid fears an Israeli ground invasion into Gaza could draw other regional countries and groups into the war. Before then, bond markets will have to negotiate tomorrow's 20-year Treasury auction. The relatively new 20-year tenor has often proved unpopular and will be watched closely after a poor reception for the latest 30-year bond last week.

Persons: Brendan McDermid, Mike Dolan, Joe Biden's, Biden, Washington, Benjamin Netanyahu, Wells, Goldman Sachs, Charles Schwab, Jerome Powell's, Vladimir Putin, Xi Jinping, Lockheed Martin, Johnson, JB Hunt, Michelle Bowman, John Williams, Neel Kashkari, Tom Barkin, Luis de Guindos, Joe Biden, Olaf Scholz Organizations: New York Stock Exchange, REUTERS, Treasury, JPMorgan, Citigroup, Bank of America, Bank of New York Mellon, Federal Reserve, HK, Bank of England, Lockheed, United Airlines, Michelle Bowman , New York Fed, Minneapolis Fed, Richmond Fed, European Central Bank, European Union, Luxembourg Retail, Reuters Graphics Reuters, EIA, Thomson Locations: New York City, U.S, Israel, Gaza, Jordan, Israeli, Gazans, Asia, Europe, Wells Fargo, China, Russian, Beijing, Ukraine, United, Canada, Michelle Bowman , New, Frankfurt, Luxembourg, Venezuela

☆ BNY Mellon beats profit estimates on boost from higher interest rates
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +2 min

The Bank of New York Mellon Corp. building at 1 Wall St. is seen in New York's financial district March 11, 2015. Last week, JPMorgan (JPM.N), Wells Fargo (WFC.N) and Citigroup (C.N) beat analysts' estimates for the latest quarter and raised FY23 interest income forecasts. BNY Mellon's net interest revenue for the reported quarter jumped nearly 10% to $1.02 billion, compared with $926 million a year earlier. While higher interest rates have benefited banks, they have also deepened fears of more loan defaults, prompting lenders to maintain reserves on the sidelines. New York-based BNY Mellon kept aside $3 million in provision for credit losses for the quarter.

Persons: Brendan McDermid, Banks, BNY Mellon, Jaiveer Singh, Shinjini Organizations: of New York Mellon Corp, REUTERS, Bank of New York Mellon Corp, U.S . Federal Reserve, JPMorgan, Citigroup, Thomson Locations: Wells Fargo, New York, Bengaluru

☆ Stocks making the biggest moves midday: Nvidia, Goldman Sachs, Lockheed Martin and more
▼ + stars: | 2023-10-17 | by ( Hakyung Kim | ) www.cnbc.com time to read: +5 min

The company posted $6.73 in earnings per share on $16.88 billion in revenue. Analysts surveyed by LSEG, formerly known as Refinitiv, had forecast $6.67 in earnings per share on $16.74 billion in revenue. Dollar Tree — The discount retailer jumped 4.8% after getting an upgrade from Goldman Sachs to buy from neutral. Analysts polled by LSEG forecast an adjusted $2.52 in earnings per share and $21.04 billion in revenue. Goldman Sachs earned $5.47 per share on revenue of $11.82 billion, exceeding LSEG estimates.

Persons: Lockheed Martin, chipmakers, Goldman Sachs, Johnson, LSEG, Wyndham, Brian Essex, Hannon Armstrong, Morgan Stanley, Fortrea, Jeff Smith, —, Samantha Subin, Alex Harring, Lisa Kailai Han, Pia Singh, Sarah Min, Tanaya Macheel Organizations: Lockheed, LSEG, Circor, Nvidia, U.S . Department of Commerce, Marvell Technology, Devices, Broadcom, Goldman, Bank of America, Bank of New York Mellon, Wyndham Hotels, Resorts, Wyndham, Choice, JPMorgan, VF Corp, Viasat —, Hannon Armstrong Sustainable Infrastructure Capital, Systems Locations: China

☆ Stock futures inch lower on Tuesday evening as earnings season picks up steam: Live updates
▼ + stars: | 2023-10-17 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Stock futures inched lower as earnings season gained steam and Wall Street looked ahead to more key financial reports on Wednesday. S&P 500 futures and Nasdaq-100 futures both edged lower by 0.1%. Wall Street continued to assess the impact of the ongoing Israel-Hamas war. While the earnings season may only be in its early innings, 83% of companies have so far topped earnings expectations, while about 70% have surpassed sales estimates, according to FactSet data. On the economic front, Wall Street awaits housing starts and building permits data for September.

Persons: Hunt, Stocks, Goldman Sachs, Anthony Saglimbene, Morgan Stanley Organizations: New York Stock Exchange, Stock, Dow Jones, Nasdaq, United Airlines, Treasury, Nvidia, Devices, U.S, Wall, Traders, Bank of America, Bank of New York Mellon, Ameriprise, Procter, Gamble, Netflix, Tesla Locations: New York City, China, Israel

☆ Stocks making the biggest moves premarket: Wyndham Hotels, Dollar Tree, Johnson & Johnson and more
▼ + stars: | 2023-10-17 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Wyndham Hotels & Resorts , Choice Hotels — Choice Hotels dropped 2.3% after the hotel chain proposed buying Wyndham Hotels & Resorts for $90 per share, valuing Wyndham at roughly $7.8 billion. Analysts surveyed by LSEG, formerly Refinitiv, were looking for 82 cents in earnings on $25.14 billion of revenue. Bank of New York Mellon earned $1.22 per share on $4.37 billion in revenue in the quarter, exceeding analysts' estimates on both lines. Johnson & Johnson -- Shares of the multinational drug and medical equipment maker gained nearly 2% after third-quarter earnings and sales topped analyst estimates. Lockheed Martin reported earnings of $6.73 per share, surpassing expectations of $6.67 per share, according to estimates from LSEG.

Persons: Wyndham, Charlotte, Goldman Sachs, Johnson, Lockheed Martin, —, Jesse Pound, Michelle Fox Theobald, Brian Evans Organizations: Wyndham Hotels & Resorts, Bank of America, LSEG, Goldman, Bank of New York Mellon, Johnson, Fortrea Holdings, Wall Street Journal, Lockheed, LSEG . Revenue Locations: Charlotte , NC, LSEG

☆ 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

[1/2] A BNY Mellon sign is seen on their headquarters in New York's financial district, January 19, 2011. A lawyer for BNY Mellon also declined to comment. They have long said their contracts shielded them from liability for RMBS losses, and that particularly sophisticated investors should have known the risks. In its December 2015 complaint, Commerzbank accused BNY Mellon of sitting "idly" as losses piled up, rather than force lenders to buy back and servicers to address troubled loans. The case is Commerzbank AG v. The Bank of New York Mellon et al, U.S. District Court, Southern District of New York, No.

Persons: Brendan McDermid, Germany's, George Daniels, Commerzbank's, Dave Wollmuth, BNY Mellon, Commerzbank, Daniels, The Bank of New York Mellon, Jonathan Stempel, Grant McCool Organizations: REUTERS, Bank of New York Mellon, District, BNY Mellon, Countrywide, NovaStar, BNY, New York, CDO, Commerzbank, The Bank of New York, Court, Southern District of, Thomson Locations: New, U.S, Manhattan, Barrington, Southern District, Southern District of New York, New York

☆ S&P downgrades multiple US banks citing 'tough' operating conditions
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

S&P downgraded the ratings of Associated Banc-Corp (ASB.N) and Valley National Bancorp (VLY.O) on funding risks and a higher reliance on brokered deposits. It also downgraded UMB Financial Corp (UMBF.O), Comerica Bank (CMA.N) and Keycorp (KEY.N), citing large deposit outflows and prevailing higher interest rates. A sharp rise in interest rates is weighing on many U.S. banks' funding and liquidity, S&P said in a summarized note, adding that deposits held by Federal Deposit Insurance Corp (FDIC)-insured banks will continue to decline as long as the Federal Reserve is "quantitatively tightening." The rating agency also downgraded the outlook of S&T Bank and River City Bank to negative from stable on high commercial real estate (CRE) exposure among other factors. Reporting by Gokul Pisharody in Bengaluru; Additional reporting by Akanksha Khushi; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

Persons: Moody's, Bank of New York Mellon BK.N, Gokul, Akanksha Khushi, Varun Organizations: Global, National Bancorp, UMB Financial Corp, Comerica Bank, Federal Deposit Insurance Corp, Federal, T Bank, City Bank, Bank of New York Mellon, US Bancorp, Truist, Silicon Valley Bank, Signature Bank, Thomson Locations: New York City, U.S, Silicon, Bengaluru

The company logo for Financial broker Charles Schwab is displayed at a location in the financial district in New York, U.S., March 20, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNEW YORK, Aug 22 (Reuters) - Shares of Charles Schwab (SCHW.N) fell by nearly 5% to a one-month low on Tuesday after the U.S. brokerage unveiled a cost-cutting plan that came with steep one-time charges. Charles Schwab announced on Monday that it planned to layoff staff and close or downsize some corporate offices to save about $500 million. But Charles Schwab is expected to incur one-time charges of up to $500 million from the cost-cutting measure, potentially dampening its profit in the second half of this year. Charles Schwab's stock fell as much as 5.3% to $56.26, the lowest level since July and the biggest one-day percentage drop since March.

Persons: Charles Schwab, Brendan McDermid, Charles Schwab's, Morningstar, Michael Wong, Chibuike Oguh, Lisa Shumaker Organizations: REUTERS, State, Northern Trust, Bank of New York Mellon, U.S . Federal Reserve, Thomson Locations: New York, U.S, Northern

☆ Will Chinese deflation help cure the West’s inflation problem?
▼ + stars: | 2023-08-22 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —The Chinese economy has hit a rough patch. What’s happening: Chinese consumer spending, factory production and investments in long-term assets like property or machinery all slumped last month. On Monday, the Chinese government surprised investors by deciding not to cut an important interest rate that influences mortgages. The beauty company is “mindful of the headwinds that have emerged in China’s economy,” said the report. And even still, many regional banks have struggled to prevent deposit outflows.

Persons: ”, Jason Pride, Michael Reynolds, Lisa Shalett, Edward Moya, Estee Lauder, Moya, “, Elisabeth Buchwald, Moody’s, ‘ Barbie ’, “ Barbie ”, Jordan Valinsky, Greta Gerwig, “ Oppenheimer, “ Barbie Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Morgan Stanley Wealth Management, European, Apple, Intel, Ford, Starbucks, Nike, Saudi, Comerica Inc, National Bancorp, UMB Financial Corp, Bank of New York Mellon, State, Northern Trust, & $ Locations: New York, China, Europe, Beijing, Asia, Russia, Saudi Arabia, Silicon

☆ These banks are solid and cheap. But here's why investors should be cautious
▼ + stars: | 2023-08-22 | by ( Morgan Chittum | ) www.cnbc.com time to read: +6 min

But the Club is exercising caution when it comes to our two bank names: Wells Fargo (WFC) and Morgan Stanley (MS). Shares of Wells Fargo and Morgan Stanley have lost 8.52% and 13.73%, respectively, during the same period. Still, big banks will ultimately be able to manage any new regulatory hurdles, Oppenheimer's Chris Kotowski told CNBC. For Wells Fargo, the company is buying back the most stock of any of the big banks. A combination file photo shows Wells Fargo, Citibank, Morgan Stanley, JPMorgan Chase, Bank of America and Goldman Sachs.

Persons: Wells, Morgan Stanley, Jim Cramer, Banks, Moody's, Chris Kotowski, Oppenheimer, Jim, Morgan, Charles Scharf, Jim Cramer's, JPMorgan, Goldman Sachs Organizations: Silicon Valley Bank, Wells, Valley Bank, UBS Group, UBS, Credit Suisse, Federal Reserve, Street, Bank of New York Mellon, BK, P Global, CNBC, Club, Big Tech, Citibank, JPMorgan Chase, Bank of America, Reuters Locations: Wells Fargo, Silicon, U.S

☆ S&P downgrades multiple U.S. banks citing 'tough' operating conditions
▼ + stars: | 2023-08-22 | by ( ) www.cnbc.com time to read: +1 min

S&P Global on Monday cut credit ratings and revised its outlook for multiple U.S. banks, following a similar move by Moody's, warning that funding risks and weaker profitability will likely test the sector's credit strength. S&P downgraded the ratings of Associated Banc-Corp and Valley National Bancorp on funding risks and a higher reliance on brokered deposits. It also downgraded UMB Financial Corp , Comerica Bank and Keycorp , citing large deposit outflows and prevailing higher interest rates. A sharp rise in interest rates is weighing on many U.S. banks' funding and liquidity, S&P said in a summarized note, adding that deposits held by Federal Deposit Insurance Corp-insured banks will continue to decline as long as the Federal Reserve is "quantitatively tightening." The rating agency also downgraded the outlook of S&T Bank and River City Bank to negative from stable on high commercial real estate exposure among other factors.

Persons: Moody's Organizations: Global, Corp, National Bancorp, UMB Financial Corp, Comerica Bank, Keycorp, Federal Deposit Insurance Corp, Federal, T Bank, City Bank, Bank of New York Mellon, US Bancorp, Truist, Silicon Valley Bank, Signature Bank Locations: Silicon, U.S

☆ S&P downgrades five US banks following Moody’s lead
▼ + stars: | 2023-08-21 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +1 min

New York CNN —S&P Global Ratings downgraded five regional US banks by one notch and signaled a negative outlook for several others on Monday. Following the banking turmoil earlier this year that began with Silicon Valley Bank’s collapse, many regional banks have had to pay higher interest rates on deposits to keep customers from pulling their funds. And even still, many regional banks have struggled to prevent deposit outflows. Overall, 90% of the banks S&P rates have stable outlooks. The remaining 10% have negative outlooks and none have positive outlooks, S&P said Monday.

Persons: New York CNN —, Moody’s Organizations: New, New York CNN, Comerica Inc, National Bancorp, UMB Financial Corp, Bank of New York Mellon, State, Northern Trust, & $ Locations: New York, Silicon

☆ Dollar firm on safe-haven demand as markets fret over China, banks
▼ + stars: | 2023-08-09 | by ( Kevin Buckland | ) www.reuters.com time to read: +4 min

The employee of a currency exchange shop counts U.S. dollar banknotes in Ciudad Juarez, Mexico July 27, 2023. The Chinese yuan, however, got some respite after the central bank set a stronger official rate than expected, signalling its discomfort with recent declines. Worries about the global economy flared again after data on Tuesday showed Chinese imports and exports contracting faster than expected in July. U.S. Treasuries also saw a surge in demand from haven-seeking investors, with 10-year yields briefly dipping back below 4%. Reporting by Kevin Buckland; Additional reporting by Brigid Riley; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Jose Luis Gonzalez TOKYO, Treasuries, Ray Attrill, there's, Attrill, Patrick Harker, Raphael Bostic, Michelle Bowman, Bart Wakabayashi, Kevin Buckland, Brigid Riley, Sonali Paul Organizations: REUTERS, New Zealand, U.S, Bank of New York Mellon, US Bancorp, National Australia Bank, People's Bank of, Federal Reserve, Philadelphia Fed, Atlanta Fed, Fed, State Street Bank, Trust, Thomson Locations: Ciudad Juarez, Mexico, Asia, Rome, China, People's Bank of China, Tokyo

☆ Wall St ends lower after bank rating cuts spark wider sell-off
▼ + stars: | 2023-08-09 | by ( David French | ) www.reuters.com time to read: +4 min

The S&P 500 Banks index (.SPXBK) has slipped 2.5% year to date, compared with a 17.2% gain by the S&P 500, and the downgrades exposed the fragility of investors' confidence towards financial stocks. The banks index slid 1.1% on Tuesday, while the KBW Regional Banking index (.KRX) dipped 1.4%. Reaction to the bank downgrades pushed up the CBOE Market Volatility index (.VIX), Wall Street's fear gauge, at one point hitting a two-month high. Eight of the 11 major S&P 500 sectors fell. The S&P 500 posted 13 new 52-week highs and 17 new lows; the Nasdaq Composite recorded 46 new highs and 195 new lows.

Persons: Eli Lilly, Moody's, Goldman Sachs, Jason Pride, Brendan McDermid, Bansari Mayur Kamdar, Johann M, David French, Sriraj Kalluvila, Vinay Dwivedi, Richard Chang Organizations: Dow, Nasdaq, Bank of New York Mellon, U.S . Bancorp, Truist, Silicon Valley Bank, Bank of America, Traders, New York Stock Exchange, REUTERS, Dow Jones, Novo Nordisk, Dish Network, United Parcel Service, Thomson Locations: U.S, Silicon, KBW, New York City, China, Denmark, Bengaluru, New York

☆ Fed policy is weighing on US banks. Here's everything to know about the Moody's downgrades.
▼ + stars: | 2023-08-08 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

In what amounted to 27 rating actions on US banks, Moody's pointed to rising costs of capital, deteriorating profits, and climbing risks to assets. In effect, much of the stress on banks Moody's is responding to can be chalked up to the Federal Reserve's policy decisions over the past year and a half. "Most banks' deposits were flat or down only modestly, but the mix worsened, with non-interest-bearing deposits declining and banks paying more for deposits," Moody's strategists wrote. So Moody's downgrades aren't all doom and gloom for these firms, and it's always possible the moves are reversed once the outlook turns rosier. Banks are in the money business, he explained, and the Fed has made money harder to come by.

Persons: Moody's, Service It's, they've, it's, Michael Bell, Honigman, Banks, Bell Organizations: Bank of New York Mellon, US Bancorp, Service, Northern Trust, State Street, Capital, Citizens Financial, Fifth Third Bancorp, Bank, KBW Nasdaq, Fed, Silicon Valley Bank, First Republic Bank, Signature Bank, Reserve, Moody's, Treasury Locations: Wall, Silicon, Japan

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. The ratings agency also warned that the sector's credit strength would likely be tested by funding risks and weaker profitability. Big banks Goldman Sachs (GS.N) and Bank of America (BAC.N) eased 0.8% and 1.4%, respectively, in premarket trading, while Bank of New York Mellon and U.S. Bancorp shed 2.3% each. "It also means that the concern that we had in March over those three bank defaults, is not over yet." Remarks by Philadelphia Fed President Harker and Richmond Fed President Barkin will be closely watched for cues about the U.S. central bank's rate path after mixed messages from New York Fed President John Williams and Fed Governor Michelle Bowman on Monday.

Persons: Brendan McDermid, Eli Lilly, Moody's, Goldman Sachs, Sam Stovall, Chris Montagu, Thursday's, Harker, Barkin, John Williams, Michelle Bowman, LLY.N, Zachary Kirkhorn, Elon Musk, Bansari Mayur Kamdar, Johann M, Sriraj Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Bank of New York Mellon, US Bancorp, Truist, Bank of America, U.S . Bancorp, U.S . Treasury, CFRA, Silicon Valley Bank, Signature Bank, Citi, Wall Street, Dow e, Philadelphia, Richmond Fed, New York Fed, United Parcel Service, Elon Musk ., Alibaba, Thomson Locations: New York City, U.S, Silicon, Richmond, New, Elon Musk . U.S, Bilibili, Bengaluru

☆ US bank stocks drop as Moody's downgrade sours sentiment
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +2 min

Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. REUTERS/Mike Segar/File PhotoAug 8 (Reuters) - Shares of U.S. banks fell in premarket trading on Tuesday after ratings agency Moody's downgraded 10 mid-sized lenders, reigniting investor concerns about the challenges facing the industry. Moody's also warned it may cut ratings of some of the biggest U.S. lenders, and placed six of them under review for a potential downgrade. "It is significant for U.S. growth too, as U.S. regional banks are the financing lifeblood for small and mid-size enterprises." Shares of Bank of America (BAC.N), Citigroup (C.N) and JPMorgan Chase (JPM.N) fell more than 1%.

Persons: Mike Segar, Moody's, Stuart Cole, JPMorgan Chase, Georgios Leontaris, Niket Nishant, Mayur, Shashwat Chauhan, Shounak Dasgupta, Saumyadeb Organizations: Wall, New York Stock Exchange, REUTERS, Bank of New York Mellon, U.S . Bancorp, Truist, Equiti, Bank of America, Citigroup, JPMorgan, Bank, EMEA, HSBC Global Private Banking, Wealth, Thomson Locations: Manhattan, New York City , New York, U.S, Silicon, Switzerland, Bengaluru

☆ Moody's cuts ratings of 10 U.S. banks and puts some big names on downgrade watch
▼ + stars: | 2023-08-08 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

Moody's cut the credit ratings of a host of small and mid-sized U.S. banks late Monday and placed several big Wall Street names on negative review. Moody's also changed its outlook to negative for 11 banks, including Capital One , Citizens Financial and Fifth Third Bancorp . Among the smaller lenders receiving an official ratings downgrade were M&T Bank , Pinnacle Financial , BOK Financial and Webster Financial . "Meanwhile, many banks' Q2 results showed growing profitability pressures that will reduce their ability to generate internal capital. Though the stress on U.S. banks has mostly been concentrated in funding and interest rate risk resulting from monetary policy tightening, Moody's warned that a worsening in asset quality is on the horizon.

Persons: Moody's, Cullen, Frost, Jill Cetina, Ana Arsov Organizations: New York Stock Exchange, Bank, New York Mellon, U.S . Bancorp, Truist, Frost Bankers, Northern Trust, Capital, Citizens Financial, Fifth Third Bancorp, T Bank, Pinnacle Financial, BOK, Webster, Regional, Silicon Valley Bank, Signature Bank, Credit Suisse, UBS, Federal Reserve, Fed Locations: New York City, U.S, Regional U.S, Silicon, Europe, Swiss

☆ Stocks making the biggest moves premarket: UPS, Lucid, Beyond Meat, Novo Nordisk and more
▼ + stars: | 2023-08-08 | by ( Brian Evans | ) www.cnbc.com time to read: +4 min

The company reported an adjusted $2.11 per share on revenue of $8.31 billion, while analysts polled by Refinitiv forecasted $1.98 and $7.58 billion. Analysts surveyed by Refinitiv had penciled in a loss of 33 cents per share on $175 million of revenue. Palantir Technologies — Palantir Technologies slid 3.4% after the data analytics company reported its second-quarter results. Beyond Meat reported an adjusted loss of 83 cents per share on $102.1 million in revenue, while Refinitiv forecasted 86 cents and $108.4 million. Paramount Global — The media conglomerate's shares climbed more than 2% in premarket trading after the company reported a quarterly earnings and revenue beat.

Persons: Goldman Sachs, NASH, Banks, Moody's, Eli Lilly, EchoStar, Charlie Ergen, Refinitiv, Lucid, Palantir, Hims, Simon & Schuster, Yun Li, Samantha Subin, Sarah Min, Pia Singh, Jesse Pound Organizations: Sagimet, Goldman, T Bank, Citizens Financial, Bank of New York Mellon, Truist, JPMorgan Chase, Telsey, Refinitiv, Novo Nordisk —, Dish, United Parcel Service, behemoth, UPS, Palantir, Paramount Global, Paramount, KKR Locations: New York, Banks —

☆ Morning Bid: China trade data disappoints, again
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +3 min

U.S. equity markets saw their first positive day in August on Monday, but then along came Chinese trade data. Parsing the export data, David Chao, global market strategist at Invesco, says the miss was driven by lower prices rather than lower volumes, and that Chinese export volumes remain surprisingly robust. Though, he says, "looking at other export-related data such as export orders, the outlook appears weak." Even Chinese imports from Russia fell year-on-year in July, the first fall since Feb 2021. Tuesday looks quiet on the U.S. data front, but traders are bracing for the big one - Thursday's CPI data.

Persons: Alun John ., David Chao, Hong, Intesa, Banca, Banks, Moody's, Fed's Harker, Alun John, Barbara Lewis Organizations: Shipping, cnsphoto, REUTERS, Nasdaq, BPER Banca, Bank of New York Mellon, US Bancorp, Truist, Thomson, Reuters Locations: Shanghai, China, U.S, Hong Kong, Russia, Europe

A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/File PhotoNEW YORK, Aug 8 (Reuters) - Financial firms that enforce strict return-to-office mandates could drive employees to leave, according to a study published Tuesday by accounting firm Deloitte. Companies that insist on five days of in-office work are likely to see those policies backfire, the study showed. The Deloitte survey showed caregivers with remote or hybrid arrangements were 1.3 times more likely to leave their jobs if that flexibility was taken away. Poll results showed almost half of women in senior leadership roles were likely to leave their current employer over the next 12 months.

Persons: Morgan Chase, Mike Segar, Deloitte, JPMorgan Chase, Goldman Sachs, Morgan Stanley, Lananh Nguyen, Conor Humphries Organizations: Co, New York City, REUTERS, Financial, Deloitte, Companies, JPMorgan, Citigroup, UBS, Bank of New York Mellon, Thomson Locations: New York, America

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