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The continent-wide European STOXX 600 (.STOXX) index rose 0.5%. The index gained 1.5% in the policy-packed week, its best performance in over two months. China-focused luxury stocks such as LVMH (LVMH.PA) and Richemont (CFR.S) gained nearly 3% each, boosting the broader STOXX 600. Defensive shares such as healthcare (.SXDP) gained 0.9%, and utilities (.SX6P) climbed 1.3% to a four-week peak. The STOXX 600 broke away from a restrictive 1% trading range that was seen for much of the past two weeks, as investors gradually start putting behind major central bank events.

Persons: Travis Perkins, DAX, Germany's DAX, Danni Hewson, AJ Bell, Hewson, Shreyashi Sanyal, Siddarth, Sohini Goswami, Sherry Jacob, Phillips Organizations: European Central Bank, U.S, U.S . Federal, Bank of Japan, Bank of, Britain's, Rheinmetall, Apollo Global Management, Claure Group, Thomson Locations: China, U.S ., Stockholm, Millicom, Bengaluru

The pan-European STOXX 600 index (.STOXX) closed 0.6% higher, tracking the global market rally. The European Central Bank will hold its policy meeting on Thursday, where it is expected to hike rates by another 25 basis points to tame stubborn inflation. Industrial metal prices rose after the People's Bank of China (PBOC) lowered a short-term lending rate for the first time in 10 months to prop up risk sentiment. Meanwhile, German consumer prices, harmonised to compare with other European Union countries, rose by 6.3% on the year in May, data showed. Shares of Admiral (ADML.L) slid 5.1% after traders said Citi downgraded the British motor and home insurer to "sell."

Persons: Steve Sosnick, Antonio Villarroya, Richemont, Denmark's, Shreyashi Sanyal, Siddarth, Rashmi Aich, Richard Chang Organizations: Miners, Citigroup, Reserve, Interactive Brokers, Traders, European Central Bank, Santander CIB, People's Bank of China, Union, Bank of England, Denmark's Maersk, Nvidia, Citi, Thomson Locations: China, U.S, South Korea, Denmark, Swedish, Bengaluru

☆ First Citizens BancShares records $9.8 bln gain from Silicon Valley Bank purchase
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: 1 min

May 10 (Reuters) - First Citizen BancShares Inc (FCNCA.O) on Wednesday reported a gain of $9.82 billion in the first quarter from its acquisition of failed lender Silicon Valley Bank in March. The windfall helped drive a surge in its profit to $9.50 billion, or $653.64 per share, for the three months ended March 31 from $264 million, or $16.70 per share, a year earlier. The Raleigh, North Carolina-based lender's first-quarter deposits stood at $140.05 billion, also rising nearly 57% from the end of last year. More than a third of those deposits came from Silicon Valley Bank, which First Citizens had scooped up with the backing of U.S. regulators. Reporting by Siddarth S in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Republic First Bancorp cuts jobs in preparation to exit mortgage business
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +1 min

May 5 (Reuters) - Republic First Bancorp (FRBK.O) said on Friday it cut jobs in its commercial lending unit as the lender prepares to exit its mortgage origination business. The Philadelphia-based regional bank said high costs of running a mortgage origination platform were not allowing it to improve its profitability and sharpen focus on core businesses. The layoffs will affect employees of its lending and credit teams in New York, the bank said. Major U.S. lender Wells Fargo & Co (WFC.N) also said in January it would slim down its mortgage business. Deposit balances at Republic First fell 2.7% in the first quarter, but grew between March 31 and April 30, the company reported earlier this week.

☆ Exchange operator Cboe profit rises as market volatility lifts trading volumes
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +1 min

May 5 (Reuters) - Cboe Global Markets (CBOE.Z), reported a rise in first-quarter profit on Friday, as the exchange operator's trading volumes swelled on heightened market fluctuations amid a banking crisis and rising interest rates. The Chicago-based company, which provides trading platforms for equities, foreign exchange and derivative products across markets in different regions, saw a 13% rise in net revenue to $471.4 million. Cboe's results wrapped up a strong quarter for exchange operators. Earlier this week, New York Stock Exchange-parent Intercontinental Exchange Inc (ICE.N) reported upbeat results. Last month, both Nasdaq Inc (NDAQ.O) and CME Group Inc (CME.O) also beat profit estimates.

☆ NYSE-parent ICE tops profit views as market volatility spurs trading
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

May 4 (Reuters) - Intercontinental Exchange Inc (ICE.N) on Thursday reported first-quarter profit slightly above Wall Street views, as market volatility boosted the New York Stock Exchange parent's exchange unit, helping offset a rates-driven slump in its mortgage technology business. Revenue from ICE's exchanges segment, its biggest business, grew 1% from a year earlier to a record $1.09 billion, while the company's fixed income and data services segment revenue rose 11% to a record $563 million. However, a sharp rise in interest rates have quelled demand for mortgages, hurting ICE's mortgage technology unit, which helps businesses originate, review and process mortgages. The main driver of the profit beat was lower-than-expected expenses, Jefferies analyst Daniel Fannon said in a client note. Reporting by Siddarth S in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Insurer AIG exceeds profit estimates on strong underwriting gains
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +2 min

May 4 (Reuters) - American International Group Inc (AIG.N) beat market estimates for first-quarter profit on Thursday, as record underwriting gains cushioned the blow from lower alternative investment returns. AIG, one of the world's biggest commercial insurers, said net premiums written in its general insurance for the quarter ended March grew 5% to $6.97 billion. Total consolidated net investment income rose 9% to $3.5 billion, partially offset by lower alternative investment income, AIG said. The New York-based company's general insurance underwriting income rose 13% to $502 million, its strongest first-quarter underwriting results, the insurer said. The general insurance accident year combined ratio was 88.7%, compared with 89.5%, a year earlier.

☆ Coinbase launches international crypto derivatives exchange
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +1 min

May 2 (Reuters) - Coinbase Global Inc (COIN.O) launched an international exchange for cryptocurrency derivatives on Tuesday, as the company looks to expand its global footprint amid escalating tensions between the crypto sector and regulators in the United States. The exchange will let institutional users in eligible jurisdictions outside the U.S. to trade in perpetual futures, Coinbase said. The digital assets industry is recovering from several blow-ups last year, including the bankruptcy of Sam Bankman-Fried's crypto exchange FTX. "We would like to see the U.S. take a similar approach instead of regulation by enforcement, which has led to a disappointing trend for crypto development in the U.S.," the crypto exchange said. Separately, another crypto exchange Gemini on Tuesday launched a derivatives platform for trading perpetual futures, outside the U.S. jurisdiction.

☆ 2 JPMorgan buys First Republic Bank's assets
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +6 min

May 1 (Reuters) - JPMorgan Chase & Co (JPM.N), the biggest U.S. bank by assets, said on Monday it will buy most of First Republic Bank's (FRC.N) assets after U.S. regulators seized the troubled bank. low single digits), strategically consistent (US wealth expansion), and system friendly - FDIC loss of only $13B (<est. "First, as with the GFC (Global Financial Crisis,) this once again shows the value of a fortress balance sheet. "Assets such as the U.S. dollar and Japanese yen will be on the radar as traders look for an asset of safety. Still, unlike Silicon Valley Bank and Signature Bank, the FDIC had a buy waiting in the wings.

☆ JPMorgan buys First Republic Bank's assets
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +4 min

May 1 (Reuters) - JPMorgan Chase & Co (JPM.N), the biggest U.S. bank by assets, said on Monday it will buy most of First Republic Bank's (FRC.N) assets after U.S. regulators seized the troubled bank. The collapse marks the third major U.S. lender to fail in less than two months, after a week of panic which saw First Republic lose 75% of its market value as its future turned murkier. "Assets such as the U.S. dollar and Japanese yen will be on the radar as traders look for an asset of safety. "This development will most likely not prevent the Fed from raising U.S. interest rates this week as largely expected. Still, unlike Silicon Valley Bank and Signature Bank, the FDIC had a buy waiting in the wings.

☆ Lazard reports surprise loss on dealmaking slump, cuts jobs
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +2 min

The company also warned of an uncertain outlook for the year and said it would eliminate around 10% of its workforce in 2023, which could result in additional costs of around $95 million. M&A volumes nearly halved in the first quarter from a year earlier, according to data from Dealogic. "Slower M&A activity resulted in significantly lower revenues in the quarter and the outlook for the year remains uncertain," said Lazard CEO Kenneth Jacobs. On an adjusted basis, Lazard reported a loss of $23 million, or 26 cents per share, compared with a profit of $115 million, or $1.05 per share, a year earlier. Analysts had expected a profit of 26 cents per share, as per Refinitiv IBES data.

☆ Lazard reports loss as dealmaking slumps, cuts jobs
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +2 min

April 28 (Reuters) - Lazard Ltd (LAZ.N) on Friday reported a loss in the first quarter as sluggish dealmaking due to economic uncertainty, exacerbated by the banking crisis last month, eroded the investment bank's fees. Its cost-saving measures resulted in a $21 million charge in the first quarter. Global dealmaking activity shrank to its lowest level in more than a decade in the first quarter, with M&A volumes nearly halving from a year earlier, according to data from Dealogic. As a result, Lazard's operating revenue from its financial advisory business fell 29% to $274 million in the first quarter. "Slower M&A activity resulted in significantly lower revenues in the quarter and the outlook for the year remains uncertain," said Kenneth Jacobs, the company's chief executive.

☆ Mastercard profit beats estimates as consumers weather tough economy
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +2 min

Gross dollar volumes, a metric that represents the total dollar value of all transactions processed by Mastercard, rose 15% on a local currency basis to $2.1 trillion. Pent-up demand from consumers tired of lockdowns also helped, driving a 35% surge in Mastercard's cross-border volumes - a gauge of travel demand that tracks spending on cards beyond the country of its issue. Earlier this week, Visa (V.N) beat profit estimates and bet on sustained growth at its payments business. Mastercard's total operating expenses on an adjusted basis rose 10% to $2.4 billion in the first quarter ended March 31. On an adjusted basis, Mastercard earned $2.80 in the quarter, sailing past Wall Street estimates of $2.72 per share, according to Refinitiv IBES data.

First Republic reported a more than $100 billion plunge in deposits in the quarter in the aftermath of the biggest turmoil to hit the banking sector since 2008. Regional bank PacWest Bancorp (PACW.O) fell 9%, Western Alliance Bancorporation (WAL.N) 6%, Zions Bancorp (ZION.O) 5% and brokerage Charles Schwab Corp (SCHW.N) was down 4%. First Republic said on Monday it was "pursuing strategic options" to quickly strengthen the bank, without providing details. Options include an asset sale of up to $100 billion, a source familiar with the situation said on Tuesday. "So it's tough to even describe it as good asset and bad asset," Chiaverini said.

☆ Comerica profit beats as interest income boost offsets deposits fall
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +2 min

April 20 (Reuters) - Comerica Inc (CMA.N) on Thursday beat Wall Street estimates for first-quarter profit, as the regional lender's interest income surged from the U.S. Federal Reserve's rate hikes and helped soften a blow from a fall in deposits. Net interest income (NII), which measures the difference between the interest earned on loans and given out on deposits, rose to $708 million for the three months ended March 31, from $456 million a year earlier. Deposits decreased by $3.7 billion since the beginning of the banking crisis on March 9, largely due to diversification by customers, Comerica said. Reuters GraphicsThe bank reported a profit of $2.39 per share, beating analysts' average estimate of $2.29, according to Refinitiv data. Net income attributable to common shareholders rose to $317 million from $182 million.

☆ AmEx profit takes a hit from reserve buildup as slowdown worries rise
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

[1/2] American Express logo and trading symbol are displayed on a screen at the New York Stock Exchange (NYSE) in New York, U.S., December 6, 2017. "We're mindful of the mixed signals in the external environment," said Chief Executive Stephen Squeri in a statement. AmEx profit fell 13% to $1.8 billion, or $2.40 per share, for the three months ended March 31, missing analysts' average estimate of $2.66 per share, according to Refinitiv data. It expects to earn $11 to $11.40 per share compared to analysts' estimate of $11.10. Reporting by Siddarth S in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

[1/2] American Express logo and trading symbol are displayed on a screen at the New York Stock Exchange (NYSE) in New York, U.S., December 6, 2017. Shares fell as much as 7% to a near three-month low of $154.01 as expenses surged 22% to $11.1 billion in the first quarter, higher than expectations of $10.4 billion. "While the elevated provision does not come as a surprise, the miss on expenses is likely the driving force behind the shares' move lower," UBS analysts wrote in a client note. The company, however, reaffirmed its profit forecast for 2023 as spending by customers on travel and entertainment surged 39%. It expects to earn $11 to $11.40 per share compared to analysts' estimate of $11.10.

☆ Nasdaq profit beats as market volatility bolsters trading
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

April 19 (Reuters) - Nasdaq Inc's (NDAQ.O) first-quarter profit beat Wall Street estimates on Wednesday as increased market volatility boosted trading and helped mitigate a hit to the indexing business of the Transatlantic-exchange operator. Trading volumes rose as investors rejigged their portfolios in response to slowdown worries due to a sharp rise in interest rates, persistently high inflation and the banking crisis. Nasdaq's net trading services revenue rose 1% to $267 million, helped by strong growth in North America that offset the decline in European trading. The New York-based company had in the last quarter reorganized its corporate structure into three divisions — market platforms, capital access platforms and anti-financial crime. Reuters GraphicsThe company's net revenue, excluding transaction-based expenses, rose 2% to $914 million.

[1/2] A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. The company "had a strong Q1 as higher interest rates continued to boost its net interest margin despite rising deposit costs," David Fanger, senior vice president at Moody's Investors Service, said. Reuters GraphicsEconomists expect the U.S. economy to slow in the second half of the year as the Federal Reserve raises interest rates to tame inflation. It expects NII to fall 2% in the second quarter compared with the first three months of this year. The company's revenue, net of interest expense, increased 13% to $26.3 billion, beating estimates of $25.13 billion.

☆ Charles Schwab beats profit estimates on higher rates; deposits drop
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

April 17 (Reuters) - Charles Schwab Corp (SCHW.N) beat first-quarter profit estimates as rate hikes by the Federal Reserve boosted the financial services provider's interest income, even as it struggled with a decline in deposits from the U.S. banking crisis last month. They shed 37% in the first quarter after Charles Schwab was caught up in the banking turmoil triggered by the collapse of two regional U.S. banks last month. Deposits shrank at Charles Schwab as customers moved capital to chase greater returns from other asset classes. The firm's deposits fell to $325.7 million in the first quarter from $366.7 million in the prior quarter. Total net revenue rose 10% to $5.12 billion from $4.67 billion a year earlier.

☆ U.S. regional banks hit by deposit flight as clients seek higher returns
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] A view of the Charles Schwab office location in Manhattan, New York, U.S., November 15, 2021. Deposits at State Street Corp (STT.N) and M&T Bank Corp (MTB.N) fell 3% each, while those at Charles Schwab Corp (SCHW.N) shrank 11% from the prior quarter. Both Schwab and M&T Bank rode a surge in interest income to beat profit expectations, but custodian bank State Street fell short after an outflow of client funds hurt its fees. Its Chief Executive Officer Walter Bettinger addressed commentary about portfolios of debt securities held by banks, including Schwab, which are disclosed as unrealized losses in their earnings. M&T Bank shares were up nearly 6% at $123.70 while State Street stock plunged 11% to $70.98, dragging down peers Northern Trust Corp (NTRS.O) and Bank of New York Mellon Corp (BK.N).

☆ Wells Fargo names Saul Van Beurden as CEO for consumer banking unit
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: 1 min

April 13 (Reuters) - Wells Fargo (WFC.N) has named Saul Van Beurden as the chief executive officer of its consumer and small business banking (CSBB) unit, effective May 15, it said in a statement on Thursday. Reporting by Siddarth S in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ AlphaSense valued at $1.8 billion after CapitalG-backed fundraise
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

April 11 (Reuters) - AlphaSense said on Tuesday it has raised $100 million in a fresh round of funding backed by Alphabet's venture capital arm CapitalG that valued the market intelligence platform at $1.8 billion. Heightened volatility in the stock markets due to the U.S. Federal Reserve's monetary tightening have prompted companies to tap private investors as the appetite for public listings remains subdued. New York-based AlphaSense said it will use the funds to further its advanced artificial intelligence capabilities. Last year, the company was valued at $1.7 billion after raising $225 million. AlphaSense helps its customers extract relevant information from a trove of public and private content such as equity research, earnings calls, company filings and news.

April 5 (Reuters) - Western Alliance Bancorporation (WAL.N) said on Wednesday its first-quarter deposits were 11% lower than at the end of 2022, as customers spooked by the sudden collapse of two U.S. mid-sized lenders pulled out funds. Western Alliance said total deposits were $47.6 billion as of March 31, down from $53.6 billion at the end of 2022. Total insured deposits represented roughly 68% of its total deposits, significantly higher than the proportion at year-end. The collapses triggered the biggest banking crisis since 2008 and stoked heavy volatility in the sector, worsening existing jitters of an imminent recession. Analysts at RBC Capital Markets wrote in a note that while Western Alliance has reported a large decrease in deposits it believes that "this is ultimately an acceptable and manageable outcome for the company."

☆ Factbox: JPMorgan's Dimon comments on banking crisis and AI in annual letter
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +5 min

April 4 (Reuters) - The U.S. banking crisis is ongoing and will have effects for years to come, JPMorgan Chase & Co (JPM.N) CEO Jamie Dimon wrote in a letter to shareholders on Tuesday. Here are some snippets from the letter:ON BANKING CRISIS* "Regarding the current disruption in the U.S. banking system, most of the risks were hiding in plain sight." * "While this crisis will pass, lessons will be learned, which will result in some changes to the regulatory system. * "The debate should not always be about more or less regulation but about what mix of regulations will keep America's banking system the best in the world." * "Regulatory arbitrage is already forcing many activities, from certain types of lending to certain types of trading, outside the banking system."

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