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☆ Wall Street ends sharply higher, dollar dips on UK U-turn, strong earnings
▼ + stars: | 2022-10-17 | by ( Stephen Culp | ) www.reuters.com time to read: +4 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. All three major U.S. stock indexes rallied to end the session 1.9% to 3.4% higher while and the dollar lost ground against a basket of world currencies. "The catalysts that have triggered in the markets year-to-date are well-known," said Joseph Sroka, chief investment officer at NovaPoint in Atlanta. The pan-European STOXX 600 index (.STOXX) rose 1.83% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) gained 2.09%. Emerging market stocks rose 0.32%.

☆ Wall Street rallies after BofA results, UK reversal
▼ + stars: | 2022-10-17 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 7, 2022. Register now for FREE unlimited access to Reuters.com RegisterFellow financial Bank of NY Mellon Corp (BK.N) also benefited from higher interest rates, and its shares climbed 5.08%. The S&P 500 banks index (.SPXBK) was up 3.48%, while each of the 11 major S&P 500 sector were higher. Tesla Inc (TSLA.O), Netflix (NFLX.O) and Johnson & Johnson (JNJ.N) are among companies expected to report results later in the week. The S&P 500 posted no new 52-week highs and 2 new lows; the Nasdaq Composite recorded 83 new highs and 146 new lows.

☆ U.S. stocks surge, dollar dips on solid earnings, UK policy U-turn
▼ + stars: | 2022-10-17 | by ( Stephen Culp | ) www.reuters.com time to read: +4 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. A broad-based rally sent all three major U.S. stock indexes sharply higher, while Treasury yields eased and the dollar lost ground. European stocks closed sharply higher on the UK's financial policy reversal. Emerging market stocks rose 0.37%. The euro and sterling gained strength following Hunt's announced policy reversal, causing the greenback to lose ground against a basket of major world currencies.

☆ Wall Street jumps after BofA results, UK reversal
▼ + stars: | 2022-10-17 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 7, 2022. Fellow financial Bank of NY Mellon Corp (BK.N) also benefited from higher interest rates, and its shares climbed 5.23%. Overall, higher rates boosted interest incomes for lenders in the third quarter, giving investors hope the current earnings season will be better-than-feared. The S&P 500 Growth index (.IGX) gained 3.57%,Tesla Inc (TSLA.O), Netflix (NFLX.O) and Johnson & Johnson (JNJ.N) are also expected to report results later in the week. The S&P 500 posted no new 52-week highs and 2 new lows; the Nasdaq Composite recorded 65 new highs and 122 new lows.

☆ Wall Street rallies, dollar dips on solid earnings, UK policy U-turn
▼ + stars: | 2022-10-17 | by ( Stephen Culp | ) www.reuters.com time to read: +3 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. "More and more economists are embracing recession," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. "Usually when the market has discounted everything - and I believe it has - usually (the last months of the year) are positive for the stock market." Emerging market stocks rose 0.42%. Treasury prices rose, tracking similar moves in the UK bond market, pushing benchmark Treasury yields lower for the first time in three days.

Oct 17 (Reuters) - Bank of America Corp (BAC.N) on Monday reported a smaller-than-expected 9% drop in quarterly profit, as its interest income was bolstered by rising interest rates that offset a slump in investment banking. BofA holds a large base of consumer deposits, compared with its main rivals, making it more sensitive to any changes in interest rates. "Consumers remain resilient," Bank of America Chief Executive Officer Brian Moynihan told analysts on a conference call. The bank, however, added $378 million to its loan-loss reserves as it braces for a weakening economy. Citigroup Inc (C.N) wrote down $110 million on leveraged loans in the third quarter, down from $126 million in the previous quarter.

Register now for FREE unlimited access to Reuters.com Register"This is a direct result of higher interest rates offered by the banks looking very attractive compared to other risk assets. Bank of NY Mellon Corp (BK.N) also benefited from higher rates, sending its shares up 6.1%. Overall, higher rates boosted interest incomes for lenders in the third quarter but turbulent markets choked off dealmaking and banks set aside more funds to brace for an economic slowdown. read moreThe S&P 500 banks index (.SPXBK) was up 3.8%. All the 11 S&P 500 sector indexes were higher with technology (.SPLRCT), communication services (.SPLRCL) and consumer discretionary (.SPLRCD) leading with near 3% gains each.

☆ Wall Street set to open higher as BofA rises on earnings beat
▼ + stars: | 2022-10-17 | by ( Ankika Biswas | ) www.reuters.com time to read: +3 min

Bank of America Corp (BAC.N) rose 2.8% in premarket trading as the lender benefited from higher net interest income in its third quarter, even though it added $378 million to its loan-loss reserves. Register now for FREE unlimited access to Reuters.com Register"This is a direct result of higher interest rates offered by the banks looking very attractive compared to other risk assets. Bank of NY Mellon Corp (BK.N) also benefited from higher rates, sending its shares up 4.7%. Overall, higher rates boosted interest incomes for lenders in the third quarter but turbulent markets choked off dealmaking and banks set aside more funds to brace for an economic slowdown. Tesla Inc (TSLA.O), Netflix (NFLX.O) and Johnson & Johnson (JNJ.N) are also expected to report results later in the week.

Bank of America holds a large base of consumer deposits, compared with its main rivals, making it more sensitive to any changes in interest rates. Its net interest income jumped 24% in the third quarter. JPMorgan Chase & Co (JPM.N) Citigroup Inc (C.N), and Wells Fargo & Co (WFC.N) also saw their net interest income rise in the same period. read moreThe bank's leveraged loan losses were lower in the third quarter than in the second, Borthwick said. Peer Citi also wrote down $110 million on leveraged loans in the third quarter, down from $126 million in the previous quarter.

The second-largest U.S. bank added $378 million to its loan-loss reserves as it braces for a weakening economy. The U.S. Federal Reserve's aggressive monetary policy actions to tamp down inflation have sparked concerns that the economy could slip into a recession as interest rates rise. The bank's consumer business reported a 12% jump in revenue, helped by higher balances and a rise in interest rates. Investment-banking fees fell 46% as global dealmaking shrank for the third consecutive quarter after a blockbuster 2021. Net profit applicable to common shareholders was $6.6 billion, or 81 cents a share, for the quarter ended Sept. 30, compared with $7.3 billion, or 85 cents a share, a year earlier.

☆ Wall St futures higher with focus on earnings
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures: Dow 0.78%, S&P 0.93%, Nasdaq 1.12%Oct 17 (Reuters) - U.S. stock index futures were higher on Monday, after a roller-coaster week, as investors focused on the third-quarter earnings season to assess the impact of decades-high inflation and rising interest rates on corporate profit. Tesla Inc (TSLA.O), Netflix (NFLX.O) and Johnson & Johnson (JNJ.N) are also expected to report their results later in the week. Analysts now expect profit for S&P 500 companies to have risen just 3.6% from a year ago, much lower than an 11.1% increase expected at the start of July, according to Refinitiv IBES data. ET, Dow e-minis were up 231 points, or 0.78%, S&P 500 e-minis were up 33.5 points, or 0.93%, and Nasdaq 100 e-minis were up 120.75 points, or 1.12%. Investors now await another test for gilts from a new tax proposal due later in the day from Kwarteng's successor Jeremy Hunt.

☆ Bank of America CEO says U.S. consumers still in good financial health
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: 1 min

NEW YORK, Oct 12 (Reuters) - Bank of America Corp (BAC.N) Chief Executive Officer Brian Moynihan said U.S. consumers are still in good financial health. "Right now, they're in very good shape," Moynihan told attendees at an Institute of International Finance conference in Washington. He cited high savings rates, strong credit quality, and a 10% increase in consumer spending so far in October. Register now for FREE unlimited access to Reuters.com RegisterReporting by Lananh Nguyen and Saeed Azhar Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

Typically, banks would sell the debt to investors and pocket an underwriting fee. Elon Musk vs TwitterThe debate, currently a topic of conversation among investment bankers and debt investors, provides a window into the havoc wreaked on Wall Street by Musk’s U-turn last week. Musk, however, conditioned his proposal on his ability to secure debt financing and now has until Oct. 28 to close on the transaction. VARIOUS OPTIONSThe debt financing package is comprised of leveraged loans, which are risky because of the amount of debt the company is taking on, as well as secured and unsecured bonds. In September, banks financing the Citrix buyout undertook a similar restructuring.

Oct 28 (Reuters) - Elon Musk on Thursday closed the $44 billion deal announced in April to take Twitter Inc (TWTR.N) private and took ownership of the influential social media platform by firing top executives immediately. read more Earlier this month, Musk brought the deal back on the table after previously trying to walk away from it. Musk pledged to provide $46.5 billion in equity and debt financing for the acquisition, which covered the $44 billion price tag and the closing costs. That had left Musk in need for an additional $22.4 billion of funds to cover the equity financing portion of the deal. Musk would have needed to raise an additional $2 billion to $3 billion to complete the financing for the deal.

☆ U.S. business equipment borrowings grow 4% in August - ELFA
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterThe skyline is seen in Manhattan, New York City, U.S., August 21, 2021. "With the Fed's most recent 75-basis-point jump in short-term interest rates, and the prospect of a hard landing, time will tell whether — and to what extent — these same business owners continue to grow and invest in equipment," ELFA Chief Executive Ralph Petta said in a statement. The Washington-based body's leasing and finance index measures the volume of commercial equipment financed in the United States. The Equipment Leasing & Finance Foundation, ELFA's non-profit affiliate, said its confidence index in September stood at 48.7%, compared with 50% in August. Register now for FREE unlimited access to Reuters.com RegisterReporting by Kannaki Deka in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Banks close painful Citrix debt chapter with $700 mln loss -source
▼ + stars: | 2022-09-21 | by ( Abigail Summerville | Matt Tracy | ) www.reuters.com time to read: +3 min

Citrix Systems logo is seen on smartphone placed on U.S. While the syndication was completed successfully, it was done at a steep discount to the levels that the banks underwrote the debt. It was also buoyed by one of Citrix's acquirers, hedge fund Elliott Management, helping out by buying $1 billion in bonds, a second source said. They also sold a $4 billion three-year Citrix bond for 83.6 cents on the dollar, resulting in a higher than expected yield of 10%, the sources added. More debt syndication pain for the banks is on the way.

☆ Factbox: Meet the big bank CEOs set to be grilled by Congress
▼ + stars: | 2022-09-20 | by ( Pete Schroeder | ) www.reuters.com time to read: +5 min

In his prepared testimony, Moynihan touted the firm's focus on "responsible growth" as critical to its stability and strength. CITIGROUP INCJane Fraser, the first woman to lead a major Wall Street bank, was appointed in March 2021. In her prepared testimony, Fraser said the bank had made "significant progress" in divesting from those areas, while supporting institutional clients. U.S. Bancorp is currently the fifth largest bank in the U.S. with $582 billion in assets, and the largest bank outside of the "globally systemic" firms. Rogers describes the bank as "purpose-driven" in his prepared testimony, and highlighted efforts to boost investment in lower income and majority-minority communities.

☆ Anthony Gonzalez snags GoodRx, Marie Newman sells Moderna, Gary Peters buys fossil fuel burners
▼ + stars: | 2021-04-26 | by ( Dave Levinthal | ) www.businessinsider.com time to read: +8 min

Newman sells ModernaLast week, Insider reporters Kimberly Leonard and Warren Rojas profiled the stock trades of Rep. Marie Newman, a freshman Democrat from Illinois, and her husband. On Wednesday, Newman reported that she or her husband made additional stock trades in January. And he and his wife last week reported making dozens of different stock trades and financial moves during March. Rep. Josh Gottheimer, a Democrat from New Jersey, made more than 60 stock trades during March. Rep. John Yarmuth, a Democrat from Kentucky, meanwhile made nearly 20 stock trades during March.

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