Bond yields fall on doubts about Fed rate hike, 10-year pares losses after falling below 2.3%

U.S. government debt prices were significantly higher on Friday as investors responded to Janet Yellen’s two-day address to Congress, and the release of soft Consumer Price Index data and retail sales reports. Earlier today, the 10-year Treasury note hit a low of 2.279 percent, its lowest level since June 30. 10-year intraday chartSource: FactSetThe Federal Reserve is expected to raise rates by December, but with weaker retail sales and stagnant CPI, investors are beginning to doubt those expect


U.S. government debt prices were significantly higher on Friday as investors responded to Janet Yellen’s two-day address to Congress, and the release of soft Consumer Price Index data and retail sales reports. Earlier today, the 10-year Treasury note hit a low of 2.279 percent, its lowest level since June 30. 10-year intraday chartSource: FactSetThe Federal Reserve is expected to raise rates by December, but with weaker retail sales and stagnant CPI, investors are beginning to doubt those expect
Bond yields fall on doubts about Fed rate hike, 10-year pares losses after falling below 2.3% Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-14  Authors: thomas franck
Keywords: news, games, cnbc, companies, second, pares, fed, falling, bond, yields, treasury, hike, consumer, fall, rate, sales, price, versus, losses, trump, yield, doubts, expected, retail


Bond yields fall on doubts about Fed rate hike, 10-year pares losses after falling below 2.3%

U.S. government debt prices were significantly higher on Friday as investors responded to Janet Yellen’s two-day address to Congress, and the release of soft Consumer Price Index data and retail sales reports.

The yield on the benchmark 10-year Treasury note, which moves inversely to price, fell sharply to around 2.319 percent, while the yield on the 30-year Treasury bond was also lower at 2.909 percent.

Earlier today, the 10-year Treasury note hit a low of 2.279 percent, its lowest level since June 30.

10-year intraday chart

Source: FactSet

The Federal Reserve is expected to raise rates by December, but with weaker retail sales and stagnant CPI, investors are beginning to doubt those expectations.

“This is a game change for market expectations. Now it’s when does the fed respond and what does transitory really mean,” said Ian Lyngen, BMO head US rate strategist. “It just means easier monetary policy and lower rates for longer – that’s the narrative that the equity market is following at the moment.”

On the data front, U.S. retail sales dropped 0.2 percent in June versus the expected 0.1 percent increase on Friday. U.S. Consumer Price Index remained unchanged in June versus the 0.2 percent increase expected. U.S. consumer sentiment fell to 93.1 in a preliminary survey, missing expectations of 95 percent, according to the University of Michigan.

“Getting another rate hike off in 2017 is more of an open question,” wrote JPMorgan chief U.S. economist Michael Feroli. “[It] will importantly hinge on the second half CPI reports.”

President Trump is in Paris for a second day Friday as he visits French President Emmanuel Macron for Bastille Day celebrations.

Meanwhile, U.S. senior Democrat Nancy Pelosi called on Thursday for an independent body to investigate what she described as “cold, hard evidence” that the Trump family played a role alongside Russia in influencing last year’s presidential election.

In oil markets, Brent crude traded at around $48.79 a barrel on Friday morning, up 0.76 percent, while U.S. crude was around $46.43 a barrel, up 0.76 percent.

— CNBC’s Gina Francolla and Patti Domm contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2017-07-14  Authors: thomas franck
Keywords: news, games, cnbc, companies, second, pares, fed, falling, bond, yields, treasury, hike, consumer, fall, rate, sales, price, versus, losses, trump, yield, doubts, expected, retail


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Jamie Dimon blows up at DC’s dysfunction, says he’s tired of ‘listening to the stupid s—‘

JPMorgan Chase CEO Jamie Dimon expressed frustration at the U.S. federal government during the company’s earnings conference call Friday. “It’s almost an embarrassment being an American citizen traveling around the world and listening to the stupid s— we have to deal with in this country,” Dimon said in response to an analyst question. “What I’m saying is it would be much stronger growth had we made intelligent decisions and were there not gridlock.” Dimon also blasted the press in a separate


JPMorgan Chase CEO Jamie Dimon expressed frustration at the U.S. federal government during the company’s earnings conference call Friday. “It’s almost an embarrassment being an American citizen traveling around the world and listening to the stupid s— we have to deal with in this country,” Dimon said in response to an analyst question. “What I’m saying is it would be much stronger growth had we made intelligent decisions and were there not gridlock.” Dimon also blasted the press in a separate
Jamie Dimon blows up at DC’s dysfunction, says he’s tired of ‘listening to the stupid s—‘ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-14  Authors: evelyn cheng, win mcnamee, getty images, larry downing
Keywords: news, games, cnbc, companies, deal, trillion, dysfunction, gridlock, dcs, growth, listening, tired, response, american, jpmorgan, stupid, earnings, separate, blows, hes, jamie, dimon


Jamie Dimon blows up at DC's dysfunction, says he's tired of 'listening to the stupid s---'

JPMorgan Chase CEO Jamie Dimon expressed frustration at the U.S. federal government during the company’s earnings conference call Friday.

“It’s almost an embarrassment being an American citizen traveling around the world and listening to the stupid s— we have to deal with in this country,” Dimon said in response to an analyst question.

“Since the Great Recession, which is now 8 years old, we’ve been growing at 1.5 to 2 percent in spite of stupidity and political gridlock, because the American business sector is powerful and strong,” he said. “What I’m saying is it would be much stronger growth had we made intelligent decisions and were there not gridlock.”

The executive of the U.S. banking giant cited travels to countries such as France, Argentina, Israel and Ireland. The U.S. has become “one of the most bureaucratic, confusing, litigious societies on the planet” and “it’s hurting the average American that we don’t have these right policies,” he said.

Earlier Friday, JPMorgan Chase reported earnings that handily beat Wall Street estimates. However, the bank lowered its forecast for lending revenue.

Dimon also blasted the press in a separate conference call Friday for focusingon the bank’s quarterly results and missingthe bigger picture.

Shares briefly fell more than 1.5 percent.

Despite the Republican majority in Congress, Washington has been caught in gridlock over a new health care bill, which is seen as a precursor to passing new legislation on tax reform. The Senate this week cut short its August recess by two weeks in order to deal with the debate.

In response to a separate question, Dimon said government regulation on banks was preventing economic growth, by keeping certain home buyers and small startups from getting funding.

“The counterfactual would have been that a trillion dollars or 2 trillion would have been lent out had these rules been changed five years ago,” he said. “There’s a false notion that all this stuff didn’t hold back the economy. Yes, it did.”

Here’s most of the full rant:


Company: cnbc, Activity: cnbc, Date: 2017-07-14  Authors: evelyn cheng, win mcnamee, getty images, larry downing
Keywords: news, games, cnbc, companies, deal, trillion, dysfunction, gridlock, dcs, growth, listening, tired, response, american, jpmorgan, stupid, earnings, separate, blows, hes, jamie, dimon


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Dimon blasts financial press: ‘Who cares about fixed income trading in the last two weeks of June?’

“Who cares about fixed income trading in the last two weeks of June? the bank executive said on a call with journalists following the firm’s second quarter earnings report. Citi also said Friday that its second-quarter revenue from fixed income trading fell 6 percent. For the second quarter, JPMorgan reported a year-on-year 19 percent decline in fixed income trading revenues, compared with a 17 percent increase in the prior quarter and a 35 percent jump in the second quarter of 2016. The decline


“Who cares about fixed income trading in the last two weeks of June? the bank executive said on a call with journalists following the firm’s second quarter earnings report. Citi also said Friday that its second-quarter revenue from fixed income trading fell 6 percent. For the second quarter, JPMorgan reported a year-on-year 19 percent decline in fixed income trading revenues, compared with a 17 percent increase in the prior quarter and a 35 percent jump in the second quarter of 2016. The decline
Dimon blasts financial press: ‘Who cares about fixed income trading in the last two weeks of June?’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-14  Authors: evelyn cheng, giulia marchi, bloomberg, getty images, larry downing
Keywords: news, games, cnbc, companies, second, blasts, secondquarter, trading, press, quarter, yields, income, weeks, fixed, cares, jpmorgan, volatility, bank, financial, dimon


Dimon blasts financial press: 'Who cares about fixed income trading in the last two weeks of June?'

JPMorgan Chase CEO Jamie Dimon had some critical words Friday for reporters overly scrutinizing the bank’s second-quarter report.

“Who cares about fixed income trading in the last two weeks of June? I mean seriously?” the bank executive said on a call with journalists following the firm’s second quarter earnings report.

“That is the weather. It goes up and down, this and that, and that’s 80 percent of what you guys focus on,” he said.

The last week of June was one to watch in the bond market. U.S. Treasury yields hit multiweek highs on June 27 as global sovereign bond yields climbed after European Central Bank President Mario Draghi said, “reflationary forces are at play.”

JPMorgan spokesman Joe Evangelisti told CNBC that Dimon’s comments were meant to also refer to all Americans, in the context that bad public policy is a much more significant factor when considering how the bank and the U.S. economy will perform.

During a separate call with analysts Friday, Dimon went on a minutes-long rant about how the U.S. has become “one of the most bureaucratic, confusing, litigious societies on the planet.”

However, low volatility has plagued markets for the majority of the last several months. Citi also said Friday that its second-quarter revenue from fixed income trading fell 6 percent.

For the second quarter, JPMorgan reported a year-on-year 19 percent decline in fixed income trading revenues, compared with a 17 percent increase in the prior quarter and a 35 percent jump in the second quarter of 2016. That quarter included the U.K. vote to leave the European Union, which jolted global markets.

The decline in second-quarter fixed income trading revenue was “due to reduced flows driven by sustained low volatility and tighter credit spreads, against a strong prior year,” JPMorgan said in a presentation.

Overall quarterly earnings topped Wall Street expectations, but a cut to guidance for net interest income growth also overshadowed the beat. Shares fell 1.3 percent Friday.

— CNBC’s Liz Moyer contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2017-07-14  Authors: evelyn cheng, giulia marchi, bloomberg, getty images, larry downing
Keywords: news, games, cnbc, companies, second, blasts, secondquarter, trading, press, quarter, yields, income, weeks, fixed, cares, jpmorgan, volatility, bank, financial, dimon


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Bond, stock trading revenues drop on sleepy Wall Street

JPMorgan Chase and Citigroup reported lower trading results for the second quarter and the signs aren’t pointing to a rebound in the fall. The bank’s revenue from fixed income trading fell 19 percent from last year, and 24 percent from the first quarter. For the year through June, fixed income trading revenue is down 2 percent. JPMorgan said revenue in that business was down 1 percent from last year’s second quarter and this year’s first quarter. Trading once propelled Wall Street’s big banks to


JPMorgan Chase and Citigroup reported lower trading results for the second quarter and the signs aren’t pointing to a rebound in the fall. The bank’s revenue from fixed income trading fell 19 percent from last year, and 24 percent from the first quarter. For the year through June, fixed income trading revenue is down 2 percent. JPMorgan said revenue in that business was down 1 percent from last year’s second quarter and this year’s first quarter. Trading once propelled Wall Street’s big banks to
Bond, stock trading revenues drop on sleepy Wall Street Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-14  Authors: liz moyer, michael nagle, bloomberg, getty images
Keywords: news, games, cnbc, companies, second, trading, bond, quarter, big, revenues, street, sleepy, wall, stock, drop, volatility, markets, revenue, banks, lower


Bond, stock trading revenues drop on sleepy Wall Street

Markets are a little too calm, at least as far as Wall Street is concerned.

JPMorgan Chase and Citigroup reported lower trading results for the second quarter and the signs aren’t pointing to a rebound in the fall.

Bankers had already warned in recent weeks that revenue from bond and stock trading would be lower than the strong first quarter and compare less favorably to the second quarter last year, when markets were jolted by the United Kingdom’s vote to leave the European Union. There wasn’t any such excitement this year to stoke the volatility needed to boost trading.

“This quarter, conversely, can be characterized by a lack of idiosyncratic events,” said Marianne Lake, JPMorgan’s chief financial officer, on a conference call with analysts Friday morning, according to a transcript by FactSet. The bank’s revenue from fixed income trading fell 19 percent from last year, and 24 percent from the first quarter. For the year through June, fixed income trading revenue is down 2 percent.

Stock trading wasn’t robust, either. JPMorgan said revenue in that business was down 1 percent from last year’s second quarter and this year’s first quarter. It’s up about 1 percent for the year. At Citigroup, equity trading fell 11 percent, reflecting “episodic activity in the prior year period, as well as low volatility in the current quarter.”

The expectations aren’t high for other big banks due to report later this month, including Goldman Sachs, Morgan Stanley and Bank of America, whose CEO said last month that trading revenue was likely to be lower than last year.

Trading once propelled Wall Street’s big banks to big profits, but the business has taken a hit from increased regulation and market forces driving profit lower.

Low volatility is a culprit, too. The CBOE Volatility Index, otherwise known as Wall Street’s “fear gauge,” is near decade-old lows and doesn’t seem ready to reverse course. The Federal Reserve is sticking to its plan to gradually raise rates, and uncertainty about how much of President Trump’s agenda will get done hasn’t stopped markets from rallying.

“While it wouldn’t be herculean to suggest volatility rises a bit from here, barring anything that comes out of left field, we don’t envision a strong advance,” said Bryan Reilly, a senior investing analyst at CIBC Atlantic Trust.

A broad shift by investors away from actively managed funds to passive, index strategies is exacerbating the problem, Reilly says, by reducing the amount of portfolio turnover that would give bank trading desks something to do.


Company: cnbc, Activity: cnbc, Date: 2017-07-14  Authors: liz moyer, michael nagle, bloomberg, getty images
Keywords: news, games, cnbc, companies, second, trading, bond, quarter, big, revenues, street, sleepy, wall, stock, drop, volatility, markets, revenue, banks, lower


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Shkreli ‘went on warpath’ after he was booted as CEO: Retrophin CEO

Shkreli also told Retrophin investors he planned to produce a generic drug equivalent for one of Retrophin’s products, which could harm company revenue, Aselage said. Under cross examination, Aselage said of Shkreli, “Intellectually he may have the brightest intellect of anyone I’ve ever run into.” Aselage said, “Mr. Shkreli was doing a lot of good things.” “We wanted to put him in business strategy or business development, something where he could still use his interest and his intellect, but n


Shkreli also told Retrophin investors he planned to produce a generic drug equivalent for one of Retrophin’s products, which could harm company revenue, Aselage said. Under cross examination, Aselage said of Shkreli, “Intellectually he may have the brightest intellect of anyone I’ve ever run into.” Aselage said, “Mr. Shkreli was doing a lot of good things.” “We wanted to put him in business strategy or business development, something where he could still use his interest and his intellect, but n
Shkreli ‘went on warpath’ after he was booted as CEO: Retrophin CEO Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-14  Authors: dan mangan, peter foley, bloomberg, getty images, elizabeth williams
Keywords: news, games, cnbc, companies, ceo, lot, good, went, booted, warpath, funds, shkreli, company, stock, investors, retrophin, aselage, retrophins


Shkreli 'went on warpath' after he was booted as CEO: Retrophin CEO

Shkreli also told Retrophin investors he planned to produce a generic drug equivalent for one of Retrophin’s products, which could harm company revenue, Aselage said.

“The defendant and three of his friends broke into the offices,” Aselage said, and then downloaded files from Retrophin’s computer servers.

Before being ousted, Aselage said, Shkreli had told Retrophin’s board that he wanted a unit within the company to be allowed to operate effectively as a hedge fund trading biopharmaceutical stocks — despite concerns of the board.

“The analogy he gave us was like was a mother lion and he was training his cubs to kill,” Aselage said.

Shkreli, 34, is accused of looting Retrophin of tens of thousands of shares of stock as well as cash to give to investors in two hedge funds he previously ran. Prosecutors charge that he defrauded those investors at the funds, whose financial performance was poor at the time he was issuing glowing financial statements.

Under cross examination, Aselage said of Shkreli, “Intellectually he may have the brightest intellect of anyone I’ve ever run into.”

But Aselage went on to say, “There’s also a lot of self-aggrandizing… a lot of ego that comes out of Mr. Shkreli and some insensitivity with how he deals with other people.”

“If he likes somebody, he has great people skills, or if he wants to use somebody,” Aselage said.

“In day-to-day interactions with other people, he doesn’t seem to see other people as important if they don’t fit into the scheme of what he wants to do.”

Shkreli’s lawyer Benjamin Brafman asked Aselage why he made positive comments about Shkreli in a Retrophin press release at the same time he supposedly believed Shkreli was acting inappropriately at the company.

Aselage said, “Mr. Shkreli was doing a lot of good things.”

“While he was doing some very good things, he was doing some very bad things, that were the tip of the iceberg of what we knew,” Aselage said. “What he did well doesn’t make him less accountable for what he didn’t do well.”

In his testimony, Aselage detailed a series of events that led Retrophin members to consider having Shkreli step down as CEO in 2014, and move into another role at the company that would better suit his talents.

‘”The ongoing assessment was that while Martin brought a lot of good ideas to the company, he wasn’t actually managing the company, and management needed to be bought to the company for it to survive,” Aselage said.

“We wanted to put him in business strategy or business development, something where he could still use his interest and his intellect, but not be responsible for running the company,” Aselage said.

Aselage said Retrophin’s board had learned that Shkreli had used company funds to hire private investigators to dig up information on individuals, and some board members had “significant concerns about this ongoing use of Twitter” to talk about Retrophin.

Shkreli’s tweets “tended to be immature and not particularly relevant and not particularly appropriate for the CEO of a publicly traded company,” Aselage said.

In one case, he said, Shkreli tweeted while the stock market was open that he was having “the best day of his life,” which worried Aselage and other directors that Shkreli’s followers would believe he was telegraphing non-public information about Retrophin stock.


Company: cnbc, Activity: cnbc, Date: 2017-07-14  Authors: dan mangan, peter foley, bloomberg, getty images, elizabeth williams
Keywords: news, games, cnbc, companies, ceo, lot, good, went, booted, warpath, funds, shkreli, company, stock, investors, retrophin, aselage, retrophins


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Wells Fargo earnings: $1.07 a share, vs $1.01 EPS expected

Wells Fargo, the third-largest U.S. bank by assets, easily beat Wall Street expectations with second-quarter earnings of $1.07 per share but revenue was light and shares fell. The bank had been expected to show profit of $1.01 per share on revenue of $22.47 billion. Bottom-line earnings got a boost from a 4-cent tax benefit on the sale of Wells Fargo Insurance Services. Wells Fargo recently joined its peers in having its capital plans approved following Fed stress tests. The bank upped its divid


Wells Fargo, the third-largest U.S. bank by assets, easily beat Wall Street expectations with second-quarter earnings of $1.07 per share but revenue was light and shares fell. The bank had been expected to show profit of $1.01 per share on revenue of $22.47 billion. Bottom-line earnings got a boost from a 4-cent tax benefit on the sale of Wells Fargo Insurance Services. Wells Fargo recently joined its peers in having its capital plans approved following Fed stress tests. The bank upped its divid
Wells Fargo earnings: $1.07 a share, vs $1.01 EPS expected Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-14  Authors: jeff cox
Keywords: news, games, cnbc, companies, share, trading, fargo, billion, wells, 101, vs, earnings, following, 107, eps, revenue, expected, bank, shares


Wells Fargo earnings: $1.07 a share, vs $1.01 EPS expected

Wells Fargo, the third-largest U.S. bank by assets, easily beat Wall Street expectations with second-quarter earnings of $1.07 per share but revenue was light and shares fell.

The decline in the stock price wiped out Wells’ gains for the year.

The bank had been expected to show profit of $1.01 per share on revenue of $22.47 billion. Revenue came in at $22.17 billion. Shares dropped more than 1 percent in premarket trading following the release.

Total profit was $5.81 billion, or 4.5 percent from a year ago.

Big banks shares overall were taking a hit before the bell as traders were disappointed as well in earnings from JPMorgan Chase and Citigroup. Trading was lower across the board; net gains from trading for Wells declined 28 percent for the quarter.

Bottom-line earnings got a boost from a 4-cent tax benefit on the sale of Wells Fargo Insurance Services.

Total average deposits were $1.3 trillion, up $64.5 billion, or 5 percent and total average loans stood at $956.9 billion, up $6.1 billion, or 1 percent. Mortgage banking income tumbled 18 percent to $1.15 billion.

The closely watched return on equity metric stood at 11.95 percent, ahead of the 10 percent cost of capital benchmark.

The report comes at a critical time for the bank, which has been battling reputation damage done following revelations last year that employees had been creating millions of accounts for customers without their knowledge.

“Second quarter 2017 results demonstrated the benefit of our diversified business model as we continued to generate strong financial results, invest for the future, and adhere to our prudent risk discipline,” CEO Tim Sloan said in a statement.

Just this week, Fed Chair Janet Yellen called the bank’s behavior “egregious” and said regulators were continuing to look at the situation and would take action if necessary. Sen. Elizabeth Warren [D-Massachusetts] has been Congress’ harshest critic of the bank, calling for removal of all 12 directors in place when the scandal unfolded.

“We continue to make process on rebuilding trust, which is our top priority,” Sloan said on the earnings call with analysts.

Wells Fargo recently joined its peers in having its capital plans approved following Fed stress tests. The bank upped its dividend a penny to 39 cents a share and intends to buy back $11.5 billion of shares.

The stock is up less than 1 percent in 2017, vastly underperforming its peers. The KBW Nasdaq Bank Index is up 5.6 percent year to date.


Company: cnbc, Activity: cnbc, Date: 2017-07-14  Authors: jeff cox
Keywords: news, games, cnbc, companies, share, trading, fargo, billion, wells, 101, vs, earnings, following, 107, eps, revenue, expected, bank, shares


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An ex-Soviet counterintelligence officer was in the Donald Trump Jr meeting

Akhmetshin added that Trump Jr. lost interest after that, the AP reported, and “they couldn’t wait for the meeting to end.” Trump Jr. agreed to the meeting after being offered compromising material on then-candidate Hillary Clinton, according to emails he released this week. Veselnitskaya told NBC News she had at least one other guest with her in the meeting, but declined to say who he was. In messages from Goldstone to Trump Jr., Veselnitskaya was characterized as a “Russian government attorney


Akhmetshin added that Trump Jr. lost interest after that, the AP reported, and “they couldn’t wait for the meeting to end.” Trump Jr. agreed to the meeting after being offered compromising material on then-candidate Hillary Clinton, according to emails he released this week. Veselnitskaya told NBC News she had at least one other guest with her in the meeting, but declined to say who he was. In messages from Goldstone to Trump Jr., Veselnitskaya was characterized as a “Russian government attorney
An ex-Soviet counterintelligence officer was in the Donald Trump Jr meeting Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-14  Authors: jacob pramuk, michael sheetz
Keywords: news, games, cnbc, companies, russian, exsoviet, meeting, officer, veselnitskaya, told, reported, trump, donald, nbc, counterintelligence, campaign, friend, jr


An ex-Soviet counterintelligence officer was in the Donald Trump Jr meeting

When Russian lawyer Natalia Veselnitskaya met with members of then-candidate Donald Trump’s campaign team, she brought a guest — a former Soviet counterintelligence officer.

The man at the June 2016 meeting with Donald Trump Jr., Jared Kushner and Paul Manafort is a Russian-born American lobbyist who also served in the Soviet military, NBC News reported. The lobbyist, Rinat Akhmetshin, has been reported to have ties with Russian intelligence, though he denies the connections.

Some U.S. officials suspect otherwise, NBC said.

Akhmetshin told The Associated Press the meeting was “not substantive” and he “actually expected more serious” discussion. The AP reported that Akhmetshin said the younger Trump asked Veselnitskaya for “evidence of illicit money flowing to the Democratic National Committee, but Veselnitskaya said she didn’t have that information.” Akhmetshin added that Trump Jr. lost interest after that, the AP reported, and “they couldn’t wait for the meeting to end.”

“I never thought this would be such a big deal to be honest,” he told AP.

Trump Jr. agreed to the meeting after being offered compromising material on then-candidate Hillary Clinton, according to emails he released this week. Veselnitskaya told NBC News she had at least one other guest with her in the meeting, but declined to say who he was.

The revelation adds a new layer to the meeting, which has drawn the attention of congressional and possibly federal investigators. Congressional committees and a special counsel appointed by the Justice Department are looking into Russian attempts to influence the 2016 election and whether the Trump campaign coordinated with the Kremlin.

Trump Jr.’s lawyer, Alan Futerfas, told NBC that two other people came to the meeting with Veselnitskaya, one who was described as a translator and one described as a “friend of Emin’s and maybe as a friend of Natalia’s.” Emin Agalarov is a Russian pop singer whose billionaire father, Aras, is a friend of President Trump.

Futerfas told NBC he spoke with the “friend,” but it is not clear if that person is the same one who U.S. officials suspect could have ties to Russian intelligence. The person Futerfas spoke to told the lawyer that he was not working for the Russian government, according to NBC.

In the emails released this week by the younger Trump, Emin Agalarov’s agent, Rob Goldstone, said the Agalarovs were involved in setting up Trump Jr.’s meeting with Veselnitskaya.

On Fox News’ “Hannity” this week, before NBC News’ Friday report, Trump Jr. was asked, “as far as you know, as far as this incident is concerned, this is all of it?”

“This is everything. This is everything,” Trump Jr. responded.

The emails showed that Trump Jr. accepted the meeting after he was offered “high level and sensitive information” that would “incriminate” Clinton as part of “Russia and its government’s support” for his father’s campaign. In messages from Goldstone to Trump Jr., Veselnitskaya was characterized as a “Russian government attorney,” though she has denied connections to the Kremlin.

“If it’s what you say I love it,” Trump Jr. said in response to the offer about Clinton, according to the email exchange.

Akhmetshin told the AP that Veselnitskaya brought a folder with documents, part of which “detailed what she believed was the flow of illicit funds to the Democratic National Committee.” She “presented the contents of the documents to the Trump associates” and suggested that taking the material public “could help the Trump campaign,” the AP reported of Akhmetshin’s account.

“This could be a good issue to expose how the DNC is accepting bad money,” Akhmetshin recalled her saying, according to the AP.

Akhmetshin added in the interview that he did not know if the Russian government gave the documents, but he “thinks she left the materials with the Trump associates.”

President Trump has defended his son’s conduct, saying Thursday that “most people would have taken that meeting.” However, accepting campaign opposition research under the pretext that it is from a foreign government is not a common practice.

The president’s legal team has said he was not aware of and did not attend the meeting.

Representatives of Kushner and Manafort declined to comment, NBC News reported. CNBC could not reach their representatives.

The White House did not respond to CNBC’s request to comment.


Company: cnbc, Activity: cnbc, Date: 2017-07-14  Authors: jacob pramuk, michael sheetz
Keywords: news, games, cnbc, companies, russian, exsoviet, meeting, officer, veselnitskaya, told, reported, trump, donald, nbc, counterintelligence, campaign, friend, jr


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Landlord alert: New index aims to take the risk out of rental investing

Demand for single-family rental homes has never been stronger and, consequently, more investors are hoping to get in on the game. From large institutions buying thousands of homes to individual investors hoping to see strong returns on just a few properties, the competition is high. Roofstock, an online single-family rental marketplace, is launching a “neighborhood rating algorithm,” analyzing more than 72,000 separate Census tracks and ranking their risk. “So if you’re investing in a 4-star or


Demand for single-family rental homes has never been stronger and, consequently, more investors are hoping to get in on the game. From large institutions buying thousands of homes to individual investors hoping to see strong returns on just a few properties, the competition is high. Roofstock, an online single-family rental marketplace, is launching a “neighborhood rating algorithm,” analyzing more than 72,000 separate Census tracks and ranking their risk. “So if you’re investing in a 4-star or
Landlord alert: New index aims to take the risk out of rental investing Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-14  Authors: diana olick, source
Keywords: news, games, cnbc, companies, investing, risk, alert, aims, little, return, variability, index, homes, returns, hoping, landlord, singlefamily, investors, rental, neighborhood


Landlord alert: New index aims to take the risk out of rental investing

Demand for single-family rental homes has never been stronger and, consequently, more investors are hoping to get in on the game.

From large institutions buying thousands of homes to individual investors hoping to see strong returns on just a few properties, the competition is high. And so is the risk, especially for novices.

New companies hoping to help investors in every phase of the process — and cash in on their growing demand — have ranked large local markets for potential returns. Now, one claims it can gauge right down to the neighborhood level.

Roofstock, an online single-family rental marketplace, is launching a “neighborhood rating algorithm,” analyzing more than 72,000 separate Census tracks and ranking their risk. It goes beyond home values and average rent to include dozens of factors, such as income levels, employment rates, education levels, percentage of owner-occupied homes and school district ratings. It then ranks each neighborhood on a scale from 1 to 5, 1 being the most risky.

“As with any investment, whether it’s real estate or a stock or bond, you need to compare risk with return, and so what we’ve done with our star system is created a metric for estimating risk, which is really a measure of volatility or variability of your return,” Roofstock CEO Gary Beasley said. “So if you’re investing in a 4-star or 5-star neighborhood, your returns might be a little bit lower but your returns might be a little more predictable. There might be a little less variability.”


Company: cnbc, Activity: cnbc, Date: 2017-07-14  Authors: diana olick, source
Keywords: news, games, cnbc, companies, investing, risk, alert, aims, little, return, variability, index, homes, returns, hoping, landlord, singlefamily, investors, rental, neighborhood


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Earnings were good, so here’s why bank stocks are down

Banks are beginning to report earnings. All four banks reporting (JP Morgan, Citigroup, Wells Fargo, and PNC) beat earnings expectations and all but Wells Fargo beat on the topline. That brought down Treasury yields, which is lowering the chances for increased profits from one of the primary profit centers for banks — interest income. Less well-known is a seasonal phenomenon: Banks tend to trade up in the month before JPMorgan’s earnings report, trade slightly down on the day of the report and a


Banks are beginning to report earnings. All four banks reporting (JP Morgan, Citigroup, Wells Fargo, and PNC) beat earnings expectations and all but Wells Fargo beat on the topline. That brought down Treasury yields, which is lowering the chances for increased profits from one of the primary profit centers for banks — interest income. Less well-known is a seasonal phenomenon: Banks tend to trade up in the month before JPMorgan’s earnings report, trade slightly down on the day of the report and a
Earnings were good, so here’s why bank stocks are down Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-14  Authors: bob pisani, michael nagle, bloomberg, getty images, diego j robles, the denver post, beck diefenbach, kevin lamarque, david a grogan, marlene awaad
Keywords: news, games, cnbc, companies, heres, reports, stocks, good, report, wells, seasonal, banks, slightly, trade, tend, earnings, bank, month


Earnings were good, so here's why bank stocks are down

Banks are beginning to report earnings. All four banks reporting (JP Morgan, Citigroup, Wells Fargo, and PNC) beat earnings expectations and all but Wells Fargo beat on the topline.

So why are they all trading down Friday?

There’s two issues: fundamental and seasonal.

First, the soft economic data we saw Friday — retail sales, but particularly the Consumer Price Index — clearly lowered the chances for a Fed rate hike later in the year. That brought down Treasury yields, which is lowering the chances for increased profits from one of the primary profit centers for banks — interest income.

Less well-known is a seasonal phenomenon: Banks tend to trade up in the month before JPMorgan’s earnings report, trade slightly down on the day of the report and are generally flat in the month after.

Here are the results for banks (represented by the SPDR KBW Bank ETF KBE) since 2010 in the month before JPMorgan reports earnings, the day of, and a month after:

Banks and earnings

(KBE)

One month before JPM: up 1.0%

Day of: down 0.1%

One month after: down 0.3%

Source: Kensho

Note that even a month after JPMorgan reports, banks tend to be down slightly (down 0.3 percent), while the S&P 500 is typically up 0.5 percent.

Bottom line: Expect some downward earnings revisions on second half bank earnings around lower interest income, but factor in the seasonal weakness as well.

Disclosure: NBCUniversal, parent of CNBC, is a minority investor in Kensho.


Company: cnbc, Activity: cnbc, Date: 2017-07-14  Authors: bob pisani, michael nagle, bloomberg, getty images, diego j robles, the denver post, beck diefenbach, kevin lamarque, david a grogan, marlene awaad
Keywords: news, games, cnbc, companies, heres, reports, stocks, good, report, wells, seasonal, banks, slightly, trade, tend, earnings, bank, month


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Here’s why you might bet on more record highs for the market

Trader Todd Gordon sees more record highs ahead for stocks, and he’s got the charts to back him up on it. The TradingAnalysis.com founder says the S&P 500 will move higher and finally break through the relative quiet of the past few months. On a chart of the S&P-tracking ETF SPY, Gordon sees an “uptrend channel” that has formed this year. That means that it could hit close to $250, which should roughly correspond to a 2,500 level in the S&P 500 itself. Despite the quiet start to summer, the S&P


Trader Todd Gordon sees more record highs ahead for stocks, and he’s got the charts to back him up on it. The TradingAnalysis.com founder says the S&P 500 will move higher and finally break through the relative quiet of the past few months. On a chart of the S&P-tracking ETF SPY, Gordon sees an “uptrend channel” that has formed this year. That means that it could hit close to $250, which should roughly correspond to a 2,500 level in the S&P 500 itself. Despite the quiet start to summer, the S&P
Here’s why you might bet on more record highs for the market Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-07-14  Authors: annie pei, patrick t fallon, bloomberg, getty images, simon webb, duncan nicholls, jay mallin, david orrell, source, lawrence mcdonald
Keywords: news, games, cnbc, companies, record, heres, sp, sees, gordon, think, spread, etf, market, bet, start, 500, trade, highs, spy


Here's why you might bet on more record highs for the market

Trader Todd Gordon sees more record highs ahead for stocks, and he’s got the charts to back him up on it.

The TradingAnalysis.com founder says the S&P 500 will move higher and finally break through the relative quiet of the past few months.

“I think the consolidation is about over, as we’re heading into earnings season,” he said Thursday on CNBC’s “Trading Nation.” “I think the market’s going to move higher, [especially] through the end of July and into August, and I want to take advantage of that.”

On a chart of the S&P-tracking ETF SPY, Gordon sees an “uptrend channel” that has formed this year. And despite the SPY being stuck in a range for the last month or so, he believes the ETF is bouncing off the lower trendline, which he sees as “support” in the channel.

To determine how high the SPY could go, Gordon looks at the last big upswing as a reference point. There was a “push” in the SPY from late May through June, and Gordon thinks the ETF can now mirror the past move. That means that it could hit close to $250, which should roughly correspond to a 2,500 level in the S&P 500 itself. It closed on Thursday at $244.42.

As a result, Gordon wants to buy the August monthly 243 call and pair that with a sale of the August monthly 248 call for about $2.60 total, or $260 per options spread. If the SPY rallies and closes above $248 on Aug. 18, the expiration date for the trade, Gordon would make about $240 on the trade.

Based on his levels for the trade, however, Gordon would actually start making money at around $245.60. But if the SPY closes below $243 on Aug. 18, the entire premium paid would be lost.

However, to mitigate potential losses, Gordon plans to exit the trade once the call spread loses half its value.

“If the stock market begins to drop and the premium remaining is about $1.30 on this SPY call spread, then let’s cut it, close the trade, and move onto the next one,” he said. “Otherwise, we’re going to be looking for [the S&P to push] from that consolidation and headed to 2,500.”

Despite the quiet start to summer, the S&P 500 is still up over 13 percent this year.


Company: cnbc, Activity: cnbc, Date: 2017-07-14  Authors: annie pei, patrick t fallon, bloomberg, getty images, simon webb, duncan nicholls, jay mallin, david orrell, source, lawrence mcdonald
Keywords: news, games, cnbc, companies, record, heres, sp, sees, gordon, think, spread, etf, market, bet, start, 500, trade, highs, spy


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