US stock futures were little changed as earnings and trade fears weigh

U.S. stock index futures were nearly flat Thursday morning as earnings season gathers momentum. ET, Dow futures indicated an implied positive open of less than 5 points, while the S&P 500 and Nasdaq also pointed to lower opens. As earnings season kicks into full gear, Railroad giant CSX posted weaker-than-forecast quarterly results on Wednesday, sending its stock plummeting, while Bank of America reported better-than-expected earnings but warned that lower rates would hit its net interest income


U.S. stock index futures were nearly flat Thursday morning as earnings season gathers momentum. ET, Dow futures indicated an implied positive open of less than 5 points, while the S&P 500 and Nasdaq also pointed to lower opens. As earnings season kicks into full gear, Railroad giant CSX posted weaker-than-forecast quarterly results on Wednesday, sending its stock plummeting, while Bank of America reported better-than-expected earnings but warned that lower rates would hit its net interest income
US stock futures were little changed as earnings and trade fears weigh Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: elliot smith
Keywords: news, cnbc, companies, fears, earnings, sp, lower, season, trade, reported, giant, stock, futures, changed, little, weigh, bank


US stock futures were little changed as earnings and trade fears weigh

U.S. stock index futures were nearly flat Thursday morning as earnings season gathers momentum.

Around 7 a.m. ET, Dow futures indicated an implied positive open of less than 5 points, while the S&P 500 and Nasdaq also pointed to lower opens.

Stocks closed at the day’s lows Wednesday after The Wall Street Journal reported that trade negotiations between the U.S. and China had faltered over restrictions on Chinese telecommunications giant Huawei, citing sources familiar with the talks.

This came after President Donald Trump on Tuesday made skeptical comments about the possibility of an imminent resolution to the ongoing trade war between the world’s two largest economies.

As earnings season kicks into full gear, Railroad giant CSX posted weaker-than-forecast quarterly results on Wednesday, sending its stock plummeting, while Bank of America reported better-than-expected earnings but warned that lower rates would hit its net interest income growth.

Both United Airlines and Cintas also beat expectations, indicating that the bleak outlook offered at the beginning of earnings season might have been overly pessimistic. However, only around 7% of S&P 500 companies have reported second-quarter earnings thus far, according to FactSet data.

Another flurry of earnings is due Thursday, with Morgan Stanley, UnitedHealth, Union Pacific, SunTrust, and M&T Bank reporting before the bell, while Microsoft is set to report after the bell.

—CNBC’s Fred Imbert contributed to this report.

Follow CNBC International on and Facebook.


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: elliot smith
Keywords: news, cnbc, companies, fears, earnings, sp, lower, season, trade, reported, giant, stock, futures, changed, little, weigh, bank


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European Central Bank set for a rate cut in September, economists predict

The European Central Bank (ECB) will next week open the door to an interest rate cut for September, economists have predicted. The deposit facility rate defines the interest banks receive for depositing money with the central bank overnight, and has been negative since June 2014. The current ECB interest rates on its main refinancing operations, marginal lending facility and deposit facility sit at 0%, 0.25% and -0.40% respectively. Against the backdrop of a global slowdown and weak inflationary


The European Central Bank (ECB) will next week open the door to an interest rate cut for September, economists have predicted. The deposit facility rate defines the interest banks receive for depositing money with the central bank overnight, and has been negative since June 2014. The current ECB interest rates on its main refinancing operations, marginal lending facility and deposit facility sit at 0%, 0.25% and -0.40% respectively. Against the backdrop of a global slowdown and weak inflationary
European Central Bank set for a rate cut in September, economists predict Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: elliot smith
Keywords: news, cnbc, companies, european, cut, ecb, guidance, interest, sp, central, bank, rate, rates, economists, inflation, predict, set, manufacturing


European Central Bank set for a rate cut in September, economists predict

The European Central Bank (ECB) will next week open the door to an interest rate cut for September, economists have predicted.

The ECB’s Governing Council is set to meet next Thursday in Frankfurt after euro zone inflation data for June came in higher than expected this week at 1.3%, but remained well below the central bank’s target rate of just below 2%.

The ECB is juggling political uncertainty and an economy sluggishly battling external weaknesses, which have led to a dovish tone of late from its President Mario Draghi.

S&P Global Ratings economists Marion Amiot and Sylvain Broyer expect the ECB to cut its deposit rate by 10 basis points following its September meeting, and potentially resume quantitative easing (QE) in the form of 15 billion euros ($16.85 billion) in asset purchases in October. The deposit facility rate defines the interest banks receive for depositing money with the central bank overnight, and has been negative since June 2014.

“The European economy is still evolving at low gear and two speeds, with robust service activity on the one side but no obvious recovering in manufacturing on the other,” Amiot and Broyer said in a note Thursday.

The German and Italian economies, considered Europe’s premier manufacturing powerhouses, are hovering close to recessionary territory and remain susceptible to several external risks, such as Brexit, the U.S.-China trade war, Iran, a Chinese economic slowdown and potential U.S. tariffs on European car imports.

The S&P economists project that manufacturing weakness is likely to weigh on the robust service sector, suggesting we could see “more downward revisions to growth and inflation forecasts this year.”

The current ECB interest rates on its main refinancing operations, marginal lending facility and deposit facility sit at 0%, 0.25% and -0.40% respectively. Against the backdrop of a global slowdown and weak inflationary pressures, S&P expects the ECB to adjust its forward guidance next Thursday to accommodate a rate cut of 10 basis points (bps) in September.

“A downward bias would allow the ECB to cut rates as soon as September 2019, if the euro strengthens on looser policy by the U.S. Federal Reserve System and market-based inflation expectations do not increase markedly from their current lows,” the note explained.

It added that because the ECB lengthened the timeframe of its forward guidance by one year in June, this meeting would be too early to alter that aspect of the guidance again. However, S&P anticipates that the ECB will “have more work to do in the future on its communication” given the slow development of the euro zone economy.

Amiot and Broyer do not expect the central bank to be able to raise rates again until at least the second quarter of 2021.


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: elliot smith
Keywords: news, cnbc, companies, european, cut, ecb, guidance, interest, sp, central, bank, rate, rates, economists, inflation, predict, set, manufacturing


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N26, the online bank backed by Peter Thiel, is now worth $3.5 billion

Valentin Stalf, founder and CEO of N26, speaks on stage at the Digital Life Design innovation conference. German online bank N26 said Thursday that it raised a huge $170 million in additional funding, valuing the six-year-old fintech start-up at $3.5 billion. N26 said existing investors, including Peter Thiel’s Valar Ventures, Chinese tech giant Tencent and Singaporean sovereign wealth fund GIC, backed this latest round. “I think investors around the world see the disappointment customers face i


Valentin Stalf, founder and CEO of N26, speaks on stage at the Digital Life Design innovation conference. German online bank N26 said Thursday that it raised a huge $170 million in additional funding, valuing the six-year-old fintech start-up at $3.5 billion. N26 said existing investors, including Peter Thiel’s Valar Ventures, Chinese tech giant Tencent and Singaporean sovereign wealth fund GIC, backed this latest round. “I think investors around the world see the disappointment customers face i
N26, the online bank backed by Peter Thiel, is now worth $3.5 billion Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: ryan browne
Keywords: news, cnbc, companies, valentin, investors, thiel, billion, think, million, bank, worth, stalf, peter, online, latest, company, valued, 35, recently, backed, n26


N26, the online bank backed by Peter Thiel, is now worth $3.5 billion

Valentin Stalf, founder and CEO of N26, speaks on stage at the Digital Life Design innovation conference.

German online bank N26 said Thursday that it raised a huge $170 million in additional funding, valuing the six-year-old fintech start-up at $3.5 billion.

Based in Berlin, N26 has made waves in Europe with its app-based checking account and debit card. The firm doesn’t operate any brick-and-mortar branches, and yet has managed to lure in over 3.5 million customers across 24 countries in the continent.

The latest capital injection is a top-up to the firm’s $300 million fundraising, announced back in January, which saw it valued at $2.7 billion. N26 said existing investors, including Peter Thiel’s Valar Ventures, Chinese tech giant Tencent and Singaporean sovereign wealth fund GIC, backed this latest round.

“I think investors around the world see the disappointment customers face in retail banking,” N26 CEO Valentin Stalf told CNBC in an interview. “At the same time they see it’s a huge market.”

He added that the firm’s eye-watering valuation is “decent and actually low” for a company of its kind. “I think the company has the opportunity to be worth much more in the future,” Stalf said. For comparison, British competitor Monzo was recently valued by investors at $2.5 billion in its latest round of funding.

The fresh cash will help N26 ramp up hiring and fuel its global expansion strategy. The company currently has 1,300 employees globally. Having recently launched in the U.S., the German fintech firm now has its sights set on Brazil, and is due to launch their next year.


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: ryan browne
Keywords: news, cnbc, companies, valentin, investors, thiel, billion, think, million, bank, worth, stalf, peter, online, latest, company, valued, 35, recently, backed, n26


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Bank of America earnings Q2 2019

Bank of America posted profit that exceeded analysts’ expectations on strength in its sprawling retail bank. Under CEO Brian Moynihan, the bank delivered record first-half profit, fueled by the company’s retail lending operations and Moynihan’s expense initiatives. Still, the stock took a hit in April when Chief Financial Officer Paul Donofrio warned investors that growth of net interest income this year would be half the 6% the bank generated in 2018. So far this year, Bank of America shares ha


Bank of America posted profit that exceeded analysts’ expectations on strength in its sprawling retail bank. Under CEO Brian Moynihan, the bank delivered record first-half profit, fueled by the company’s retail lending operations and Moynihan’s expense initiatives. Still, the stock took a hit in April when Chief Financial Officer Paul Donofrio warned investors that growth of net interest income this year would be half the 6% the bank generated in 2018. So far this year, Bank of America shares ha
Bank of America earnings Q2 2019 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: hugh son
Keywords: news, cnbc, companies, profit, 2019, revenue, earnings, q2, division, bank, america, billion, net, interest, analysts, income, increase


Bank of America earnings Q2 2019

Bank of America posted profit that exceeded analysts’ expectations on strength in its sprawling retail bank.

The lender said Wednesday that it generated $7.3 billion in second-quarter profit, an 8% increase from a year earlier, or 74 cents a share, compared with the 71 cent estimate of analysts surveyed by Refinitiv. It posted revenue of $23.2 billion, a 2.1% increase from a year earlier, matching analysts’ estimate.

Under CEO Brian Moynihan, the bank delivered record first-half profit, fueled by the company’s retail lending operations and Moynihan’s expense initiatives. It was the 18th straight quarter Moynihan and his executives have managed to improve the firm’s operating leverage, meaning it has grown revenue while cutting or holding the line on costs.

Still, the stock took a hit in April when Chief Financial Officer Paul Donofrio warned investors that growth of net interest income this year would be half the 6% the bank generated in 2018. Now, after the Federal Reserve recently signaled that it’s likely to cut its benchmark short-term interest rate later this month, the question is, does that further slow the growth in this main profit engine for banks?

There were some early signs of this. Bank of America’s net interest margin, a key metric of profitability, declined 7 basis points from the first quarter to 2.44%, which is below the 2.47% estimate analysts had for the second quarter.

The bank’s shares dipped 0.4% at 7:09 am in premarket trading. So far this year, Bank of America shares have climbed 18%, but are lower than when the company made its revenue warning in April.

Profit in the firm’s biggest division, its consumer bank, rose 13% to $3.29 billion as revenue climbed 5% to $9.72 billion as the firm added deposits and loans, which led to higher net interest income. That was the strongest showing among the bank’s four main businesses, followed by its wealth management division, where profit rose 11% to $1.07 billion.

Meanwhile, profit fell 7% to $1.07 billion in its global markets division amid a slowdown in trading activity across asset classes. Profit declined 9% to $1.93 billion in its global banking division on a drop in capital markets deals.

Earlier this week, Citigroup, J.P. Morgan Chase, Wells Fargo, and Goldman Sachs all beat analysts’ profit expectations as the firms benefited from one-time gains including a gain on the IPO of electronic market maker Tradeweb.

Here’s what Wall Street expected:

Earnings: 71 cents a share, a 12.3% increase from a year earlier, according to Refinitiv.

Revenue: $23.2 billion, a 2.1% increase from a year earlier.

Net interest margin: 2.47% according to FactSet

Trading Revenue: Fixed income $2.1 billion, Equities $1.22 billion

This is breaking news. Please check back for updates.


Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: hugh son
Keywords: news, cnbc, companies, profit, 2019, revenue, earnings, q2, division, bank, america, billion, net, interest, analysts, income, increase


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JP Morgan posted an earnings beat, but the bank’s stock falls on lowered interest forecast

J.P. Morgan Chase posted earnings that exceeded analysts’ expectations, aided by an income tax benefit that boosted results by $768 million. J.P. Morgan said that the presumably one-time tax boost came from the resolution of “certain tax audits” that lifted the company’s per share earnings by 23 cents. Shares of J.P. Morgan dipped 1.5% at 7:01 a.m. in premarket trading. Analysts will be watching to see if J.P. Morgan can continue the momentum from the first quarter, when higher interest rates he


J.P. Morgan Chase posted earnings that exceeded analysts’ expectations, aided by an income tax benefit that boosted results by $768 million. J.P. Morgan said that the presumably one-time tax boost came from the resolution of “certain tax audits” that lifted the company’s per share earnings by 23 cents. Shares of J.P. Morgan dipped 1.5% at 7:01 a.m. in premarket trading. Analysts will be watching to see if J.P. Morgan can continue the momentum from the first quarter, when higher interest rates he
JP Morgan posted an earnings beat, but the bank’s stock falls on lowered interest forecast Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: hugh son, fred imbert, elliot smith
Keywords: news, cnbc, companies, street, bank, billion, morgan, jp, falls, beat, revenue, increase, forecast, stock, posted, trading, share, interest, earnings, lowered


JP Morgan posted an earnings beat, but the bank's stock falls on lowered interest forecast

J.P. Morgan Chase posted earnings that exceeded analysts’ expectations, aided by an income tax benefit that boosted results by $768 million.

The bank on Tuesday posted record second-quarter profit of $9.65 billion, 16% higher than a year earlier, or $2.82 a share, beating the $2.50 estimate of analysts surveyed by Refinitiv. The company’s revenue also edged out expectations at $29.57 billion, a 4% increase from a year earlier, compared to the $28.9 billion estimate.

J.P. Morgan said that the presumably one-time tax boost came from the resolution of “certain tax audits” that lifted the company’s per share earnings by 23 cents.

Importantly, the bank cut its forecast for net interest income — a main driver of bank profits — by $500 million to $57.5 billion, compared to the $58 billion target in the previous quarter’s presentation. Shares of J.P. Morgan dipped 1.5% at 7:01 a.m. in premarket trading.

Analysts will be watching to see if J.P. Morgan can continue the momentum from the first quarter, when higher interest rates helped it beat profit and revenue expectations. They’ll be keen to ask executives about the impact of the Federal Reserve’s looming interest rate cuts, as that could compress margins on banks’ core lending businesses.

The bank’s fixed income trading division produced $3.69 billion in revenue, a 7% increase that exceeded the $3.36 billion estimate. Meanwhile, its equities trading business generated $1.73 billion in revenue, a 12% drop that missed analysts’ $1.84 billion estimate.

The biggest U.S. bank by assets is closely watched by investors looking for signs of how the industry’s Main Street and Wall Street businesses did in the period. Bank stocks have rebounded in recent months as strong results from lenders’ retail businesses helped drive firms including J.P. Morgan to record profits, offsetting declining revenues from trading and other Wall Street activities.

In May, J.P. Morgan announced it was acquiring medical payments firm InstaMed for more than $500 million, its biggest takeover since the financial crisis, to push more deeply into the healthcare spending market.

The bank also rolled out a digital robo-adviser in a bid to persuade banking customers to make investments with the firm.

Last month, J.P. Morgan got approval from regulators to boost its dividend to 90 cents a share from 80 cents, and announced a $29.4 billion share repurchasing program.

Earlier this week, Citigroup posted second-quarter profit that exceeded analysts’ expectations on a $350 million boost in revenue from the IPO of bond trading platform Tradeweb.

Here’s what Wall Street expected:

Earnings: $2.50 per share, a 9.1% increase from a year earlier, according to Refinitiv.

Revenue: $28.9 billion, a 1.8% increase from a year earlier.

Net Interest Margin: 2.51%, according to FactSet

Trading Revenue: Fixed income $3.36 billion, Equities $1.84 billion

This is breaking news. Please check back for updates.


Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: hugh son, fred imbert, elliot smith
Keywords: news, cnbc, companies, street, bank, billion, morgan, jp, falls, beat, revenue, increase, forecast, stock, posted, trading, share, interest, earnings, lowered


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‘We are in a currency war, but nobody has admitted it,’ strategist says

Central banks are currently embroiled in a covert currency war which is causing stagnation in foreign exchange markets, according to Thanos Vamvakidis, the global head of G-10 FX strategy at Bank of America Merrill Lynch. Monetary policy easing has been a key theme for central bankers so far in 2019, with the U.S. Federal Reserve, the Bank of England and the European Central Bank (ECB) all signaling dovish stances and fueling speculation of more monetary policy easing. Wall Street analysts have


Central banks are currently embroiled in a covert currency war which is causing stagnation in foreign exchange markets, according to Thanos Vamvakidis, the global head of G-10 FX strategy at Bank of America Merrill Lynch. Monetary policy easing has been a key theme for central bankers so far in 2019, with the U.S. Federal Reserve, the Bank of England and the European Central Bank (ECB) all signaling dovish stances and fueling speculation of more monetary policy easing. Wall Street analysts have
‘We are in a currency war, but nobody has admitted it,’ strategist says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: elliot smith
Keywords: news, cnbc, companies, weaken, policy, trying, strategist, bank, war, currency, admitted, currencies, way, central, monetary


'We are in a currency war, but nobody has admitted it,' strategist says

Central banks are currently embroiled in a covert currency war which is causing stagnation in foreign exchange markets, according to Thanos Vamvakidis, the global head of G-10 FX strategy at Bank of America Merrill Lynch.

Monetary policy easing has been a key theme for central bankers so far in 2019, with the U.S. Federal Reserve, the Bank of England and the European Central Bank (ECB) all signaling dovish stances and fueling speculation of more monetary policy easing.

Wall Street analysts have begun to speculate that President Donald Trump may intervene to weaken the nation’s currency, following a series of comments made by the U.S. president.

Trump most recently complained that China and Europe had embarked on policy moves designed to cheapen their currencies in order to be more competitive with the U.S. on trade, and has repeatedly criticized the Fed over a lack of cuts to interest rates.

Vamvakidis suggested that with most major central banks striking similar tones, currencies are likely to enter deadlock.

“They cannot affect the borrowing cost because interest rates are historically low, so the only way they can ease further monetary conditions is to weaken their currency,” he told CNBC’s “Squawk Box Europe” on Tuesday.

“However, it’s about equilibrium because when everybody is doing it, then currencies don’t really move, you don’t benefit anything because you end up wasting very limited monetary policy ammunition without much of a result. So in a way, we are in a currency war, although nobody has admitted it,” he added.

Vamvakidis argued that although in theory, governments can intervene when currencies are overvalued, the way such interventions are unfolding at present is producing more negative side effects.

“Everybody is trying to move their currencies, but everyone is trying at the same time, and in the end, nobody benefits,” he said. “The collateral damage of all this is that international policy coordination suffers.”


Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: elliot smith
Keywords: news, cnbc, companies, weaken, policy, trying, strategist, bank, war, currency, admitted, currencies, way, central, monetary


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Citigroup beats analysts’ profit expectations on gains from Tradeweb IPO

Citigroup on Monday beat analysts’ expectations for second-quarter profit and revenue on gains from the initial public offering of electronic bond trading platform Tradeweb. The bank posted profit of $4.79 billion, or $1.95 per share, compared with the $1.80 estimate of analysts surveyed by Refinitiv. The bank said revenue climbed 2% to $18.76 billion, exceeding the $18.5 billion estimate, powered by a $350 million pretax gain on the Tradeweb IPO. Last month, CFO Mark Mason said at a conference


Citigroup on Monday beat analysts’ expectations for second-quarter profit and revenue on gains from the initial public offering of electronic bond trading platform Tradeweb. The bank posted profit of $4.79 billion, or $1.95 per share, compared with the $1.80 estimate of analysts surveyed by Refinitiv. The bank said revenue climbed 2% to $18.76 billion, exceeding the $18.5 billion estimate, powered by a $350 million pretax gain on the Tradeweb IPO. Last month, CFO Mark Mason said at a conference
Citigroup beats analysts’ profit expectations on gains from Tradeweb IPO Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: hugh son
Keywords: news, cnbc, companies, revenue, profit, expectations, citigroup, tradeweb, billion, estimate, bank, results, trading, banks, ipo, gains, analysts, beats


Citigroup beats analysts' profit expectations on gains from Tradeweb IPO

Citigroup on Monday beat analysts’ expectations for second-quarter profit and revenue on gains from the initial public offering of electronic bond trading platform Tradeweb.

The bank posted profit of $4.79 billion, or $1.95 per share, compared with the $1.80 estimate of analysts surveyed by Refinitiv. Excluding the impact of the IPO, the bank would have posted $1.83 per share in profit, fueled by lower taxes and a reduction in the number of outstanding shares.

Shares were almost unchanged at 10:28 a.m. in New York after climbing 1.1% in premarket trading.

While per-share profit surged 20% in the quarter, the company’s revenue gain was more muted on declines in trading and investment banking revenue and losses on loan hedges. The bank said revenue climbed 2% to $18.76 billion, exceeding the $18.5 billion estimate, powered by a $350 million pretax gain on the Tradeweb IPO.

The results were a “slight beat,” according to Mike Mayo, the veteran banks analyst working for Wells Fargo. He added in a research note that “while the results are unlikely to sway investors to immediately jump in to the stock, they nonetheless provide further validation that Citi continues to an upward glide path for improving returns further.”

Citigroup was the first of the big U.S. banks to report second-quarter results, so investors were keen to see how its banking and trading operations performed during the period.

Last month, CFO Mark Mason said at a conference that trading revenue in the quarter would likely decline by a “mid-single-digit” percentage from a year ago.

That proved accurate, as trading revenue excluding the IPO windfall fell 5%, led by a 9% drop in equities trading revenue to $790 million. Fixed-income revenue rose 8% to $3.32 billion, but excluding the Tradeweb transaction, the bank would have posted a 4% decline in that division. Investment banking revenue dropped 10% to $1.28 billion.

“We navigated an uncertain environment successfully by executing our strategy, and by showing disciplined expense, credit and risk management,” CEO Michael Corbat said in the earnings release.

Revenue in Citigroup’s global consumer bank rose 3% to $8.5 billion as profit climbed 11% to $1.41 billion, compared to the $1.49 billion estimate of analysts surveyed by Factset.

The bank cut companywide expenses 2% to $10.5 billion, and its efficiency ratio improved to 56% from 58% a year ago. That beat the 57.3% estimate of analysts.

Shares of the New York-based bank climbed 38% this year, compared with a 16% gain of the KBW Bank Index.

Other banks should also benefit from the IPO of Tradeweb, whose investors included the biggest U.S. banks, such as Goldman Sachs and Bank of America. Tradeweb, founded in 1996, went public in April in what was then second-biggest IPO of the year.

Here’s what Wall Street expected for Citigroup:


Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: hugh son
Keywords: news, cnbc, companies, revenue, profit, expectations, citigroup, tradeweb, billion, estimate, bank, results, trading, banks, ipo, gains, analysts, beats


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Trump: I’m ‘not a fan’ of cryptocurrencies, and Facebook may need a banking charter for Libra

U.S. President Donald Trump on Thursday said he’s “not a fan” of cryptocurrencies, and suggested that Facebook may need a banking charter if the company wants to launch the digital token Libra. In a series of Twitter posts, Trump said cryptocurrencies are not money and “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.” “If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all


U.S. President Donald Trump on Thursday said he’s “not a fan” of cryptocurrencies, and suggested that Facebook may need a banking charter if the company wants to launch the digital token Libra. In a series of Twitter posts, Trump said cryptocurrencies are not money and “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.” “If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all
Trump: I’m ‘not a fan’ of cryptocurrencies, and Facebook may need a banking charter for Libra Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-12  Authors: yen nee lee
Keywords: news, cnbc, companies, im, bitcoin, facebook, president, currency, libra, trump, twitter, need, charter, fan, bank, price, banking, cryptocurrencies, dollar


Trump: I'm 'not a fan' of cryptocurrencies, and Facebook may need a banking charter for Libra

President Donald Trump talks to reporters before boarding Air Force One to return to Washington from Morristown Municipal Airport in Morristown, New Jersey, July 7, 2019.

U.S. President Donald Trump on Thursday said he’s “not a fan” of cryptocurrencies, and suggested that Facebook may need a banking charter if the company wants to launch the digital token Libra.

In a series of Twitter posts, Trump said cryptocurrencies are not money and “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”

“If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations,” said the president.

Trump is not the only one who has criticized Facebook’s plan to introduce Libra. Federal Reserve Chair Jerome Powell, French Finance Minister Bruno Le Maire and Bank of England Governor Mark Carney are among government leaders and central bank chiefs who have spoken up against Libra.

Facebook declined to comment on Trump’s twitter posts.

Trump echoed many critics of cryptocurrencies, questioning how bitcoin is valued and highlighting its price volatility. Many argue that those attributes count against the wider adoption of digital currencies.

Cryptocurrencies “are not money, and whose value is highly volatile and based on thin air,” said Trump.

In the last 24 hours alone, the price of bitcoin against the dollar saw movements that would spark worries if they were seen in any major national currency: It touched a high of $12,033.74 and a low of $11,142.79, according to industry data site CoinDesk.

The president said the “dependable and reliable” U.S. dollar should be the “only one real currency in the USA.”

“It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!” said Trump.

Despite Trump’s criticisms, the price of bitcoin did not appear to move much immediately following his posts, according to CoinDesk data.


Company: cnbc, Activity: cnbc, Date: 2019-07-12  Authors: yen nee lee
Keywords: news, cnbc, companies, im, bitcoin, facebook, president, currency, libra, trump, twitter, need, charter, fan, bank, price, banking, cryptocurrencies, dollar


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Rate cut bets keeps dollar on track for biggest weekly drop in three weeks

Against a basket of other currencies, the dollar fell 0.1% to 96.94 and was on track for its biggest weekly drop in three weeks. The core U.S. consumer price index, excluding food and energy, rose 0.3% in June, the largest increase since January 2018, data on Thursday showed. Other currencies which benefited from a weaker dollar were in markets whose central banks signaled a relatively confident outlook to interest rates. Sweden’s crown also benefited from a relatively optimistic assessment of i


Against a basket of other currencies, the dollar fell 0.1% to 96.94 and was on track for its biggest weekly drop in three weeks. The core U.S. consumer price index, excluding food and energy, rose 0.3% in June, the largest increase since January 2018, data on Thursday showed. Other currencies which benefited from a weaker dollar were in markets whose central banks signaled a relatively confident outlook to interest rates. Sweden’s crown also benefited from a relatively optimistic assessment of i
Rate cut bets keeps dollar on track for biggest weekly drop in three weeks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-12
Keywords: news, cnbc, companies, cut, drop, keeps, euro, weeks, track, later, inflation, interest, biggest, dovish, rate, central, fed, bank, weekly, policy, dollar, bets


Rate cut bets keeps dollar on track for biggest weekly drop in three weeks

The dollar fell for a third consecutive day on Friday as stronger-than-expected U.S. inflation data failed to shake convictions that the Federal Reserve will start cutting interest rates at a policy meeting later this month.

Against a basket of other currencies, the dollar fell 0.1% to 96.94 and was on track for its biggest weekly drop in three weeks.

The core U.S. consumer price index, excluding food and energy, rose 0.3% in June, the largest increase since January 2018, data on Thursday showed.

The reading pushed U.S. Treasury yields higher, but money markets still indicated one rate cut at the end of July and a cumulative 64 basis points in cuts by the end of 2019.

“Cutting interest rates when inflation data is weakening makes sense, but signalling a dovish stance when inflation is rising is a bit weird and suggests there are political pressures weighing on the Fed,” said Ulrich Leuchtmann, the head of currency research at Commerzbank.

The dollar’s weakness revived carry trades, where hedge funds borrow in low-yielding currencies such as the Swiss franc and the euro to purchase higher-yielding ones such as the Australian or New Zealand dollars.

On Friday, the NZ dollar gained 0.3% to $0.6665.

Other currencies which benefited from a weaker dollar were in markets whose central banks signaled a relatively confident outlook to interest rates.

The Canadian dollar was one such beneficiary: the loonie rallied to a 10-month high versus the U.S. dollar after Canada’s central bank said this week it had no intention of easing monetary policy even as it highlighted the risks that trade wars posed to the global economy.

Higher oil prices also helped the Canadian dollar.

Sweden’s crown also benefited from a relatively optimistic assessment of its economic outlook after minutes of the central bank’s policy meeting.

The euro trimmed earlier gains after European Central Bank Governing Council member Ignazio Visco said on Friday the ECB will need to adopt further expansionary measures if the euro zone economy does not pick up and will consider its options “in the coming weeks”.

The single currency was flat at $1.1258, below an intraday high of $1.1275 in early London trading.

Market attention will be focused on comments by Chicago Fed President Charles Evans later on Friday and New York Fed President John Williams on Monday which will provide a chance to gauge how dovish the U.S. central bank will be.

“If these Fed officials are not as dovish as (Federal Reserve Chair Jerome) Powell, and if the New York Fed’s manufacturing survey on Monday proves stronger than forecast, they could show that the dollar weakening in response to Powell’s congressional testimony was overdone,” said Masafumi Yamamoto, chief forex strategist at Mizuho Securities.

Powell indicated again on Thursday that an interest rate cut from the U.S. central bank is likely at its next meeting later this month as businesses slow investment due to trade disputes and a global growth slowdown.


Company: cnbc, Activity: cnbc, Date: 2019-07-12
Keywords: news, cnbc, companies, cut, drop, keeps, euro, weeks, track, later, inflation, interest, biggest, dovish, rate, central, fed, bank, weekly, policy, dollar, bets


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JPMorgan Chase credit card customers have a month to opt out of binding arbitration

A customer uses a JPMorgan Chase & Co. automatic teller machine (ATM) outside a bank branch in Miami, Florida, on Thursday, Jan. 5, 2017. JPMorgan Chase is trying to make it harder for its credit card customers to sue the bank in court by requiring them to go into private arbitration to settle disputes. The opportunity for JPMorgan Chase credit cardholders to opt out of binding arbitration expires in a month. Unlike class action lawsuits that can be brought by a group of aggrieved consumers, arb


A customer uses a JPMorgan Chase & Co. automatic teller machine (ATM) outside a bank branch in Miami, Florida, on Thursday, Jan. 5, 2017. JPMorgan Chase is trying to make it harder for its credit card customers to sue the bank in court by requiring them to go into private arbitration to settle disputes. The opportunity for JPMorgan Chase credit cardholders to opt out of binding arbitration expires in a month. Unlike class action lawsuits that can be brought by a group of aggrieved consumers, arb
JPMorgan Chase credit card customers have a month to opt out of binding arbitration Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: annie nova
Keywords: news, cnbc, companies, card, opt, jpmorgan, month, sue, arbitration, private, binding, credit, chase, customers, consumers, bank


JPMorgan Chase credit card customers have a month to opt out of binding arbitration

A customer uses a JPMorgan Chase & Co. automatic teller machine (ATM) outside a bank branch in Miami, Florida, on Thursday, Jan. 5, 2017.

JPMorgan Chase is trying to make it harder for its credit card customers to sue the bank in court by requiring them to go into private arbitration to settle disputes.

The opportunity for JPMorgan Chase credit cardholders to opt out of binding arbitration expires in a month.

The bank notified customers in May that their right to sue over grievances connected to their Chase credit cards will go away unless they take some action by the first week in August.

Unlike class action lawsuits that can be brought by a group of aggrieved consumers, arbitration cases generally can be brought only by individuals. And the private process is overseen by a third party rather than an appointed judge.

Up to 47 million customers could be impacted by the change at Chase, including holders of the Slate and Sapphire card.

“Arbitration typically benefits companies over consumers, so it can’t hurt to opt out and open some alternatives,” said Ted Rossman, industry analyst at CreditCards.com.


Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: annie nova
Keywords: news, cnbc, companies, card, opt, jpmorgan, month, sue, arbitration, private, binding, credit, chase, customers, consumers, bank


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