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Horizon Bancorp to acquire 14 TCF National Bank branches in Michigan

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Category: blogSource: theflyonthewallMay 25th, 2021

Rabobank: We"re In A Charlton Heston Movie, But Which One?

Rabobank: We're In A Charlton Heston Movie, But Which One? By Michael Every of Rabobank We're in a Charlton Heston movie: which one? A reference to Charlton Heston means I lose readers who, despite having the sum of human knowledge at their fingertips, don’t know much recent history. Yet we are all in a Heston movie regardless – we just don’t know which one yet. That’s because markets, who also have the sum of human knowledge at their fingertips, don’t know much recent history either. I will run through the news Heston-ally, and suggest what that means for the movie we are all in. Let’s start with the good news on Covid. Bad as it gets, we are not in 1971’s ‘The Omega Man’, about the last-survivor of a Sino-Soviet biological war. However, the Fed flagged QE tapering. Philip Marey expects a formal announcement in November, with the actual start in December. FOMC Chair Powell expects tapering to end around mid-2022, implying a $20bn reduction in QE per meeting. The Fed’s dot plot shifted upward and moved closer to a first rate hike in 2022, with the participants evenly split between zero and 1-2 hikes; after 2022, it’s a steady pace of 3 hikes per year. The economic projections suggest the FOMC is still confident inflation spikes will be over by Q4 2022 – despite a record 73 ships waiting at LA/LB ports. (For the full report, please see here.) The market reaction, after initial confusion, was short US yields up,…and longer yields down and USD up. Recall how Minsky debt dynamics work - the change in the change is what matters; recall how pyramid schemes work; and recall how each previous attempt to normalize away from QE in an economy stronger than it is now has worked out. Taper tantrum fears? Not in DM, because there is no sign of any strength – thus the flattening curve. But for EM, inflation, stagflation, and policy-error deflation all now stalk the land. (Brazil just hiked rates to 6.25%, as expected: see here for more). See the key scene of 1968’s ‘The Planet of the Apes’ – with a lag. In October we could also see both a US government shutdown and a debt default if the spending and debt bill approved by the House of Representatives yesterday does not pass the Senate. As Philip also notes, this is a game of chicken in which the Democrats try to force the Republicans to share the blame for suspending the debt limit in light of the midterm elections in 2022. He adds that this stand-off is completely unnecessary, and if the Republicans don’t blink, the Democrats can still raise the debt limit and adopt a spending patch through budget reconciliation. However, this will raise the internal pressure in the Democratic Party regarding Biden’s legislative agenda by adding another time constraint (see here). See the chariot race in 1959’s ‘Ben Hur’- but which charioteer is President Biden? “China’s Evergrande to be saved!” says Bloomberg, quoting someone else. “Saved” means being split into three firms and nationalized, with no indication of which investors get how much money back. Given today the struggling firm has to repay $83.5m to USD debt holders, who won’t want cement, unfinished flats, or a nudge-nudge-wink-wink, we shall soon find out. Few observers saw a direct risk of a Lehman moment, despite the dynamic referred to above at play, because there are no truly free actors in Chinese markets. However, this ‘salvation’ is in line with a “Marxification” of the economy. The implications for China and the world are something markets refuse to consider because it would give them indigestion. See the end of 1973’s ‘Soylent Green’ - when markets prefer to see the ‘soy’ and the ‘green’. Energy prices continue to soar, despite official assurances the authorities saw this coming, aren’t surprised, and have clear plans for what to do about it. UK energy firms are toppling, and European economies that were preaching the need for immediate shifts in climate policy are suddenly subsidizing fossil fuels again to prevent a looming 1970’s recessionary-style energy-price shock. Which means other people have to pay more instead. Russia is meanwhile laughing all the way to the bank. See 1976’s ‘The Two-Minute Warning’ - and if you are conversant in Cockney, see 1953’s ‘The Pony Express’. The Biden administration is reportedly to nominate Saule Omarova to run the Office of the Comptroller of the Currency, the bureau within the Treasury that charters, regulates, and supervises all national banks and thrift institutions and the federally licensed branches and agencies of foreign banks in the US. Omarova is a law professor who has criticized crypto, and advocates for the government to have a much larger role in banking. That comes after the SEC’s Gensler’s comments this week on stablecoins. See 1974’s ‘Earthquake’ or 1975’s imaginatively titled ‘Airport 1975’. US President Biden and French President Macron are attempting to build bridges burned over AUKUS. The French ambassador is now to return to DC, and Biden to come to Europe for talks next month. However, word on the street is that France, and French agriculture, now have the excuse to kick the planned Australia – EU FTA into the long grass even if the rest of the EU is in favour. The UK has also been sent scuttling from any thoughts of joining the USMCA. However, geopolitics leads and trade usually follows in today’s atmosphere. Japan’s outgoing PM Suga has also been exceptionally forthright, stating China’s rapidly growing military influence and unilateral changing of the status quo could present a risk to Japan. That’s ahead of a first in-person Quad meeting to be held on Friday at the White House. See 1976’s ‘The Last Hard Men’ (and for those who prefer fantasy to Western, see ‘“Orcs”, Elves/Hobbits, and Dragons’). In short, the overall market backdrop is perfect for Heston. Yes, the world has changed dramatically from the epoch where a card-carrying member of the NRA and the Republican Party could be a major Hollywood celebrity. But today is again epic; and gritty; and dystopian; with disease; and economic crises; energy crises; political crises; geopolitical crises; ideological crises; inflation; stagflation; and the backdrop of a shift in the global financial architecture. Not that this doesn’t mean most markets, and modern movies, don’t want to ignore it all and keep partying on as in 1992’s “Wayne’s World”, in which Heston also made a guest-appearance. Try doing that with less QE, less gas, less crypto, and more Marxism and geopolitical risks though. “It's been quite a ride. I loved every minute of it.” Charlton Heston (1923 - 2008) Tyler Durden Thu, 09/23/2021 - 10:25.....»»

Category: blogSource: zerohedge1 hr. 47 min. ago

JPMorgan (JPM) Buys College Financial Planning Platform Frank

JPMorgan (JPM) acquires the college financial planning platform, Frank. JPMorgan JPM has acquired the college financial planning platform, Frank. The acquisition adds to the many deals entered by the bank over the past few months in a bid to compete with technology firms.The entire business of Frank, including its Easy FAFSA, Classfinder College Course Marketplace, Scholarships & Employment tools, and Financial Education and Careers content, is being acquired by the bank.Serving more than five million students at more than 6,000 higher education institutions, Frank’s simple online portal allows students to apply for financial aid in minutes and enroll in its catalog of affordable online college courses.Jennifer Piepszak, co-CEO of JPMorgan, stated, “We want to build lifelong relationships with our customers. Frank offers a unique opportunity for deeper engagement with students. Together, we’ll be able to expand our capabilities for students and their families, helping them financially prepare for college and other major moments in their future.”The founder and CEO of Frank, Charlie Javice, said, “We launched Frank to make college more accessible for students and their families, and have already helped millions across the nation. We look forward to joining the Chase family to further this mission. Together, we can multiply our impact to help more students and their families achieve their financial goals and education dreams.”The buyout is expected to accelerate JPMorgan’s strong foundation with students, including products, content and guidance for students of all ages, with branches and ATMs on or in close proximity to more than 300 college campuses across the country.Our TakeOf late, JPMorgan has been undertaking several strategic buyouts. The company has been on an expansion spree for a long time now. In a bid to expand into the dining business, recently, JPMorgan agreed to acquire the popular restaurant recommendation website, The Infatuation. Also, it signed a deal with Volkswagen AG’s VWAGY subsidiary, Volkswagen Financial Services, in a bid to enter the automotive industry and bolster digital payment competencies.A few other notable buyouts in recent months include that of OpenInvest, a 40% stake in Brazil's C6 Bank and 55ip. The deals are expected to help boost JPMorgan’s fee income.Further, as part of its plan of establishing a banking presence in the U.K., JPMorgan acquired one of the largest robo advisory firms of the U.K., Nutmeg. Also, it has recently launched its long-planned digital retail bank Chase in the region.While the bank’s expansion in the U.K. will help it in capitalizing on the acceleration of the digital banking boom, it is expected to face tough competition from the large traditional banks like HSBC Holdings HSBC and Barclays BCS, which are looking to expand digital offerings.So far this year, shares of JPMorgan have gained 20.4% compared with 23.8% growth recorded by the industry.2 Image Source: Zacks Investment Research Currently, the company carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. The only question is “Will you get into the right stocks early when their growth potential is greatest?” Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How to Profit from Trillions on Spending for Infrastructure >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report JPMorgan Chase & Co. (JPM): Free Stock Analysis Report Barclays PLC (BCS): Free Stock Analysis Report HSBC Holdings plc (HSBC): Free Stock Analysis Report Volkswagen AG (VWAGY): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksSep 22nd, 2021

Futures Bounce On Evergrande Reprieve With Fed Looming

Futures Bounce On Evergrande Reprieve With Fed Looming Despite today's looming hawkish FOMC meeting in which Powell is widely expected to unveil that tapering is set to begin as soon as November and where the Fed's dot plot may signal one rate hike in 2022, futures climbed as investor concerns over China's Evergrande eased after the property developer negotiated a domestic bond payment deal. Commodities rallied while the dollar was steady. Contracts on the S&P 500 and Nasdaq 100 flipped from losses to gains as China’s central bank boosted liquidity when it injected a gross 120BN in yuan, the most since January... ... and investors mulled a vaguely-worded statement from the troubled developer about an interest payment.  S&P 500 E-minis were up 23.0 points, or 0.53%, at 7:30 a.m. ET. Dow E-minis were up 199 points, or 0.60%, and Nasdaq 100 E-minis were up 44.00 points, or 0.29%. Among individual stocks, Fedex fell 5.8% after the delivery company cut its profit outlook on higher costs and stalled growth in shipments. Morgan Stanley says it sees the company’s 1Q issues getting “tougher from here.” Commodity-linked oil and metal stocks led gains in premarket trade, while a slight rise in Treasury yields supported major banks. However, most sectors were nursing steep losses in recent sessions. Here are some of the biggest U.S. movers: Adobe (ADBE US) down 3.1% after 3Q update disappointed the high expectations of investors, though the broader picture still looks solid, Morgan Stanley said in a note Freeport McMoRan (FCX US), Cleveland- Cliffs (CLF US), Alcoa (AA US) and U.S. Steel (X US) up 2%-3% premarket, following the path of global peers as iron ore prices in China rallied Aethlon Medical (AEMD US) and Exela Technologies (XELAU US) advance along with other retail traders’ favorites in the U.S. premarket session. Aethlon jumps 21%; Exela up 8.3% Other so-called meme stocks also rise: ContextLogic +1%; Clover Health +0.9%; Naked Brand +0.9%; AMC +0.5% ReWalk Robotics slumps 18% in U.S. premarket trading, a day after nearly doubling in value Stitch Fix (SFIX US) rises 15.7% in light volume after the personal styling company’s 4Q profit and sales blew past analysts’ expectations Hyatt Hotels (H US) seen opening lower after the company launches a seven-million-share stock offering Summit Therapeutics (SMMT US) shares fell as much as 17% in Tuesday extended trading after it said the FDA doesn’t agree with the change to the primary endpoint that has been implemented in the ongoing Phase III Ri-CoDIFy studies when combining the studies Marin Software (MRIN US) surged more than 75% Tuesday postmarket after signing a new revenue-sharing agreement with Google to develop its enterprise technology platforms and software products The S&P 500 had fallen for 10 of the past 12 sessions since hitting a record high, as fears of an Evergrande default exacerbated seasonally weak trends and saw investors pull out of stocks trading at lofty valuations. The Nasdaq fell the least among its peers in recent sessions, as investors pivoted back into big technology names that had proven resilient through the pandemic. Focus now turns to the Fed's decision, due at 2 p.m. ET where officials are expected to signal a start to scaling down monthly bond purchases (see our preview here).  The Fed meeting comes after a period of market volatility stoked by Evergrande’s woes. China’s wider property-sector curbs are also feeding into concerns about a slowdown in the economic recovery from the pandemic. “Chair Jerome Powell could hint at the tapering approaching shortly,” said Sébastien Barbé, a strategist at Credit Agricole CIB. “However, given the current uncertainty factors (China property market, Covid, pace of global slowdown), the Fed should remain cautious when it comes to withdrawing liquidity support.” Meanwhile, confirming what Ray Dalio said that the taper will just bring more QE, Governing Council member Madis Muller said the  European Central Bank may boost its regular asset purchases once the pandemic-era emergency stimulus comes to an end. “Dovish signals could unwind some of the greenback’s gains while offering relief to stock markets,” Han Tan, chief market analyst at Exinity Group, wrote in emailed comments. A “hawkish shift would jolt markets, potentially pushing Treasury yields and the dollar past the upper bound of recent ranges, while gold and equities would sell off hunting down the next levels of support.” China avoided a major selloff as trading resumed following a holiday, after the country’s central bank boosted its injection of short-term cash into the financial system. MSCI’s Asia-Pacific index declined for a third day, dragged lower by Japan. Stocks were also higher in Europe. Basic resources - which bounced from a seven month low - and energy were among the leading gainers in the Stoxx Europe 600 index as commodity prices steadied after Beijing moved to contain fears of a spiraling debt crisis. Entain Plc rose more than 7%, extending Tuesday’s gain as it confirmed it received a takeover proposal from DraftKings Inc. Peer Flutter Entertainment Plc climbed after settling a legal dispute.  Here are some of the biggest European movers today: Entain shares jump as much as 11% after DraftKings Inc. offered to acquire the U.K. gambling company for about $22.4 billion. Vivendi rises as much as 3.1% in Paris, after Tuesday’s spinoff of Universal Music Group. Legrand climbs as much as 2.1% after Exane BNP Paribas upgrades to outperform and raises PT to a Street-high of EU135. Orpea shares falls as much as 2.9%, after delivering 1H results that Jefferies (buy) says were a “touch” below consensus. Bechtle slides as much as 5.1% after Metzler downgrades to hold from buy, saying persistent supply chain problems seem to be weighing on growth. Sopra Steria drops as much as 4.1% after Stifel initiates coverage with a sell, citing caution on company’s M&A strategy Despite the Evergrande announcement, Asian stocks headed for their longest losing streak in more than a month amid continued China-related concerns, with traders also eying policy decisions from major central banks. The MSCI Asia Pacific Index dropped as much as 0.7% in its third day of declines, with TSMC and Keyence the biggest drags. China’s CSI 300 tumbled as much as 1.9% as the local market reopened following a two-day holiday. However, the gauge came off lows after an Evergrande unit said it will make a bond interest payment and as China’s central bank boosted liquidity.  Taiwan’s equity benchmark led losses in Asia on Wednesday, dragged by TSMC after a two-day holiday, while markets in Hong Kong and South Korea were closed. Key stock gauges in Australia, Indonesia and Vietnam rose “A liquidity injection from the People’s Bank of China accompanied the Evergrande announcement, which only served to bolster sentiment further,” according to DailyFX’s Thomas Westwater and Daniel Dubrovsky. “For now, it appears that market-wide contagion risk linked to a potential Evergrande collapse is off the table.” Japanese equities fell for a second day amid global concern over China’s real-estate sector, as the Bank of Japan held its key stimulus tools in place while flagging pressures on the economy. Electronics makers were the biggest drag on the Topix, which declined 1%. Daikin and Fanuc were the largest contributors to a 0.7% loss in the Nikkei 225. The BOJ had been expected to maintain its policy levers ahead of next week’s key ruling party election. Traders are keenly awaiting the Federal Reserve’s decision due later for clues on the U.S. central banks plan for tapering stimulus. “Markets for some time have been convinced that the BOJ has reached the end of the line on normalization and will remain in a holding pattern on policy until at least April 2023 when Governor Kuroda is scheduled to leave,” UOB economist Alvin Liew wrote in a note. “Attention for the BOJ will now likely shift to dealing with the long-term climate change issues.” In the despotic lockdown regime that is Australia, the S&P/ASX 200 index rose 0.3% to close at 7,296.90, reversing an early decline in a rally led by mining and energy stocks. Banks closed lower for the fourth day in a row. Champion Iron was among the top performers after it was upgraded at Citi. IAG was among the worst performers after an earthquake caused damage to buildings in Melbourne. In New Zealand, the S&P/NZX 50 index rose 0.3% to 13,215.80 In FX, commodity currencies rallied as concerns about China Evergrande Group’s debt troubles eased as China’s central bank boosted liquidity and investors reviewed a statement from the troubled developer about an interest payment. Overnight implied volatility on the pound climbed to the highest since March ahead of Bank of England’s meeting on Thursday. The British pound weakened after Business Secretary Kwasi Kwarteng warnedthat people should prepare for longer-term high energy prices amid a natural-gas shortage that sent power costs soaring. Several U.K. power firms have stopped taking in new clients as small energy suppliers struggle to meet their previous commitments to sell supplies at lower prices. Overnight volatility in the euro rises above 10% for the first time since July ahead of the Federal Reserve’s monetary policy decision announcement. The Aussie jumped as much as 0.5% as iron-ore prices rebounded. Spot surged through option-related selling at 0.7240 before topping out near 0.7265 strikes expiring Wednesday, according to Asia- based FX traders.  Elsewhere, the yen weakened and commodity-linked currencies such as the Australian dollar pushed higher. In rates, the dollar weakened against most of its Group-of-10 peers. Treasury futures were under modest pressure in early U.S. trading, leaving yields cheaper by ~1.5bp from belly to long-end of the curve. The 10-year yield was at ~1.336% steepening the 2s10s curve by ~1bp as the front-end was little changed. Improved risk appetite weighed; with stock futures have recovering much of Tuesday’s losses as Evergrande concerns subside. Focal point for Wednesday’s session is FOMC rate decision at 2pm ET.   FOMC is expected to suggest it will start scaling back asset purchases later this year, while its quarterly summary of economic projections reveals policy makers’ expectations for the fed funds target in coming years in the dot-plot update; eurodollar positions have emerged recently that anticipate a hawkish shift Bitcoin dropped briefly below $40,000 for the first time since August amid rising criticism from regulators, before rallying as the mood in global markets improved. In commodities, Iron ore halted its collapse and metals steadied. Oil advanced for a second day. Bitcoin slid below $40,000 for the first time since early August before rebounding back above $42,000.   To the day ahead now, and the main highlight will be the aforementioned Federal Reserve decision and Chair Powell’s subsequent press conference. Otherwise on the data side, we’ll get US existing home sales for August, and the European Commission’s advance consumer confidence reading for the Euro Area in September. Market Snapshot S&P 500 futures up 0.4% to 4,362.25 STOXX Europe 600 up 0.5% to 461.19 MXAP down 0.7% to 199.29 MXAPJ down 0.4% to 638.39 Nikkei down 0.7% to 29,639.40 Topix down 1.0% to 2,043.55 Hang Seng Index up 0.5% to 24,221.54 Shanghai Composite up 0.4% to 3,628.49 Sensex little changed at 59,046.84 Australia S&P/ASX 200 up 0.3% to 7,296.94 Kospi up 0.3% to 3,140.51 Brent Futures up 1.5% to $75.47/bbl Gold spot up 0.0% to $1,775.15 U.S. Dollar Index little changed at 93.26 German 10Y yield rose 0.6 bps to -0.319% Euro little changed at $1.1725 Top Overnight News from Bloomberg What would it take to knock the U.S. recovery off course and send Federal Reserve policy makers back to the drawing board? Not much — and there are plenty of candidates to deliver the blow The European Central Bank will discuss boosting its regular asset purchases once the pandemic-era emergency stimulus comes to an end, but any such increase is uncertain, Governing Council member Madis Muller said Investors seeking hints about how Beijing plans to deal with China Evergrande Group’s debt crisis are training their cross hairs on the central bank’s liquidity management A quick look at global markets courtesy of Newsquawk Asian equity markets traded mixed as caution lingered ahead of upcoming risk events including the FOMC, with participants also digesting the latest Evergrande developments and China’s return to the market from the Mid-Autumn Festival. ASX 200 (+0.3%) was positive with the index led higher by the energy sector after a rebound in oil prices and as tech also outperformed, but with gains capped by weakness in the largest-weighted financials sector including Westpac which was forced to scrap the sale of its Pacific businesses after failing to secure regulatory approval. Nikkei 225 (-0.7%) was subdued amid the lack of fireworks from the BoJ announcement to keep policy settings unchanged and ahead of the upcoming holiday closure with the index only briefly supported by favourable currency outflows. Shanghai Comp. (+0.4%) was initially pressured on return from the long-weekend and with Hong Kong markets closed, but pared losses with risk appetite supported by news that Evergrande’s main unit Hengda Real Estate will make coupon payments due tomorrow, although other sources noted this is referring to the onshore bond payments valued around USD 36mln and that there was no mention of the offshore bond payments valued at USD 83.5mln which are also due tomorrow. Meanwhile, the PBoC facilitated liquidity through a CNY 120bln injection and provided no surprises in keeping its 1-year and 5-year Loan Prime Rates unchanged for the 17th consecutive month at 3.85% and 4.65%, respectively. Finally, 10yr JGBs were flat amid the absence of any major surprises from the BoJ policy announcement and following the choppy trade in T-notes which were briefly pressured in a knee-jerk reaction to the news that Evergrande’s unit will satisfy its coupon obligations tomorrow, but then faded most of the losses as cautiousness prevailed. Top Asian News Gold Steady as Traders Await Outcome of Fed Policy Meeting Evergrande Filing on Yuan Bond Interest Leaves Analysts Guessing Singapore Category E COE Price Rises to Highest Since April 2014 Asian Stocks Fall for Third Day as Focus Turns to Central Banks European equities (Stoxx 600 +0.5%) trade on a firmer footing in the wake of an encouraging APAC handover. Focus overnight was on the return of Chinese participants from the Mid-Autumn Festival and news that Evergrande’s main unit, Hengda Real Estate will make coupon payments due tomorrow; however, we await indication as to whether they will meet Thursday’s offshore payment deadline as well. Furthermore, the PBoC facilitated liquidity through a CNY 120bln injection whilst keeping its 1-year and 5-year Loan Prime Rates unchanged (as expected). Note, despite gaining yesterday and today, thus far, the Stoxx 600 is still lower to the tune of 0.7% on the week. Stateside, futures are also trading on a firmer footing ahead of today’s FOMC policy announcement, at which, market participants will be eyeing any clues for when the taper will begin and digesting the latest dot plot forecasts. Furthermore, the US House voted to pass the bill to fund the government through to December 3rd and suspend the debt limit to end-2022, although this will likely be blocked by Senate Republicans. Back to Europe, sectors are mostly firmer with outperformance in Basic Resources and Oil & Gas amid upside in the metals and energy complex. Elsewhere, Travel & Leisure is faring well amid further upside in Entain (+6.1%) with the Co. noting it rejected an earlier approach from DraftKings at GBP 25/shr with the new offer standing at GBP 28/shr. Additionally for the sector, Flutter Entertainment (+4.1%) are trading higher after settling the legal dispute between the Co. and Commonwealth of Kentucky. Elsewhere, in terms of deal flow, Iliad announced that it is to acquire UPC Poland for around USD 1.8bln. Top European News Energy Cost Spike Gets on EU Ministers’ Green Deal Agenda Travel Startup HomeToGo Gains in Frankfurt Debut After SPAC Deal London Stock Exchange to Shut Down CurveGlobal Exchange EU Banks Expected to Add Capital for Climate Risk, EBA Says In FX, trade remains volatile as this week’s deluge of global Central Bank policy meetings continues to unfold amidst fluctuations in broad risk sentiment from relatively pronounced aversion at various stages to a measured and cautious pick-up in appetite more recently. Hence, the tide is currently turning in favour of activity, cyclical and commodity currencies, albeit tentatively in the run up to the Fed, with the Kiwi and Aussie trying to regroup on the 0.7000 handle and 0.7350 axis against their US counterpart, and the latter also striving to shrug off negative domestic impulses like a further decline below zero in Westpac’s leading index and an earthquake near Melbourne. Next up for Nzd/Usd and Aud/Usd, beyond the FOMC, trade data and preliminary PMIs respectively. DXY/CHF/EUR/CAD - Notwithstanding the overall improvement in market tone noted above, or another major change in mood and direction, the Dollar index appears to have found a base just ahead of 93.000 and ceiling a similar distance away from 93.500, as it meanders inside those extremes awaiting US existing home sales that are scheduled for release before the main Fed events (policy statement, SEP and post-meeting press conference from chair Powell). Indeed, the Franc, Euro and Loonie have all recoiled into tighter bands vs the Greenback, between 0.9250-26, 1.1739-17 and 1.2831-1.2770, but with the former still retaining an underlying bid more evident in the Eur/Chf cross that is consolidating under 1.0850 and will undoubtedly be acknowledged by the SNB tomorrow. Meanwhile, Eur/Usd has hardly reacted to latest ECB commentary from Muller underpinning that the APP is likely to be boosted once the PEPP envelope is closed, though Usd/Cad is eyeing a firm rebound in oil prices in conjunction with hefty option expiry interest at the 1.2750 strike (1.8 bn) that may prevent the headline pair from revisiting w-t-d lows not far beneath the half round number. GBP/JPY - The major laggards, as Sterling slips slightly further beneath 1.3650 against the Buck to a fresh weekly low and Eur/Gbp rebounds from circa 0.8574 to top 0.8600 on FOMC day and T-1 to super BoE Thursday. Elsewhere, the Yen has lost momentum after peaking around 109.12 and still not garnering sufficient impetus to test 109.00 via an unchanged BoJ in terms of all policy settings and guidance, as Governor Kuroda trotted out the no hesitation to loosen the reins if required line for the umpteenth time. However, Usd/Jpy is holding around 109.61 and some distance from 1.1 bn option expiries rolling off between 109.85-110.00 at the NY cut. SCANDI/EM - Brent’s revival to Usd 75.50+/brl from sub-Usd 73.50 only yesterday has given the Nok another fillip pending confirmation of a Norges Bank hike tomorrow, while the Zar has regained some poise with the aid of firmer than forecast SA headline and core CPI alongside a degree of retracement following Wednesday’s breakdown of talks on a pay deal for engineering workers that prompted the union to call a strike from early October. Similarly, the Cnh and Cny by default have regrouped amidst reports that the CCP is finalising details to restructure Evergrande into 3 separate entities under a plan that will see the Chinese Government take control. In commodities, WTI and Brent are firmer this morning though once again fresh newsflow for the complex has been relatively slim and largely consisting of gas-related commentary; as such, the benchmarks are taking their cue from the broader risk tone (see equity section). The improvement in sentiment today has brought WTI and Brent back in proximity to being unchanged on the week so far as a whole; however, the complex will be dictated directly by the EIA weekly inventory first and then indirectly, but perhaps more pertinently, by today’s FOMC. On the weekly inventories, last nights private release was a larger than expected draw for the headline and distillate components, though the Cushing draw was beneath expectations; for today, consensus is a headline draw pf 2.44mln. Moving to metals where the return of China has seen a resurgence for base metals with LME copper posting upside of nearly 3.0%, for instance. Albeit there is no fresh newsflow for the complex as such, so it remains to be seen how lasting this resurgence will be. Finally, spot gold and silver are firmer but with the magnitude once again favouring silver over the yellow metal. US Event Calendar 10am: Aug. Existing Home Sales MoM, est. -1.7%, prior 2.0% 2pm: Sept. FOMC Rate Decision (Lower Boun, est. 0%, prior 0% DB's Jim Reid concludes the overnight wrap All eyes firmly on China this morning as it reopens following a 2-day holiday. As expected the indices there have opened lower but the scale of the declines are being softened by the PBoC increasing its short term cash injections into the economy. They’ve added a net CNY 90bn into the system. On Evergrande, we’ve also seen some positive headlines as the property developers’ main unit Hengda Real Estate Group has said that it will make coupon payment for an onshore bond tomorrow. However, the exchange filing said that the interest payment “has been resolved via negotiations with bondholders off the clearing house”. This is all a bit vague and doesn’t mention the dollar bond at this stage. Meanwhile, Bloomberg has reported that Chinese authorities have begun to lay the groundwork for a potential restructuring that could be one of the country’s biggest, assembling accounting and legal experts to examine the finances of the group. All this follows news from Bloomberg yesterday that Evergrande missed interest payments that had been due on Monday to at least two banks. In terms of markets the CSI (-1.11%), Shanghai Comp (-0.29%) and Shenzhen Comp (-0.53%) are all lower but have pared back deeper losses from the open. We did a flash poll in the CoTD yesterday (link here) and after over 700 responses in a couple of hours we found only 8% who we thought Evergrande would still be impacting financial markets significantly in a month’s time. 24% thought it would be slightly impacting. The other 68% thought limited or no impact. So the world is relatively relaxed about contagion risk for now. The bigger risk might be the knock on impact of weaker Chinese growth. So that’s one to watch even if you’re sanguine on the systemic threat. Craig Nicol in my credit team did a good note yesterday (link here) looking at the contagion risk to the broader HY market. I thought he summed it up nicely as to why we all need to care one way or another in saying that “Evergrande is the largest corporate, in the largest sector, of the second largest economy in the world”. For context AT&T is the largest corporate borrower in the US market and VW the largest in Europe. Turning back to other Asian markets now and the Nikkei (-0.65%) is down but the Hang Seng (+0.51%) and Asx (+0.58%) are up. South Korean markets continue to remain closed for a holiday. Elsewhere, yields on 10y USTs are trading flattish while futures on the S&P 500 are up +0.10% and those on the Stoxx 50 are up +0.21%. Crude oil prices are also up c.+1% this morning. In other news, the Bank of Japan policy announcement overnight was a non-event as the central bank maintained its yield curve target while keeping the policy rate and asset purchases plan unchanged. The central bank also unveiled more details of its green lending program and said that it would immediately start accepting applications and would begin making the loans in December. The relatively calm Asian session follows a stabilisation in markets yesterday following their rout on Monday as investors looked forward to the outcome of the Fed’s meeting later today. That said, it was hardly a resounding performance, with the S&P 500 unable to hold on to its intraday gains and ending just worse than unchanged after the -1.70% decline the previous day as investors remained vigilant as to the array of risks that continue to pile up on the horizon. One of these is in US politics and legislators seem no closer to resolving the various issues surrounding a potential government shutdown at the end of the month, along with a potential debt ceiling crisis in October, which is another flashing alert on the dashboard for investors that’s further contributing to weaker sentiment right now. Looking ahead now, today’s main highlight will be the latest Federal Reserve decision along with Chair Powell’s subsequent press conference, with the policy decision out at 19:00 London time. Markets have been on edge for any clues about when the Fed might begin to taper asset purchases, but concern about tapering actually being announced at this meeting has dissipated over recent weeks, particularly after the most recent nonfarm payrolls in August came in at just +235k, and the monthly CPI print also came in beneath consensus expectations for the first time since November. In terms of what to expect, our US economists write in their preview (link here) that they see the statement adopting Chair Powell’s language that a reduction in the pace of asset purchases is appropriate “this year”, so long as the economy remains on track. They see Powell maintaining optionality about the exact timing of that announcement, but they think that the message will effectively be that the bar to pushing the announcement beyond November is relatively high in the absence of any material downside surprises. This meeting also sees the release of the FOMC’s latest economic projections and the dot plot, where they expect there’ll be an upward drift in the dots that raises the number of rate hikes in 2023 to 3, followed by another 3 increases in 2024. Back to yesterday, and as mentioned US equity markets fell for a second straight day after being unable to hold on to earlier gains, with the S&P 500 slightly lower (-0.08%). High-growth industries outperformed with biotech (+0.38%) and semiconductors (+0.18%) leading the NASDAQ (+0.22%) slightly higher, however the Dow Jones (-0.15%) also struggled. Europe saw a much stronger performance though as much of the US decline came after Europe had closed. The STOXX 600 gained +1.00% to erase most of Monday’s losses, with almost every sector in the index ending the day in positive territory. With risk sentiment improving for much of the day yesterday, US Treasuries sold off slightly and by the close of trade yields on 10yr Treasuries were up +1.2bps to 1.3226%, thanks to a +1.8bps increase in real yields. However, sovereign bonds in Europe told a different story as yields on 10yr bunds (-0.3bps), OATs (-0.3bps) and BTPs (-1.9bps) moved lower. Other safe havens including gold (+0.59%) and silver (+1.02%) also benefited, but this wasn’t reflected across commodities more broadly, with Bloomberg’s Commodity Spot Index (-0.30%) losing ground for a 4th consecutive session. Democratic Party leaders plan to vote on the Senate-approved $500bn bipartisan infrastructure bill next Monday, even with no resolution to the $3.5tr budget reconciliation measure that encompasses the remainder of the Biden Administration’s economic agenda. Democrats continue to work on the reconciliation measure but have turned their attention to the debt ceiling and government funding bills.Congress has fewer than two weeks before the current budget expires – on Oct 1 – to fund the government and raise the debt ceiling. Republicans yesterday noted that the Democrats could raise the ceiling on their own through the reconciliation process, with many saying that they would not be offering their support to any funding bill. Democrats continue to push for a bipartisan bill to raise the debt ceiling, pointing to their votes during the Trump administration. If Democrats are forced to tie the debt ceiling and funding bills to budget reconciliation, it could limit how much of the $3.5 trillion bill survives the last minute negotiations between progressives and moderates. More to come over the next 10 days. Staying on the US, there was an important announcement in President Biden’s speech at the UN General Assembly, as he said that he would work with Congress to double US funding to poorer nations to deal with climate change. That comes as UK Prime Minister Johnson (with the UK hosting the COP26 summit in less than 6 weeks’ time) has been lobbying other world leaders to find the $100bn per year that developed economies pledged by 2020 to support developing countries as they reduce their emissions and deal with climate change. In Germany, there are just 4 days to go now until the federal election, and a Forsa poll out yesterday showed a slight narrowing in the race, with the centre-left SPD remaining on 25%, but the CDU/CSU gained a point on last week to 22%, which puts them within the +/- 2.5 point margin of error. That narrowing has been seen in Politico’s Poll of Polls as well, with the race having tightened from a 5-point SPD lead over the CDU/CSU last week to a 3-point one now. Turning to the pandemic, Johnson & Johnson reported that their booster shot given 8 weeks after the first offered 100% protection against severe disease, 94% protection against symptomatic Covid in the US, and 75% against symptomatic Covid globally. Speaking of boosters, Bloomberg reported that the FDA was expected to decide as soon as today on a recommendation for Pfizer’s booster vaccine. That follows an FDA advisory panel rejecting a booster for all adults last Friday, restricting the recommendation to those over-65 and other high-risk categories. Staying with the US and vaccines, President Biden announced that the US was ordering 500mn doses of the Pfizer vaccine to be exported to the rest of the world. On the data front, there were some strong US housing releases for August, with housing starts up by an annualised 1.615m (vs. 1.55m expected), and building permits up by 1.728m (vs. 1.6m expected). Separately, the OECD released their Interim Economic Outlook, which saw them upgrade their inflation expectations for the G20 this year to +3.7% (up +0.2ppts from May) and for 2022 to +3.9% (up +0.5ppts from May). Their global growth forecast saw little change at +5.7% in 2021 (down a tenth) and +4.5% for 2022 (up a tenth). To the day ahead now, and the main highlight will be the aforementioned Federal Reserve decision and Chair Powell’s subsequent press conference. Otherwise on the data side, we’ll get US existing home sales for August, and the European Commission’s advance consumer confidence reading for the Euro Area in September. Tyler Durden Wed, 09/22/2021 - 08:05.....»»

Category: blogSource: zerohedgeSep 22nd, 2021

Houston-area bank buys more branches in Texas

Conroe-based Spirit of Texas Bancshares Inc. (Nasdaq: STXB), the holding company for Spirit of Texas Bank, is making another acquisition. The bank agreed to acquire four branch offices from Simmons Bank, a subsidiary of Arkansas-based Simmons Fir.....»»

Category: topSource: bizjournalsDec 23rd, 2019

Bar Harbor Bankshares to acquire 8 Maine bank branches

See the rest of the story here. Theflyonthewall.com provides the latest financial news as it breaks. Known as a leader in market intelligence, The Fl.....»»

Category: blogSource: theflyonthewallJul 8th, 2019

$66B banking merger would create new national financial powerhouse

BB&T Corp. — which has more than a dozen branches and millions of dollars of deposits in Austin — plans to merge with SunTrust in to create the nation's sixth-largest bank......»»

Category: topSource: bizjournalsFeb 7th, 2019

Toll Brothers (TOL) Down 5.1% Since Last Earnings Report: Can It Rebound?

Toll Brothers (TOL) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues. A month has gone by since the last earnings report for Toll Brothers (TOL). Shares have lost about 5.1% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Toll Brothers due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. Toll Brothers Q3 Earnings & Revenues Top, Margin UpToll Brothers, Inc. reported strong third-quarter fiscal 2021 (ended Jul 31, 2021) results. Both the top and bottom lines topped the Zacks Consensus Estimate and increased significantly on a year-over-year basis. The company has been benefiting from its strategy of broadening the product lines, price points and geographies.Douglas C. Yearley, Jr., chairman and chief executive officer, said, “Demand continues to be very strong. Net signed contracts were up 35% in dollars to approximately $3 billion compared to the prior year period. The housing market is being driven by many strong fundamentals, including low mortgage rates, favorable millennial-driven demographics, a decade of pent-up demand, low new home supply, and a tight resale market. We expect strong and sustainable demand for our homes in the years to come.”He continued, “Our record backlog, our focus on capital and operating efficiency, and the continued strength of the housing market give us confidence that our full FY 2022 margins will significantly exceed the strong margins we project for our FY 2021 fourth quarter and that our return on beginning equity will exceed 20% in FY 2022 and beyond.”On Aug, 24, 2021, Toll Brothers announced a strategic partnership with Equity Residential to selectively acquire and develop sites for new rental apartment communities in Metro Boston, MA; Atlanta, GA; Austin, TX; Denver, CO; Orange County/San Diego, CA; Seattle, WA, and Dallas-Fort Worth, TX.Earnings & Revenue DiscussionThe country’s leading luxury homebuilder reported earnings of $1.87 per share, surpassing the Zacks Consensus Estimate of $1.52 by 23%. Also, the said figure grew 74.4% from the year-ago figure of 90 cents per share as a result of higher revenues and margins.Revenues of $2.26 billion topped the consensus mark of $2.22 billion by 1.7% and increased 26.8% year over year, backed by solid demand during the quarter.Segment DetailToll Brothers operates under two reportable segments, namely Traditional Home Building and Urban Infill ("City Living").Revenues from Traditional Home Building totaled $2.15 billion, up 28.1% year over year, and that of City Living increased more than 594% to $184 million.Inside the Headline NumbersHome sales revenues grew 37% from the prior year to $2.23 billion. Homes delivered grew 28% year over year to 2,597 units. Deliveries increased in all regions served by the company. The average price of homes delivered was $806,600 for the quarter, up 1.7% from the year-ago level of $793,100.The number of net signed contracts for the reported quarter was 3,154 units, up 11% year over year. The value of net signed contracts was $2.98 billion, reflecting a rise of 35% from the year-ago quarter. These marked record third-quarter numbers.At fiscal third quarter-end, Toll Brothers had a backlog of 10,661 homes, representing a 47% year-over-year increase. Also, potential revenues from backlog improved 55% year over year to $9.44 billion. Backlog for the quarter, in both dollars and units, marked an all-time record high. The average price of homes in backlog totaled $885,200, up from $840,600 at the end of the comparable period of fiscal 2020.Cancellation rate for the reported quarter was 3.1% compared with 8% in the prior-year period.MarginsThe company’s home sales adjusted gross margin was 25.6%, expanding 170 basis points (bps) for the quarter.SG&A expenses — as a percentage of home sales revenues — were 10.5%, which decreased from 11.9% in the year-ago quarter.FinancialsToll Brothers had $946 million cash and cash equivalents as of Jul 31, 2021 compared with $1.37 billion at fiscal 2020-end. At fiscal third quarter-end, it had $1.79 billion available under the $1.905-billion bank revolving credit facility, scheduled to mature in November 2025.Total debt at fiscal third quarter-end was $3.59 billion, down from $3.96 billion at fiscal 2020-end. Debt to capital was 41.6% at fiscal third quarter-end versus 44.8% a year ago.During the quarter, the company repurchased nearly 1.7 million shares of its common stock at an average price of $57.66 per share for approximately $95.4 million.Fiscal Fourth-Quarter GuidanceToll Brothers expects home deliveries of 3,450 units (indicating an improvement from 2,940 units delivered in the prior-year quarter) at an average price of $840,000 (suggesting a rise from $805,000 a year ago).Adjusted home sales gross margin is now expected to be 25.6% (up from prior projection of 24.8), implying an increase from 21.9% in the year-ago period. SG&A expenses are estimated to be 9.8% of home sales revenues (pointing to fall from 9.9% a year ago). The projection has improved from prior expectation of 11.6%. The company expects effective tax rate to be 26%.Fiscal 2021 GuidanceFor full-year fiscal 2021, home deliveries are now anticipated to be 10,100 units (indicating an improvement from 8,496 units reported in fiscal 2020) at an average price of $830,000. Average price in the year-ago quarter was $816,500.Toll Brothers expects adjusted home sales gross margin of 24.9% (reflecting a marginal increase from 24.6% projected earlier). The current projection implies growth from 23.5% recorded in the year-ago period. SG&A expenses, as a percentage of home sales revenues, for full-year fiscal 2021 are projected to be 11.3% (suggesting fall from 12.5% in fiscal 2020). The current estimate reflects a decrease from the prior projection of 11.8%.How Have Estimates Been Moving Since Then?It turns out, estimates review have trended upward during the past month. The consensus estimate has shifted 5.27% due to these changes.VGM ScoresAt this time, Toll Brothers has a nice Growth Score of B, though it is lagging a bit on the Momentum Score front with a C. However, the stock was allocated a grade of A on the value side, putting it in the top 20% for this investment strategy.Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Toll Brothers has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Toll Brothers Inc. (TOL): Free Stock Analysis Report To read this article on Zacks.com click here......»»

Category: topSource: zacks31 min. ago

SoFi Technologies May Be Making the Moves to Propel It Higher in 2022

InvestorPlace - Stock Market News, Stock Advice & Trading Tips Sofi Technologies will be a leader in the lending industry once the national bank charter is approved. SOFI stock is a buy in this dip. The post SoFi Technologies May Be Making the Moves to Propel It Higher in 2022 appeared first on InvestorPlace. More From InvestorPlace Stock Prodigy Who Found NIO at $2… Says Buy THIS Now Analyst Who Found Microsoft at $0.38 Names #1 Pick for the AI Boom America’s #1 EV Stock Still Flying Under the Radar.....»»

Category: topSource: investorplace1 hr. 47 min. ago

Norway Becomes First Developed Central Bank To Hike Rates Post-COVID

Norway Becomes First Developed Central Bank To Hike Rates Post-COVID In a time of soaring prices, central bank tightening has now become all the rage (except in Turkey of course which just surprised markets with a 1% rate cut, sending the lira plunging to all time lows), and one day after Brazil hiked rates by 1% to 6.25% with promises to do the same next month and even the Fed turning hawkish and revealing the taper will start "soon", most likely in November (even if the first US rate hike is expected to come well in late 2022), overnight Norway's central bank, the Norges Bank, become the first major Western central bank to raise interest rates following the onset of the coronavirus pandemic. After cutting rates three times in 2020 due the economic fallout from the crisis, on Thursday Norway’s central bank unanimously decided to raise rates to 0.25% from zero, in line with expectations. “The reopening of society has led to a marked upswing in the Norwegian economy, and activity is now higher than its pre-pandemic level. Unemployment has fallen further, and capacity utilisation appears to be close to a normal level,” the bank said in the statement. "A normalising economy now suggests that it is appropriate to begin a gradual normalisation of the policy rate,” said Governor Oystein Olsen in a statement, adding that another rate hike is likely coming in December: “Based on the Committee’s current assessment of the outlook and balance of risks, the policy rate will most likely be raised further in December”. The projected policy rate path was revised up from late-2022 onward, rising to 1.7% at end-2024. The decomposition shows higher inflation on the back of higher capacity utilization and a weaker krone accounting for most of the change since June (Exhibit 1). The Committee stressed that longer-term inflation expectations remain anchored and that the risk of inflation becoming too high is limited. The updated economic projections in the Monetary Policy Report (MPR), which was also published today, show a larger positive output gap from 2022 onward, and the inflation outlook was revised up accordingly. Norges Bank now forecasts core inflation to reach 1.9% at the end of the forecast horizon, up from 1.6% in the June MPR. Norway’s currency rallied to its highest levels since June, gaining 0.7% against the U.S. dollar.   Tyler Durden Thu, 09/23/2021 - 11:00.....»»

Category: blogSource: zerohedge1 hr. 47 min. ago

Zoom nabs JPM banker - Citi DEI head"s plans - BofA"s new org chart

The top finance news for Sept. 23, including the latest on Zoom poaching one of JPMorgan's tech bankers, and BofA's new org chart. Welcome to Insider Finance. If this was forwarded to you, sign up here. Plus, download Insider's app for news on the go - click here for iOS and here for Android.On the agenda today:Zoom nabbed a JPMorgan tech banker. Citi's head of diversity wants to shake up Wall Street. Bank of America revealed its new org chart after a massive leadership shakeup. Let's get started. Zoom just nabbed a JPMorgan tech banker Reuters After 16 years with JPMorgan, Sanjay Rao has joined video-conferencing company Zoom to head its M&A strategy. The tech investment banker joins following a year of record-breaking growth for Zoom. More on Rao, the latest Wall Streeter to jump to tech.Citi's new head of diversity wants to shake up Wall Street Bloomberg For Insider's first installment of The Equity Talk, we sat down with Erika Irish Brown, Citi's head of DEI. Brown discussed how she's measuring the effect of DEI at the bank - see what she told us here.Bank of America reveals its new org chart Bank of America Bank of America announced sweeping changes to its leadership team earlier this month, with more than 15 leaders seeing their roles change. We've got two charts breaking down BofA's new leadership, and who's running which business lines.BofA's CEO detailed the firm's approach to tech and ops budgeting John Lamparski/Getty Images Bank of America's Brian Moynihan explained the "constant fight" his new tech and ops leaders will face when cutting costs in their $14 billion budget. Even though the bank has cut the budget down by billions, Moynihan said it's still seeing client volumes grow. Here's what else he said.Procore just agreed to acquire Levelset Courtesy of Levelset and Procore Procore, a cloud-based construction-management software company, announced it will buy software firm Levelset for $500 million. The deal will help Procore solve one of the construction industry's biggest problems: getting paid. Here's what you need to know.A top European bank research analyst is leaving Goldman Sachs Danny Moloshok/Reuters Jernej Omahen, Goldman Sachs' head of research for its European financial institutions group, is leaving the bank. Omahen, a partner and 20-year Goldman veteran, announced his plans to retire this week, marking another partner exit from the firm. What we know so far.ExodusPoint has poached two portfolio managers Icon Sportswire ExodusPoint Capital is looking to supercharge its macro trading business - and has poached two star portfolio managers to do so. Pablo Duran Steinman, head of macro at the family office of George Soros, will join the $14 billion fund, as will Eisler Capital's Mukesh Murarka. More on that here.On our radar:When he first joined Goldman Sachs, Jernej Omahen had 42 interviews in three days, according to eFinancialCareers. More on his interview process.Page Six reports that billionaire John Paulson and wife are in the midst of what could be one of the most expensive divorces of all time.Facebook's CTO is stepping down. Here's everything we know about his departure.Read the original article on Business Insider.....»»

Category: topSource: businessinsider4 hr. 31 min. ago

Citi"s head of diversity says the company is on track for 40% female leadership by the end of the year

In her mission to diversify the bank, Citi's Erika Irish Brown has met with CEO Jane Fraser over a dozen times in her first three months on the job. Citi's head of DEI Erika Irish Brown was hired in June. Courtesy of Citi In June, Citi hired Erika Irish Brown to lead diversity and inclusion at the firm. Her initial goal is to increase Black and female representation in leadership. Brown is working closely with Citi CEO Jane Fraser, the first woman to lead a major US bank. See more stories on Insider's business page. Erika Irish Brown, Citi's recently hired head of diversity and inclusion, has one key goal for the $142 billion firm over the next three months: to increase Black and female leadership."I've always tried to connect the dots between racial equity, commercial, and human capital initiatives that drive the business case for diversity," she told Insider. Diversity goals, in other words, aren't separate from talent or business objectives. They're intimately connected.Working closely with Citi CEO Jane Fraser, the first woman to head a major US bank, Brown hopes to help the firm increase the representation of women in leadership positions to 40% by the end of 2021, up from 37% in 2018. The firm also hopes to increase the representation of Black people in leadership roles to 8% in the same time frame, up from 6% in 2018. Citi declined to share its current figures, but said it was on track to meet its goals. The financial sector is notoriously homogenous. At the entry level of US financial services firms, the percentage of people of color is in line with their representation in society - around 40%. But as you go up the corporate ladder, research shows, it falls steadily. By the C-suite, it drops by 75%. There's ample evidence to support Brown's business case for diversity.A McKinsey analysis in 2020 found that companies that had more gender diversity on executive teams were 25% more likely to have high profitability than companies with low gender diversity. Separate McKinsey research shows that companies with more racial and ethnic diversity are 35% more likely to have higher financial returns than their respective national industry medians.To change the status quo, leaders need to use every opportunity available to diversify their workforces, Brown said. "We have very specific development and retention programs for mid-level Black employees as well as women," Brown said. These include active efforts to audit and close pay-equity gaps; and employee resources groups, such as Citi Women, a group for women and female-identifying employees. "We're going to continue to develop those."The firm also continues to invest in a program called "Owning My Success," in which senior leaders mentor mid-level Black colleagues. The program began with roughly 50 participants in 2018 and has expanded to nearly 300 members in the 2020 class.Citi is also expanding partnerships it has with historically Black universities and colleges as well as Hispanic-serving institutions. While overseeing these initiatives, Brown has been meeting and listening to her colleagues, from interns to analysts to C-suite leaders, in order to learn more about the employee experience."It's time consuming. My role is about understanding culture," she said. "It's about advancing diverse groups and you need those individual insights." In the three months in her position, she's already met with CEO Jane Fraser at least a dozen times. Having support from Fraser is key, but it's not the end-all-be-all. For Brown, diversity and inclusion isn't a one-department job; it's a company-wide priority. "You need to have full buy-in throughout the firm," she said. "I think the more that you have an open dialogue and get that buy-in and have everybody feeling like, you know, diversity, equity and inclusion is part of my role, it's part of business, that's how we drive accountability."Read the original article on Business Insider.....»»

Category: topSource: businessinsider4 hr. 31 min. ago

The New Zealand government is talking to KFC, Pizza Hut, and Taco Bell about offering people COVID-19 vaccines when they buy meals

New Zealand eased a strict lockdown in Auckland this week, allowing fast food restaurants to restart delivery services and socially-distanced sales. A KFC drive-thru in Manukau, New Zealand. Phil Walter/Getty Images New Zealand is talking to fast food brands about offering people vaccinations with their meals. The government is speaking with KFC, Pizza Hut, and Taco Bell, an Auckland councillor said. Auckland ended a harsh lockdown on Tuesday, and the country wants to avoid future lockdowns. See more stories on Insider's business page. The New Zealand government is in talks with fast food brands like KFC, Taco Bell, and Pizza Hut about offering customers COVID-19 vaccines with their meals.Auckland, the country's largest city, eased a harsh five-week lockdown on Tuesday, allowing fast food restaurants to restart delivery services and socially-distanced sales. Last month the entire country went into a full national lockdown over one COVID-19 case.Prime Minister Jacinda Ardern is keen to boost the country's vaccination rate, and the government is considering partnering with fast food brands to make that happen.On Wednesday, Auckland Councillor Josephine Bartley tweeted that Restaurant Brands, the company behind KFC, Pizza Hut, Carl's Jr., and Taco Bell in New Zealand, was speaking to the government about a partnership."We want to make sure we're going to where people are," Deputy Prime Minister Grant Robertson told Radio New Zealand on Thursday."We know that a lot of Aucklanders are going to be really excited about getting their takeaway fix and could we use that possibility?"Robertson said, however, that there could be issues getting people to wait for 20 minutes after their vaccination due to the time pressures of drive-thru outlets.Ardern said Thursday that she hoped to drop strict lockdown measures for good and wanted a 90% vaccination rate to do so. As of Thursday, 40% of people were fully vaccinated and 75% have had one dose, according to government statistics.Demand for fast food has been high in Auckland since lockdown restrictions were reintroduced last month, prompting some people to try and get their fill by any means necessary.On Sunday, New Zealand police officers arrested two men who they said attempted to enter Auckland with a car "full" of smuggled KFC chicken, french fries, and ten tubs of coleslaw. Police said they also found $70,000 in cash inside the car.Earlier in September, police charged a 20-year-old man who they said snuck out of Auckland to buy McDonald's.The lines for some Auckland branches of McDonald's, KFC, and Taco Bell started hours before their reopening, Stuff.co.nz reported. One McDonald's drive-thru described seeing some 40 cars already waiting when it opened, and a KFC customer slept in his car, the outlet reported.-Jo Bartley (@jobartleynz) September 22, 2021Read the original article on Business Insider.....»»

Category: topSource: businessinsider8 hr. 15 min. ago

Escobar: Eurasia Takes Shape, Part 1 - How The SCO Just Flipped The World Order

Escobar: Eurasia Takes Shape, Part 1 - How The SCO Just Flipped The World Order Authored by Pepe Escobar via The Cradle, As a rudderless West watched on, the 20th anniversary meeting of the Shanghai Cooperation Organization was laser-focused on two key deliverables: shaping up Afghanistan and kicking off a full-spectrum Eurasian integration. The two defining moments of the historic 20th anniversary Shanghai Cooperation Organization (SCO) summit in Dushanbe, Tajikistan had to come from the keynote speeches of – who else – the leaders of the Russia-China strategic partnership. Xi Jinping: “Today we will launch procedures to admit Iran as a full member of the SCO.” Vladimir Putin: “I would like to highlight the Memorandum of Understanding that was signed today between the SCO Secretariat and the Eurasian Economic Commission. It is clearly designed to further Russia’s idea of establishing a Greater Eurasia Partnership covering the SCO, the EAEU (Eurasian Economic Union), ASEAN (Association of Southeast Asian Nations) and China’s Belt and Road initiative (BRI).” In short, over the weekend, Iran was enshrined in its rightful, prime Eurasian role, and all Eurasian integration paths converged toward a new global geopolitical – and geoeconomic – paradigm, with a sonic boom bound to echo for the rest of the century. That was the killer one-two punch immediately following the Atlantic alliance’s ignominious imperial retreat from Afghanistan. Right as the Taliban took control of Kabul on August 15, the redoubtable Nikolai Patrushev, secretary of Russia’s Security Council, told his Iranian colleague Admiral Ali Shamkhani that “the Islamic Republic will become a full member of the SCO.” Dushanbe revealed itself as the ultimate diplomatic crossover. President Xi firmly rejected any “condescending lecturing” and emphasized development paths and governance models compatible with national conditions. Just like Putin, he stressed the complementary focus of BRI and the EAEU, and in fact summarized a true multilateralist Manifesto for the Global South. Right on point, President Kassym-Jomart Tokayev of Kazakhstan noted that the SCO should advance “the development of a regional macro-economy.” This is reflected in the SCO’s drive to start using local currencies for trade, bypassing the US dollar. With Iran's arrival, the SCO member-states now number nine, and they're focused on fixing Afghanistan and consolidating Eurasia. Watch that quadrilateral Dushanbe was not just a bed of roses. Tajikistan’s Emomali Rahmon, a staunch, secular Muslim and former member of the Communist Party of the USSR – in power for no less than 29 years, reelected for the 5th time in 2020 with 90 percent of the vote – right off the bat denounced the “medieval sharia” of Taliban 2.0 and said they had already “abandoned their previous promise to form an inclusive  government.” Rahmon, who has never been caught smiling on camera, was already in power when the Taliban conquered Kabul in 1996. He was bound to publicly support his Tajik cousins against the “expansion of extremist ideology” in Afghanistan – which in fact worries all SCO member-states when it comes to smashing dodgy jihadi outfits of the ISIS-K mold . The meat of the matter in Dushanbe was in the bilaterals – and one quadrilateral. Take the bilateral between Indian External Affairs Minister S. Jaishankar and Chinese FM Wang Yi. Jaishankar said that China should not view “its relations with India through the lens of a third country,” and took pains to stress that India “does not subscribe to any clash of civilizations theory.” That was quite a tough sell considering that the first in-person Quad summit takes place this week in Washington, DC, hosted by that “third country” which is now knee deep in clash-of-civilizations mode against China. Pakistani Prime Minister Imran Khan was on a bilateral roll, meeting the presidents of Iran, Belarus, Uzbekistan and Kazakhstan. The official Pakistani diplomatic position is that Afghanistan should not be abandoned, but engaged. That position added nuance to what Russian Special Presidential Envoy for SCO Affairs Bakhtiyer Khakimov had explained about Kabul’s absence at the SCO table: “At this stage, all member states have an understanding that there are no reasons for an invitation until there is a legitimate, generally recognized government in Afghanistan.” And that, arguably, leads us to the key SCO meeting: a quadrilateral with the Foreign Ministers of Russia, China, Pakistan and Iran. Pakistani Foreign Minister Qureshi affirmed: “We are monitoring whether all the groups are included in the government or not.” The heart of the matter is that, from now on, Islamabad coordinates the SCO strategy on Afghanistan, and will broker Taliban negotiations with senior Tajik, Uzbek and Hazara leaders. This will eventually lead the way towards an inclusive government regionally recognized by SCO member-nations. Iranian President Ebrahim Raisi was warmly received by all – especially after his forceful keynote speech, an Axis of Resistance classic. His bilateral with Belarus president Aleksandr Lukashenko revolved around a discussion on “sanctions confrontation.” According to Lukashenko: “If the sanctions did any harm to Belarus, Iran, other countries, it was only because we ourselves are to blame for this. We were not always negotiable, we did not always find the path we had to take under the pressure of sanctions.” Considering Tehran is fully briefed on Islamabad’s SCO role in terms of Afghanistan, there will be no need to deploy the Fatemiyoun brigade – informally known as the Afghan Hezbollah – to defend the Hazaras. Fatemiyoun was formed in 2012 and was instrumental in Syria in the fight against Daesh, especially in Palmyra. But if ISIS-K does not go away, that’s a completely different story. Particular important for SCO members Iran and India will be the future of Chabahar port. That remains India’s crypto-Silk Road gambit to connect it to Afghanistan and Central Asia. The geoeconomic success of Chabahar more than ever depends on a stable Afghanistan – and this is where Tehran’s interests fully converge with Russia-China’s SCO drive. What the 2021 SCO Dushanbe Declaration spelled out about Afghanistan is quite revealing: 1. Afghanistan should be an independent, neutral, united, democratic and peaceful state, free of terrorism, war and drugs. 2. It is critical to have an inclusive government in Afghanistan, with representatives from all ethnic, religious and political groups of Afghan society. 3. SCO member states, emphasizing the significance of the many years of hospitality and effective assistance provided by regional and neighboring countries to Afghan refugees, consider it important for the international community to make active efforts to facilitate their dignified, safe and sustainable return to their homeland. As much as it may sound like an impossible dream, this is the unified message of Russia, China, Iran, India, Pakistan and the Central Asian “stans.” One hopes that Pakistani PM Imran Khan is up to the task and ready for his SCO close-up. That troubled Western peninsula The New Silk Roads were officially launched eight years ago by Xi Jinping, first in Astana – now Nur-Sultan – and then in Jakarta. This is how I reported it at the time. The announcement came close to a SCO summit – then in Bishkek. The SCO, widely dismissed in Washington and Brussels as a mere talk shop, was already surpassing its original mandate of fighting the “three evil forces” – terrorism, separatism and extremism – and encompassing politics and geoeconomics. In 2013, there was a Xi-Putin-Rouhani trilateral. Beijing expressed full support for Iran’s peaceful nuclear program (remember, this was two years before the signing of the Joint Comprehensive Plan of Action, also known as the JCPOA). Despite many experts dismissing it at the time, there was indeed a common China-Russia-Iran front on Syria (Axis of Resistance in action). Xinjiang was being promoted as the key hub for the Eurasian Land Bridge. Pipelineistan was at the heart of the Chinese strategy – from Kazakhstan oil to Turkmenistan gas. Some people may even remember when Hillary Clinton, as Secretary of State, was waxing lyrical about an American-propelled New Silk Road. Now compare it to Xi’s Multilateralism Manifesto in Dushanbe eight years later, reminiscing on how the SCO “has proved to be an excellent example of multilateralism in the 21stcentury,” and “has played an important role in enhancing the voice of developing countries.” The strategic importance of this SCO summit taking place right after the Eastern Economic Forum (EEF) in Vladivostok cannot be overstated enough. The EEF focuses of course on the Russian Far East – and essentially advances interconnectivity between Russia and Asia. It is an absolutely key hub of Russia’s Greater Eurasian Partnership. A cornucopia of deals is on the horizon – expanding from the Far East to the Arctic and the development of the Northern Sea Route, and involving everything from precious metals and green energy to digital sovereignty flowing through logistics corridors between Asia and Europe via Russia. As Putin hinted in his keynote speech, this is what the Greater Eurasia Partnership is all about: the Eurasia Economic Union (EAEU), BRI, India’s initiative, ASEAN, and now the SCO, developing in a harmonized network, crucially operated by “sovereign decision-making centers.” So if the BRI proposes a very Taoist “community of shared future for human kind,” the Russian project, conceptually, proposes a dialogue of civilizations (already evoked by the Khatami years in Iran) and sovereign economic-political projects. They are, indeed, complementary. Glenn Diesen, Professor at the University of South-Eastern Norway and an editor at the Russia in Global Affairs journal, is among the very few top scholars who are analyzing this process in depth. His latest book remarkably tells the whole story in its title:  Europe as the Western Peninsula of Greater Eurasia: Geoeconomic Regions in a Multipolar World. It’s not clear whether Eurocrats in Brussels – slaves of Atlanticism and incapable of grasping the potential of Greater Eurasia – will end up exercising real strategic autonomy. Diesen evokes in detail the parallels between the Russian and the Chinese strategies. He notes how China “is pursuing a three-pillared geoeconomic initiative by developing technological leadership via its China 2025 plan, new transportation corridors via its trillion-dollar Belt and Road Initiative, and establishing new financial instruments such as banks, payment systems and the internationalization of the yuan. Russia is similarly pursuing technological sovereignty, both in the digital sphere and beyond, as well as new transportation corridors such as the Northern Sea Route through the Arctic, and, primarily, new financial instruments.” The whole Global South, stunned by the accelerated collapse of the western Empire and its unilateral “rules-based order," now seems to be ready to embrace the new groove, fully displayed in Dushanbe: a multipolar Greater Eurasia of sovereign equals. Tyler Durden Wed, 09/22/2021 - 23:20.....»»

Category: blogSource: zerohedge14 hr. 15 min. ago

How to Protect Your Personal Finances When the Market is Down

Economic volatility is a good time for you to both reevaluate your personal finances and your investment risk tolerance. Just when we thought the pandemic was behind us, a surge in delta variant cases during the summer led to mask mandates and other restrictions being reinstated, and our old friend uncertainty—uncertainty about our jobs, our health, and our future—coming back into the picture.The “new normal” from last year has seemingly become our permanent reality, with many of us still working from home, jumping on Zoom ZM calls, baking too much banana bread, and watching a lot of television.Because of this, reviewing your personal finances is now more important than ever.To avoid going into panicked, stressed-out mode, start by figuring out your net worth. Calculate how much cash you have on hand, what’s in your investment portfolio(s), and your current debt load.By laying everything out on the table, from what you owe to how much money you’re able to bring in, you’ll be able to start to feel a little more in control.Another key step: start, or add to, an emergency savings fund.Despite the allure of online shopping, you may have found it easier to save your money this past year and a half, since bars, retail shops, restaurants, and movie theaters were all shuttered for a long period of time. Taking what you would have spent on dinner and a movie, for example, and putting it right into your piggy bank is a simple way to build up your fund.But if you really want to ramp up your savings, write down all of the things you think you’ll be able to live without for a while, like your morning Starbucks SBUX run or new fall clothes.The more luxuries or non-essential items you can cut from your budget, the more you’ll be able to easily save and the bigger (and quicker) your emergency fund will grow.Protecting Your Investment PortfolioLast year, we saw the U.S. economy come to a screeching halt due to nationwide lockdowns, and the recovery has been slow, steady, and a little bit rocky. But big tech stocks like Microsoft MSFT, Amazon AMZN, and Facebook FB have helped drive the major indexes to record highs, boosting investor sentiment across the board.The underlying economic data continues to improve bit by bit, and the markets are beginning to price in the Fed’s bond purchase tapering.But things could still get choppy—September has historically been a down month for the stock market, and the Dow and S&P 500 are in the red so far. One of the simplest ways to safeguard your investment portfolio in a volatile climate is diversification.Portfolio diversity doesn't just mean owning five stocks from five different sectors. It also means complementing stocks with bonds, real estate investments, hard assets and/or cash investments.The more diversified a portfolio is, the less vulnerable it is to broader macroeconomic events.Additionally, avoiding high beta stocks and sectors and favoring those that pay dividends can help your portfolio thrive during a downturn.Do You Cash Out?Moving your entire portfolio, or at least a portion, to cash is a thought that may have crossed your mind ever since the market meltdown in 2020.While most advisors will tell you to not do that, there is a scenario that you could consider if you are toying with the idea:If you are in a place where you don’t need to take on any more risk and you have all the money you’ll need for a good retirement, then moving to cash makes sense.But that’s a very rare situation.Overall, the amount of cash you should hold in your portfolio depends on what type of investor you are and where you are in your investment journey.For younger investors, there’s a good chance you can recover from any losses you experience now—history has shown that the market has risen after a downtown, surpassing past highs.For retirees, it’s a bit different. Financial advisors usually recommend having more cash on hand, but still keeping two to three years’ worth of investments you can rely on as part of your income.Something to always keep in mind, though, if you are thinking about or are tempted to cash out part of your portfolio is when you would you get back into the market. Timing the stock market is incredibly difficult, if not impossible, and you may miss out on dividend payments if you own stocks that pay those nice quarterly distributions.Final ThoughtsEconomic volatility is a good time for you to both reevaluate your personal finances and your investment risk tolerance.But always remember: reducing your exposure to risk is never a bad thing. You just have to figure out what is best for you and your investment horizon. Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. The only question is “Will you get into the right stocks early when their growth potential is greatest?” Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How to Profit from Trillions on Spending for Infrastructure >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Amazon.com, Inc. (AMZN): Free Stock Analysis Report Microsoft Corporation (MSFT): Free Stock Analysis Report Starbucks Corporation (SBUX): Free Stock Analysis Report Facebook, Inc. (FB): Free Stock Analysis Report Zoom Video Communications, Inc. (ZM): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacks18 hr. 15 min. ago

Three Key Takeaways From The Fed Meeting

Three Key Takeaways From The Fed Meeting Confirming what we said in "It's Official: Tapering To Begin In November, End In July", the FOMC today paved the way for a taper start in two months when it said "the Committee judges that a moderation in the pace of asset purchases may soon be warranted." Furthermore, the projected path for the policy rate in the Summary of Economic Projections (SEP) showed an even split among FOMC members between zero and one hike in 2022, slightly above the OIS implied rate. Additionally, the median projection implied three additional hikes each in 2023 and 2024 (for six and half total by end-2024). As shown in the chart above, the market - which is pricing in just 1% Fed Funds rate in 2024 - will have an uphill climb to catch up to the Fed. Curiously, in its commentary on the FOMC, Goldman appears to be hinting at a bit of a mutiny inside the Fed: according to Goldman's Jan Hatzius "our best guess is that Chair Powell did not project a hike in 2022." Is Powell about to cede control to the far more hawkish regional Feds? In its post-mortem of the FOMC, BofA chief economist Michelle Meyer said that on the whole, the Fed meeting was  another move in the "more hawkish direction." even if the bank clarified that "this is still a very dovish Fed that is highly committed to achieving higher inflation and a hot economy. But in the face of supply side constraints and growing signs of persistent inflation, it appears that those objectives could be met earlier." This may explain why Goldman was wildly off in its forecast: as Hatzius notes, "the median dot implied three additional hikes in 2023 and three more in 2024, implying three and half total hikes through end-2023 (vs two in June; we expected two at this meeting) and six and half hikes through end-2024 (not reported in June; we expected five at this meeting)." There were three key takeaways from the meeting: 1. As noted above, taper on track to be announced in November and be completed by mid-year. While the taper signal in the statement was vague – “may soon be warranted” – Chair Powell clarified in the press conference that they could be ready in the upcoming meeting (in November). Hence absent a significant disappointment in the employment data or financial market disruption, this confirms what we said two weeks ago, that tapering will begin in November and end in July. 2. Committee members are edging toward higher rates: As the Fed's updated dot plot showed, the Committee is now evenly split between the first hike in 2022 or 2023, which brought the median up to 0.25%. The consensus is now for 3 hikes in both 2023 and 2024, leaving rates at the end of the forecast horizon at 1.75%. As Chair Powell noted, this is still decently below the long-run funds rate of 2.5%, which means policy is still accommodative; meanwhile with 2024 OIS still pegged at 1% the market's verdict is no way the Fed can achieve this. 3. The case of higher inflation is building due to greater supply side constraints: Forecasts were boosted for core inflation modestly and Powell noted that the supply side is constrained and creating challenges for inflation. As BofA notes, "the Fed has become more concerned about persistent price pressures, although the critical test will be long-run inflation expectations, which remain well anchored. Monitoring the supply side developments will be critical:; the supply side remains constrained for both goods and labor. Market reaction The rates market interpreted Fed communications as hawkish, with the yield curve flattening, 5Y rates 2bps higher & 30Y rates 2bp lower. This according to BofA, was driven by changes to the dot-plot and communication about tapering. Meanwhile, the US dollar initially sold off following release of the statement but subsequently rallied sharply during Chair Powell’s press conference, finishing the day higher, with lower beta FX (emphasis: EUR) underperforming. A strong probability of a November taper and, in particular, the new hawkish dot plot are likely continue to support USD in the weeks ahead, unless fears about a big policy mistake - one which potentially could force the Fed to proceed with QE - re-emerge as they did in June. On the November Taper While the statement was somewhat vague, Chair Powell was clear in the press conference. He noted that the criterion for substantial further progress for price stability has been met and has “all but been met” for employment, even if some cynics pointed out that is hardly the case. File Under Not “Substantial Further Progress” Mr. Powell... Americans on Food Stamps vs Population 2021: 42m vs. 333m 2001: 16m vs. 285m *2013 high was 47m vs. 36m in 2019. #USDA US Census, NYT #SNAP data — Lawrence McDonald (@Convertbond) September 22, 2021 Powell said he would need to see a “good” but not exceptional jobs report in September to feel comfortable announcing tapering at the upcoming meeting in November. Powell was also specific on the path for tapering, noting that the Committee expects to finish tapering by the middle of the year, indicating a preference for a monthly pace for tapering, translating into $15bn every month. Hiking is (not) tapering Similar to 2013, Powell reiterated that the decision to taper is different from the decision to hike, stating that when tapering starts, we will be “well away from satisfying the liftoff test.” Despite similar rhetoric in 2013, it took the bond market months to agree with this take. However, what is clear - at least according to the Fed - is that at the end of the forecast horizon in 2024, rates will still be below the long-run rate forecast, suggesting that policy will be supportive into 2025; one can only imagine what inflation will be then. Powell also emphasized the importance of long-run inflation expectations, arguing that they are higher but mostly back to 2013 levels and not particularly troubling. He reiterated that the goal of FAIT was to push up inflation expectations, which is what has been done. He also mentioned the Fed Board’s Common Inflation Expectations (CIE) measure are at reasonable levels that are consistent with the FOMC’s inflation target. Transitory inflation is (not) permanent Powell attributed the sharp upward revisions to inflation to greater supply bottlenecks, which may be “with us for the next few months and into the next year.” It was unclear what will happen if they are with us well into 2022, especially since the supply side remains constrained for both goods and labor, something FedEx made abundantly clear in its earnings call last night when it slashed its EPS outlook due to soaring labor and operational costs. This, according to BofA, must be a concern for the Fed, as it threatens to keep inflation more elevated  than they had been expecting. The speed by which the supply side constraints ease will be extremely important to inflation risks and the timing of the first hike. Rate market interpretation According to BofA, the rates market interpreted Fed communications as hawkish although this is somewhat suspect in line of the sharp curve flattening; in fact one could almost argue that the rates market indicated the Fed is engaging in another policy error.The hawkish interpretation was driven by the Fed’s dot plot and taper communications. The Fed’s dot plot signaled a pace of hikes that is in line with the market for end ’22, 10bps above the market for end ’23, and roughly 60bps above the market for end ’24. For the Fed to be credible, the market will have to move sharply higher, a move which will have adverse consequences on risk assets. The Fed communication also suggests a clearer bias for 5s30s curve flattening in coming months. The announcement of taper at the Nov FOMC should have a limited impact on spreads given the US Treasury is likely to announce coupon cuts on the same day. BofA continues to favor wider swap spreads across the curve in the months ahead due to these UST coupon cuts and ongoing steps to improve UST market structure. Finally, on a day when the Fed's overnight reverse repo facility hit an all time high of just under $1.3 trillion, the Fed announced an increase in their overnight reverse repo (ON RRP) per counterparty cap from $80bn to $160bn. We flagged this possibility in August due to increased money fund utilization of ON RRP, and the increase can be interpreted as a preemptive measure by the Fed to ensure abundant money fund & GSE access to the Fed at September quarter end and in case there is a substantial flight to quality due to debt limit concerns. Tyler Durden Wed, 09/22/2021 - 18:00.....»»

Category: blogSource: zerohedge18 hr. 15 min. ago

U.S. Bancorp (USB) to Acquire MUFG Union Bank in $8B Deal

U.S. Bancorp's (USB) acquisition of MUFG Union Bank will enhance its existing West Coast franchise and accelerate the bank's strategy to serve as the premier lender by integrating the existing platforms. U.S. Bancorp USB has entered into a definitive agreement to acquire MUFG Union Bank’s core retail banking operations from Mitsubishi UFJ Financial Group MUFG for a cash-and-stock transaction valued at $8 billion, in a bid to boost its presence on the West Coast. The deal’s closure, expected in the first-half of 2022, is subject to the satisfaction of customary closing conditions and regulatory approvals. No shareholder approvals are required from both companies.In response to the announcement of the deal that will fortify its presence in California, Washington and Oregon, shares of U.S. Bancorp have rallied 2.6%.The deal would aid U.S. Bancorp’s primary subsidiary, U.S. Bank, with assets worth about $664 billion and bolster its status as the fifth largest retail bank in the United States. It will also have the required scale to compete with the largest consumer banks in California.At present, 80% of U.S. Bank transactions are being conducted digitally, a trend which is likely to continue, courtesy the Covid-19 pandemic. Thus, the combination will ease the maturing needs of customers of both MUFG Union Bank and U.S. Bank, by facilitating a larger access to digital banking tools and an expanded branch network.To help create wealth while delimiting how it serves diverse communities and diverse employees, U.S. Bank invests heavily in its communities. The acquisition will, thus, refine U.S. Bank’s competence to also commit to, invest in, and serve low and moderate-income communities and minority-led institutions.Notably, MUFG Union Bank entered into a consent order with the Office of the Comptroller of the Currency on Sep 20, over charges of non-compliance with the federal information-technology security rules. U.S. Bancorp said it "evaluated and incorporated these regulatory concerns into all aspects of the deal process, including due diligence, integration planning and valuation. The company believes it can successfully remediate the issues applicable to MUFG Union Bank in connection with the transaction, and that the order will not restrict U.S. Bancorp's ability to operate and grow its business as planned."In addition, U.S. Bancorp has deferred share repurchases until the second half of 2022 and also any planned buybacks have been re-allocated to the acquisition.Terms of the DealPer the terms of the agreement, the $8-billion deal includes $5.5 billion in cash and 44 million shares of U.S. Bancorp. This will lead to Mitsubishi UFG getting a 2.9% stake in U.S. Bancorp. Apart from the deal value, the Japanese parent will get dividends or share repurchases worth $9.6 billion at MUFG Union Bank, bringing the total value of the transaction to $17.6 billion.The transaction, nonetheless, does not include the purchase of MUFG Union Bank’s Global Corporate & Investment Bank, certain middle and back-office functions, and other assets.With this move, U.S. Bank will bring in more than one million consumer customers and about 190,000 small business customers on the West Coast. Apart from this, based on MUFG Union Bank’s Jun 30, 2021 balance sheet, U.S. Bank will gain loans worth $58 billion and deposits worth $90 billion. The combination will strengthen U.S. Bank’s deposit status in California from 10th to the fifth position, with deposits per branch surging 60%.Following the deal’s conclusion, U.S. Bank will retain all of MUFG Union Bank’s front-line branch employees.Financial BenefitsAssuming a 75% synergy phase-in and 8% accretive to earnings when fully integrated, the deal is expected to be 6% accretive to 2023 GAAP earnings per share for U.S. Bancorp. The deal is estimated to be dilutive to the 2022 earnings per share (including PAA and with foregone share repurchases) in low single-digit percentage, while over the medium term, it is projected to be accretive in the low single-digit percentage.The transaction has an estimated internal rate of return of more than 20%. Based on the expected capital to be delivered at close, the purchase price is estimated at 1.3X of MUFG Union Bank’s tangible book value.U.S. Bancorp expects to achieve pre-tax cost synergies (40% of estimated non-interest expenses) of nearly $900 million via real estate consolidation, technology and systems conversion, and other back-office adequacies. Of these, 25% will be realized next year, 75% in 2023 and 100%, thereafter. Revenue synergies have been identified but not modeled.Further, U.S. Bancorp expects to incur $1.2 billion in merger charges, of which 50% will be realized at closing and 50% in the second half of 2022.Our TakeU.S. Bancorp’s acquisitions over the past years have opened up new markets to the bank and fortified its existing footprint. In August, the company’s subsidiary inked an agreement to acquire Bento Technologies, a FinTech company that provides payment and expense management services to small and mid-size businesses. Its inorganic growth efforts, combined with the ongoing investments in innovative product enhancements, services and people, have strengthened its balance sheet and fee-based businesses besides increasing the market share.Over the past six months, shares of the company have gained 6.6%, outperforming 4.8% growth recorded by the industry.Image Source: Zacks Investment ResearchCurrently, U.S. Bancorp carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Other Banks Undertaking Similar MovesAcquisitions have been on the rise in the banking sector, of late. In the current scenario, banks are moving toward consolidation to dodge the heightened costs of regulatory compliance and increased investments in technology in a bid to remain competitive. The prevalent low interest-rate environment and other economic challenges following the pandemic have taken a toll on banks’ profitability.Earlier this month, State Street Corporation STT inked a deal to acquire Brown Brothers Harriman & Co.’s Investor Services business in a bid to ramp up and expand its core custodian business of servicing investment firms. State Street will shell out $3.5 billion in cash for this buyout.Last month, Seacoast Banking Corporation of Florida SBCF, the holding company for Seacoast National Bank, announced two separate merger agreements. It agreed to acquire Sabal Palm Bancorp, Inc., the parent company of Sabal Palm Bank based in Sarasota, FL, and Business Bank of Florida, Corp., the parent company of Florida Business Bank based in Melbourne, FL. Both deals are expected to close in the first quarter of 2022. Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. The only question is “Will you get into the right stocks early when their growth potential is greatest?” Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How to Profit from Trillions on Spending for Infrastructure >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report State Street Corporation (STT): Free Stock Analysis Report U.S. Bancorp (USB): Free Stock Analysis Report Seacoast Banking Corporation of Florida (SBCF): Free Stock Analysis Report Mitsubishi UFJ Financial Group, Inc. (MUFG): Free Stock Analysis Report To read this article on Zacks.com click here......»»

Category: topSource: zacksSep 22nd, 2021

Northern Trust (NTRS) to Acquire Stake in Essentia Analytics

In a bid to help asset allocators and active managers make better decisions and improve their returns, Northern Trust (NTRS) will acquire a minority stake in Essentia Analytics. Northern Trust Corporation NTRS has signed a deal to snap up a minority stake in Essentia Analytics, Ltd., a pioneer in using leading-edge cloud-based platform, to help active asset managers and locators get a handle on their behavioral biases and muster improved alpha.By banking on historical data and behavioral science, the Essentia platform will operate as an annex of Northern Trust’s Whole Office, a program that simplifies client access to new technologies, services and solutions across the investment lifecycle.Essentia infuses data analytics, client-driven “nudges” and specialised behavioral mentorship to impart a robust feedback loop for active investment decisions. It also helps investment teams understand where and why they get to the top and where their deficiencies lie, thus, helping implement a cycle of unfaltering growth.As part of the deal, Northern Trust’s asset servicing division will provide the services of Essentia Analytics to its clients and will be able to conveniently interface managers’ historical trade and other data directly to the research and consulting firm. The company will also provide working capital to Essentia that will facilitate its expansion.Working with the foundational investment portfolio data from Northern Trust, exuded via Essentia’s proprietary process, investors can attain acumen about their adept and less successful investment patterns to refine decision making revolving around stock picking, sizing, adding/trimming, entry/exit timing, as well as scaling in/scaling out.Pete Cherecwich, president of Corporate & Institutional Services at Northern Trust, remarked, "Essentia’s next generation data analytics technology allows institutional investors – both asset managers and asset allocators – to embed data-driven feedback into their investment process. Through our Whole Office partnerships, Northern Trust clients across the globe can access advanced technology, skills and services designed to help them make repeatable and measurable decisions in the quest to deliver alpha."Clare Flynn Levy, founder and CEO of Essentia Analytics, said, “As asset managers and allocators seek to maximize alpha, it is crucial that they are able to identify behavioral biases and decision-making deficiencies and adjust their approach accordingly.”Northern Trust has been focusing on initiating new businesses for the past few years amid the macroeconomic headwinds. Additionally, the company’s innovative technology-driven hedge fund administration capabilities provide attractive propositions to the clients.Also, the company continues to benefit from its solid wealth management operations with diversified products. Further, the latest acquisition of Parilux Investment Technology, LLC will boost its growth prospects.The stock has gained 6.8% in the past six months, outperforming the 4.8% gain of the industry it belongs to.Image Source: Zacks Investment ResearchNorthern Trust currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Similar Steps by Other BanksA growing number of financial services organizations, including banks, are resorting to convenient, frictionless digital services for their customers and clients.Earlier this month, JPMorgan Chase JPM signed a deal with Volkswagen AG’s VWAGY subsidiary, Volkswagen Financial Services, in a bid to enter into the automotive industry and bolster its digital payment competencies. Per the deal, the bank will take a controlling stake of almost 75% in the automaker’s payments platform, Volkswagen Payments S.A.In July, Sterling Bancorp STL announced its investment in the parent company of BrightFi, Verdigris Holdings, Inc., to expand Sterling’s digital offerings, and facilitate innovation in the banking and financial industry. Sterling had also announced Banking as a Service (BaaS) partnership with BrightFi this April. Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. The only question is “Will you get into the right stocks early when their growth potential is greatest?” Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How to Profit from Trillions on Spending for Infrastructure >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report JPMorgan Chase & Co. (JPM): Free Stock Analysis Report Northern Trust Corporation (NTRS): Free Stock Analysis Report Sterling Bancorp (STL): Free Stock Analysis Report Volkswagen AG (VWAGY): Free Stock Analysis Report To read this article on Zacks.com click here......»»

Category: topSource: zacksSep 22nd, 2021

JPMorgan (JPM) Hikes Dividend: Is the Stock Worth a Look?

JPMorgan (JPM) increases its quarterly dividend by 11.1% to $1 per share. JPMorgan JPM has increased its regular quarterly dividend. The bank announced a dividend of $1 per share, representing a hike of 11.1% from the prior payout. The dividend will be paid out on Oct 31 to shareholders of record as of Oct 6.Based on last day’s closing price, the dividend yield currently stands at 2.6%.JPMorgan has a track record of increasing its dividends since 2011. From paying 5 cents a share as the quarterly dividend during the financial crisis, the company has come a long way in terms of capital strength.Last year, amid the coronavirus-induced economic slowdown, the Federal Reserve restricted dividends and share repurchases by JPMorgan along with other major banks to conserve liquidity. However, with the removal of restrictions, the Wall Street giant is expected to be able to continue to enhance shareholder value in the future through efficient capital deployments, given its earnings and capital strength.So far this year, shares of JPMorgan have gained 20.4% compared with 23.8% growth recorded by the industry. Image Source: Zacks Investment Research Investors, who are interested in this Zacks Rank #3 (Hold) stock, should first take a look at its fundamentals and growth opportunities mentioned below before making any investment decision.You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Earnings Strength: Over the past three-five years, JPMorgan witnessed earnings growth of 13.6% compared with the industry average of 8.8%. In 2021, the company’s earnings are projected to grow 58.2%.Its long-term (three-five years) estimated earnings growth rate of 5% promises rewards for investors in the long run.Further, JPMorgan has an impressive earnings surprise history. Its earnings surpassed the Zacks Consensus Estimate in each of the trailing four quarters, the average beat being 33.3%.Superior Return on Equity (ROE): JPMorgan’s ROE is 19.26% compared with the industry average of 12.10%. This indicates that the company reinvests cash more efficiently compared with its peers.Impressive Expansion Strategy: JPMorgan has been expanding its footprint in new regions by opening branches. In 2018, it announced plans of entering 25 markets by opening 400 new branches by 2022-end. On this front, the bank has already added more than 220 new branches and has a presence in 48 of 50 U.S. states.Moreover, supported by a solid balance sheet position, the company has been growing through strategic acquisitions. Of late, it has been on an expansion spree and has announced several deals that are expected to help grow fee income and support the bank's plan to diversify revenues. In the current year, JPMorgan’s top line is expected to grow 2.4%.Elevated Expenses: The company’s operating expenses have witnessed a compound annual growth rate of 4.3% over the five-year period ended 2020. The upward trend continued in the first two quarters of 2021. As JPMorgan continues with strategic on-bolt acquisitions and invests to upgrade technology, expenses are likely to remain elevated.Margin Pressure: Over the past several quarters, JPMorgan’s net interest income growth has been hampered and its net yield on interest-earning assets has contracted because of the low interest rate environment. Notably, after slashing rates thrice in 2019, the Fed cut the interest rates to near zero in March 2020, with an aim to support the U.S. economy from the coronavirus-induced mayhem. Since the central bank has signaled no major change in the interest rate scenario anytime soon, JPMorgan’s margins are expected to remain under pressure.Competitive LandscapeMany finance companies have raised their dividend over the past few months.A few days ago, Fifth Third Bancorp FITB raised its quarterly cash dividend by 11%. The company will now pay out a dividend of 30 cents per share. The dividend will be paid out on Oct 15 to its shareholders of record as of Sep 30.While Spirit of Texas Bancshares, Inc. STXB announced a 33.3% hike in its dividend to 12 cents per share, Virtus Investment Partners, Inc. VRTS increased its regular quarterly cash dividend by 83%. Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. The only question is “Will you get into the right stocks early when their growth potential is greatest?” Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How to Profit from Trillions on Spending for Infrastructure >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report JPMorgan Chase & Co. (JPM): Free Stock Analysis Report Fifth Third Bancorp (FITB): Free Stock Analysis Report Virtus Investment Partners, Inc. (VRTS): Free Stock Analysis Report Spirit of Texas Bancshares, Inc. (STXB): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksSep 22nd, 2021

Top 5 High-Flying Stocks That Have Survived September Mayhem

We have narrowed down our search to five large-cap stocks that have gained nearly 5% or more than 5% month to date. These are: AVTR, PWR, ON, KLAC, and MRNA. September – historically the worst-performing month on Wall Street – is likely to maintain its trend this year too. The broad-market rally has stopped completely this month, with just seven days of trading left.The three major stock indexes — the Dow, the S&P 500, and the Nasdaq Composite — have tumbled 4.1%, 3.7%, and 3.4%, respectively. The small-cap-centric Russell 2000 is down 3.9%. The U.S. stock markets are currently suffering from several near-term concerns.Fed’s FOMC MeetingThe two-day FOMC meeting of the Federal Reserve started on Sep 21. The outcome of this meeting will impact financial markets immensely. At present, economists and financial researchers are divided whether the central bank will give any definite sign, if not the timeline, related to the tapering of its existing $120 billion per month bond-buy program.After its last FOMC meeting in June, Fed chairman Jerome Powell gave a signal that the Fed may start tapering this year although he maintained an extremely cautious view.However, the rapid spread of the Delta variant of coronavirus and a possible slowdown of U.S. economic growth, highly disappointing job additions in August, and a marginal decline in inflation rates in the last couple of months have compelled many experts to believe that the Fed may restrain itself from shifting from its ongoing ultra-dovish monetary policies.Evergrande CrisisGlobal stock markets including the U.S. stock markets fell sharply on Sep 20 following the news that a large China-based property developer, the China Evergrande Group, is in possible bankruptcy. The company faced a debt payment on its offshore bonds last week and said that it is suffering from unprecedented difficulties. It has more than $300 billion of offshore bonds.U.S. markets continued to suffer on Sep 21 due to the news as a section of investors believe that the default on debt servicing may have a rippling effect on the global financial sector. Moreover, a recession in the Chinese property development market will significantly reduce demand for metal and industrial products.Government Debt Ceiling in FocusOn Sep 21, the House of Representatives passed a bill in majority voting that will prevent a government shutdown and suspend the debt limit to prevent an economic disaster. However, the Republicans have threatened to block the bill in Senate.The Congress needs to pass a funding plan by Sep 30 to prevent a government shutdown. The clearance of the bill in the House will enable the government to run up to Dec 3 and suspend the debt ceiling till December 2022.Spread of the Delta VariantThe spread of the Delta variant remains a threat to the robust U.S. economic recovery. Some recently released economic data has shown that the Delta variant has taken a toll on the economy and it may get worse in the upcoming winter months. Investors remain concerned although the infection rate has dropped marginally this month.Not All Stocks Have Suffered This MonthDespite several immediate concerns and the historical downtrend of September, a number of stocks have popped this month. Among those winners, there are a handful of large-cap (market capital > $15 billion) stocks with a favorable Zacks Rank. Large-cap stocks generally have a solid business foothold. Investment in these stocks may be fruitful going forward.Our Top PicksWe have narrowed down our search to five large-cap stocks that have gained nearly 5% or more than 5% month to date. These stocks have strong growth potential for the rest of 2021 and have seen positive earnings estimate revisions in the past 60 days. Each of our picks carries either a Zacks Rank #1 (Strong Buy) or 2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.The chart below shows the price performance of our five picks in the past month.Image Source: Zacks Investment ResearchModerna Inc. MRNA is a biotechnology company, which develops therapeutics and vaccines based on messenger RNA for the treatment of infectious diseases, immuno-oncology, rare diseases, cardiovascular diseases, and auto-immune diseases.The company’s COVID-19 vaccine demonstrated strong uptake in multiple countries where it received authorization for temporary use in the past few months. It expects more than $19 billion in vaccine sales in 2021. Advance purchase agreements with several countries worth $20 billion in aggregate for 2022 are already in place.This Zacks Rank #2 company has an expected earnings growth rate of more than 100% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 0.4% over the past 30 days. The stock price has jumped 15.2% month to date.Quanta Services Inc. PWR is a leading national provider of specialty contracting services, and one of the largest contractors serving the transmission and distribution sector of the North American electric utility industry.The company expects utility, communications certain pipeline and industrial infrastructure services — which currently account for approximately 80-90% of revenues — to remain robust in 2021. Quanta Services’ optimism stems from healthy backlog levels which are expected to grow further. Also, rising renewable energy generation and associated demand bode well for the company.This Zacks Rank #2 company has an expected earnings growth rate of 19.9% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 0.4% over the past 30 days. The stock price has climbed 12.5% month to date.Avantor Inc. AVTR provides products and services to customers in biopharma, healthcare, education and government, advanced technologies, and applied materials industries in the Americas, Europe, Asia, the Middle East, and Africa.The company offers materials and consumables, such as purity chemicals and reagents, lab products and supplies, formulated silicone materials, customized excipients, customized single-use assemblies, process chromatography resins and columns, analytical sample prep kits, education and microbiology products, and clinical trial kits.This Zacks Rank #1 company has an expected earnings growth rate of 51.7% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 7.1% over the past 60 days. The stock price has appreciated 8.6% month to date.ON Semiconductor Corp. ON is seeing strengthening demand across most end markets as evident from its booking trends over the last few quarters. It has a well-diversified business generating a significant percentage of revenues from each of the computing, consumer, industrial, communications, and automotive end markets.ON Semiconductor continues to gain traction among electric vehicle manufacturers. It witnessed a solid demand environment in the second quarter, particularly for its power and sensing products, which it expects will continue in the near term.This Zacks Rank #2 company has an expected earnings growth rate of more than 100% for the current year. The Zacks Consensus Estimate for its current-year earnings has improved 0.4% over the past 30 days. The stock price has advanced 7.5% month to date.KLA-Tencor Corp. KLAC designs, manufactures, and markets process control and yield-management solutions for the semiconductor and related nano-electronics industries worldwide. KLA is benefiting from solid momentum across the process control market. Moreover, growing Foundry and Logic investments remain major positives.Its transition to advanced nodes and the insertion of EUV lithography are expected to drive growth in the near future. Enhanced wafer cleanliness and geometry specifications in the bare wafer market are driving demand for the company’s wafer products. Additionally, the Services business is likely to grow, driven by expanding installed base and higher utilization rates. High exposure to 5G infrastructure and the smartphone market is another positive.This Zacks Rank #2 company has an expected earnings growth rate of 32.7% for the current year. The Zacks Consensus Estimate for its current-year earnings has improved 12.5% over the past 60 days. The stock price has risen 4.9% month to date. Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. The only question is “Will you get into the right stocks early when their growth potential is greatest?” Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How to Profit from Trillions on Spending for Infrastructure >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Quanta Services, Inc. (PWR): Free Stock Analysis Report KLA Corporation (KLAC): Free Stock Analysis Report Moderna, Inc. (MRNA): Free Stock Analysis Report ON Semiconductor Corporation (ON): Free Stock Analysis Report Avantor, Inc. (AVTR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksSep 22nd, 2021

PayPal"s "super app" - JPM loses top tech exec - Merrill"s pay plans

The top finance news for Sept. 22, including the latest on PayPal's revamped app, JPMorgan's loss of a tech exec, and Merrill's plans for pay raises. Welcome to Insider Finance. If this was forwarded to you, sign up here. Plus, download Insider's app for news on the go - click here for iOS and here for Android.On the agenda today:PayPal is relaunching its "super app," which will pit it against Google Pay and Square.JPMorgan just lost its global head of AI technology.In a leaked recording, Merrill's president said advisors shouldn't expect more pay raises.Let's get started. PayPal is relaunching its "super app" Mike Blake/ Reuters PayPal announced a handful of new features - including bill payments, early paycheck deposits, and high-yield savings - as part of its app relaunch. The company's mission to reach 1 billion active daily users pits it against Google Pay and Square in the battle to become the go-to digital wallet. What we know about the upcoming super app.JPMorgan just lost a key tech exec Michel Euler/Pool/Reuters Apoorv Saxena, JPMorgan's global head of AI technology, is leaving the bank after three years. Saxena, who was responsible for building the bank's AI system, told Insider he's leaving because he got "an even better opportunity to make a larger impact."Merrill advisors won't see pay changes anytime soon Merrill Lynch In a leaked recording, Merrill Lynch President Andy Sieg said the firm's financial advisors should not expect a "large-scale change" to the structure that dictates their pay, even as the battle to retain talent rages on. Here's what he told staffers.Assembly to keep its acquisition spree rolling Assembly After securing a major investment from private-equity firm Advent International, e-commerce unicorn Assembly is looking to hire 200 people and acquire more companies. How it plans to use its "significant" investment.BlackRock's key Aladdin execs BlackRock; Marianne Ayala/Insider Aladdin - short for asset, liability, debt, and derivative-investment network - is BlackRock's portfolio-management and investment risk-analytics system, and has driven $1 billion in annual technology revenue last year. These nine BlackRock execs are powering the growth of Aladdin.Investors allocating billions for endowments explain what they're looking for in PE funds aimintang/Getty Images As valuations continue to climb, searching for private-equity managers has become more difficult, according to investment professionals at billion-dollar institutions. Three investors shared what they're looking for - and the challenges they're facing.US Treasury issued its first-ever sanctions against a crypto exchange Drew Angerer/Getty Images The US Treasury Department announced it will sanction Russian-owned Suex for its role in laundering financial transactions for ransomware actors. The move marks the first time the agency has blacklisted a cryptocurrency exchange.On our radar:According to Bloomberg, BNPL services are increasingly seen as competitors to debit and credit card issuers.Goldman Sachs' junior banker uprising was started by the son of a TPG leader, Bloomberg reports. What we know so far.Per WSJ, US Bancorp will buy MUFG Union Bank in an $8 billion cash-and-stock deal. The deal will boost US Bank's presence across the West Coast.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderSep 22nd, 2021