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Stock Yard Bancorp to buy King Bancorp; Fed projects 2 rate hikes in 2019


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Stock Yard Bancorp to buy King Bancorp; Fed projects 2 rate hikes in 2019

Louisville, Ky.-based Stock Yards Bancorp Inc. is buying all of the common stock of King Bancorp Inc. for $28 million in cash.

In other banking news, Morgan Stanley is simplifying and speeding-up the process of working with fintech startups by trimming vendor agreement and launching a portal for employees to test new technology, Shawn Melamed, head of the company's technology business development and innovation office, told Reuters.

In regulatory news, the Federal Reserve raised its federal funds rate for the fourth time in 2018. Fed Chairman Jerome Powell said that while the Federal Open Market Committee officials' view of the economy in 2019 has moderated, they still expect the U.S. economy to perform well. The officials, who in September projected three rate increases in 2019, now expect two rate increases.

The Securities and Exchange Commission has finalized a rule package designed to test the models that U.S. stock exchanges use to attract trading liquidity.

Maria Vullo will step down as superintendent of the New York State Department of Financial Services on Feb. 1, 2019.

And in Capitol Hill, the House Financial Services Committee will hold a hearing at 10 a.m. ET today titled "The Peril of an Ignored National Debt."

In other parts of the world

Asia Pacific: Punjab National Bank officials arrested; Bursa Malaysia names CEO

Europe: EU outlines no-deal Brexit plan; UK banks named in RBS scheme

Middle East & Africa: Nasdaq Dubai to launch futures trading; Gulf nations hike rates after Fed move

Now featured on S&P Global Market Intelligence

JPMorgan maintains world's largest systemic risk footprint: The annual list of global systemically important banks dropped two names and added another, but the scene at the top remained the same.

Investors Bancorp repositions balance sheet with 'smart strategic move': On Dec. 11, Investors Bancorp announced it sold $665 million in securities as it continues to take steps to protect its net interest margin.

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, Hang Seng fell 0.94% to 25,623.53, while the Nikkei 225 was down 2.84% to 20,392.58.

In Europe, around midday, the FTSE 100 fell 0.26% to 6,748.23, and the Euronext 100 was down 1.14% to 917.00.

On the macro front

The jobless claims report, the Philadelphia Fed Business Outlook survey, the leading indicators report, the Energy Information Administration natural gas report, the fed balance sheet and the money supply report are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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