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JPMorgan invests in London-based fintech startup; CIC divests Blackstone stake

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JPMorgan invests in London-based fintech startup; CIC divests Blackstone stake

The U.S. House of Representatives may vote to go to conference with the Senate in order to reconcile the two chambers' legislative packages that would revise large swaths of the Dodd-Frank Act. House Representatives did not appear satisfied with a substitute amendment that would allow them to add at least eight provisions to the Senate bill.

Investment banks — including Bank of America Corp., Wells Fargo & Co., Morgan Stanley and JPMorgan Chase & Co. — that served as financial advisers to Broadcom Ltd.'s bid to acquire QUALCOMM Inc. are bound to lose out on fees after President Donald Trump issued an order stopping the deal due to national security concerns, Reuters reports. University of Michigan Ross School of Business Professor Erik Gordon said banks will be "skeptical" about cross-border deals involving technology or data that could have implications for national security.

JPMorgan has acquired a minority stake in London-based fintech startup Mosaic Smart Data, according to Reuters.

PNC Financial Services Group Inc. Chairman, President and CEO William Demchak received $13.9 million in total compensation in 2017. This is 201 times as much as the $69,190 a median employee received.

Asset manager Blackstone Group LP's Strategic Capital Holdings Fund has acquired a passive, minority equity stake in real estate investment management firm Rockpoint Group L.L.C.

Meanwhile, China Investment Corp. has divested its stake in Blackstone Group amid increasing trade tensions between Washington and Beijing, the Financial Times reports. The fund had been gradually off-loading its stake in Blackstone in the past 18 months.

Effective in June, Google will ban all advertisements for cryptocurrencies and other "speculative financial products" on its platforms, The Wall Street Journal reports.

San Francisco-based Coinbase has been granted an e-money license by the U.K.'s Financial Conduct Authority. The license will allow the digital currency exchange to issue e-money and provide payment services in the country.

And the House Financial Services Committee's Subcommittee on Capital Markets, Securities and Investment will hold a hearing titled "Examining the Cryptocurrencies and ICO Markets" at 10 a.m. ET.

In other parts of the world

Asia Pacific: ICBC NY branch faces regulatory action; Chinese wealth fund exits Blackstone

Europe: Pru to demerge UK, European ops; EU banks face new bad loan provision rules

Middle East & Africa: Bahrain exits EU tax haven blacklist; Angola issuing bonds to tackle bad debts

The day ahead

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

In Asia, the Hang Seng fell 0.53% to 31,435.01 and the Nikkei 225 dropped 0.87% to 21,777.29.

In Europe, around midday, the FTSE 100 rose 0.26% to 7,157.38 and the Euronext 100 rose 0.24% to 1,026.40.

On the macro front

The Atlanta Fed Business Inflation Expectations and EIA Petroleum Status Report are due out today.

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