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Wells Fargo bans cryptocurrency buys; Seacoast Banking buying First Green

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Wells Fargo bans cryptocurrency buys; Seacoast Banking buying First Green

On Capitol Hill, the Senate Committee on Banking, Housing and Urban Affairs will hold an executive session today to consider the nominations to the Federal Reserve Board of Richard Clarida as vice chairman and Michelle Bowman as a member.

The Federal Open Market Committee will also start its two-day policy meeting today. According to The Wall Street Journal, the committee is certain to raise its target on overnight rates by a quarter point for the second time in 2018.

In banking news, Wells Fargo & Co. banned cryptocurrency purchases on its credit cards due to market volatility and credit risks, Bloomberg News reports. Wells Fargo spokeswoman Shelley Miller said the company will "continue to evaluate the issue as the market evolves."

Citigroup Inc. President Jamie Forese said automation could result in the reduction of up to half of the company's 20,000 technology and operations staff over the next five years, the Financial Times reports. Forese added that the operational positions at Citi are "most fertile for machine processing."

A judge in Mexico has issued the arrest warrant for JPMorgan Chase & Co. employees Eduardo Cepeda, the bank's country head for Mexico, and Miguel Angel Barbosa over allegations of fraud, Reuters reports. The dispute is related to an $87 million loan the company gave to real estate developer BVG World in 2007.

Seacoast Banking Corp. of Florida is acquiring in-state peer First Green Bancorp Inc. in a deal valued at around $132.6 million. The deal, set to close early in the fourth quarter, will grow Seacoast's footprint in the Orlando, Fla., market and give it a foothold in Fort Lauderdale, Fla.

In Tennessee, Nashville-based CapStar Financial Holdings Inc. is buying Athens-based Athens Bancshares Corp. in a deal valued at approximately $113.5 million. The all-stock deal is also expected to close in the fourth quarter.

And pawn loan provider EZCORP Inc. has acquired an additional 23 pawn stores operating under the name Presta Dinero in Mexico. The latest acquisition brings the total number of pawn stores owned and operated by the EZCORP to 921.

In other parts of the world

Asia Pacific: Malaysia to name central bank head; ICICI Bank responds to reported US SEC probe

Europe: French banks told to hold more capital; HSBC maps out new $17B strategy

Middle East & Africa: UAE's Waha Capital scraps private equity fund plans; Ghana's GN Bank eyes London

The day ahead

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

In Asia, the Hang Seng gained 0.13% to 31,103.06, and the Nikkei 225 rose 0.33% to 22,878.35.

In Europe, around midday, the FTSE 100 dropped 0.29% to 7,715.36, and the Euronext 100 shed 0.13% to 1,063.03.

On the macro front

The National Federation of Independent Business' small business optimism index, the Consumer Price Index and the Redbook 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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