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Goldman Sachs targets middle class with new products; Ocwen buying PHH for $360M

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Goldman Sachs targets middle class with new products; Ocwen buying PHH for $360M

JPMorgan Chase & Co., Citigroup Inc., Morgan Stanley, Goldman Sachs Group Inc. and Bank of America Merrill Lynch are among the banks Chinese electric vehicle startup NIO hired to work on a planned U.S. IPO worth up to $2 billion, sources told Reuters.

Speaking of Goldman Sachs, the company is "assembling a suite of banking products" that would appeal to the middle class in an attempt to "power growth," The Wall Street Journal reports. Sources said the company's new initiatives include checkout-counter loans, wealth management, household-budgeting tools and car loans, among others.

WSFS Financial Corp. agreed to pay $12.0 million to settle a lawsuit filed by Universitas Education relating to Christiana Bank & Trust Co., a bank it acquired in 2010. Universitas Education is seeking more than $54.0 million in damages after it allegedly suffered losses from misappropriation of funds from certain life insurance benefits where Christiana Bank served as its insurance trustee.

Bank of Nova Scotia will no longer sell its metals trading unit, ScotiaMocatta, Reuters reports. Investment Banking Head Dieter Jentsch said there will be a strategic review of the unit, which will exit some markets and will simplify its product offering.

National Bank of Canada will release its 2018 fiscal first-quarter earnings results today.

Mortgage broker Ocwen Financial Corp. is acquiring PHH Corp. in an all-cash deal valued at $360 million.

And payments solutions provider Priority Holdings LLC will combine with M I Acquisitions Inc., a special purpose acquisition company, and will be renamed Priority Technology Holdings Inc.

In other parts of the world

Asia Pacific: China unveils bond issue rules; India tells banks to fix operational gaps

Europe: Deutsche Bank settles LIBOR case; Sberbank, Erste post YOY rise in FY'17 profits

Middle East & Africa: Mizrahi Tefahot to pay more dividends; FirstRand names new CEO

The day ahead

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

In Asia, the Hang Seng was down 1.36% to 30,844.72 and the Nikkei 225 fell 1.44% to 22,068.24.

In Europe as of midday, the FTSE 100 dropped 0.26% to 7,263.25, and the Euronext 100 slid 0.46% to 1,027.36.

On the macro front

The Chicago PMI report, Pending Home Sales Index and the EIA Petroleum Status Report are due out today.

The Daily Dose is updated as of 7:30 a.m. ET. Some external links may require a subscription.