Wells Fargo & Co. has been hit with yet another class-action lawsuit — this time on claims the bank
JPMorgan Chase & Co. has been using an artificial intelligence program — called LOXM — to execute trades in its European equities algorithms business since the first quarter. And now it plans to roll out the program across Asia and the U.S. in the fourth quarter, Daniel Ciment, the company's head of global equities electronic trading, told the Financial Times. Ciment added that the European trials for LOXM have showed that the pricing achieved was "significantly better" than its benchmark.
In California, Bank of Marin Bancorp is acquiring Bank of Napa NA for $51.0 million. The transaction — expected to be immediately accretive to Bank of Marin Bancorp's earnings — is likely to close in the fourth quarter.
And in Maryland, Community Financial Corp. is buying County First Bank for approximately $34.3 million, excluding any potential contingent cash consideration.
In fintech
In the credit union
And Alan Greenspan is worried about a bond market
Asia-Pacific: Mitsubishi UFJ arm eyes acquisitions; Mirae Asset to infuse capital into US unit
Europe: Sabadell completes US unit sale; Direct Line, Man Group H1 profits up YOY
Middle East & Africa: Qatar brings case to WTO; Moody's takes actions on Omani, Bahraini banks
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng climbed 0.79% to 27,540.23, while the Nikkei 225 rose 0.30% to 19,985.79.
In Europe, around midday, the FTSE 100 gained 0.59% to 7,415.74 and the Euronext 100 rose 0.31% to 998.86.
On the macro front
The motor vehicle sales report, the personal income and outlays report, the Redbook, the PMI manufacturing index, the ISM manufacturing index, the construction spending report and the Gallup US ECI are due out today.
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