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Independent Bank buying MNB Bancorp; National Bank of Canada's fiscal Q2 EPS up

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Independent Bank buying MNB Bancorp; National Bank of Canada's fiscal Q2 EPS up

In earnings news, National Bank of Canada posted fiscal second-quarter net income attributable to common shareholders of C$1.44 per share, up year over year from C$1.28 per share.

Jeffrey Harris, currently the Securities and Exchange Commission's chief economist and director of the division of economic and risk analysis, is leaving the regulator by the end of May. Harris, who joined the agency in September 2017, plans to return to academia full time.

The Federal Reserve Board of Governors will hold an open meeting today to discuss the merits of a proposal to reform the Volcker Rule. The proposal would be open for public comment.

In banking news, Rockland, Mass.-based Independent Bank Corp. is buying Milford, Mass.-based MNB Bancorp in a cash-and-stock deal valued at approximately $54.2 million. The deal, which is comprised of 25% cash and 75% stock, is expected to close in the fourth quarter.

Online trading services provider GAIN Capital Holdings Inc. is selling its GTX ECN business to Deutsche Börse AG's foreign exchange unit, 360T, for $100 million. GAIN expects the sale to result in proceeds of approximately $85 million, net of taxes and transaction-related expenses and fees. Deutsche Börse expects the acquisition to be cash accretive in the first year after closing and should meet its return on investment target of over 10% at the latest in the third year after the deal closes.

Private equity firms Madison Dearborn Partners LLC and CoVant Management Inc. have acquired LinQuest Corp. LinQuest's chief executive, Leon Biederman, and its management will continue to lead the defense technology solutions contractor and will retain a significant minority ownership position.

New York-based Warburg Pincus LLC agreed to give a growth equity investment of C$180 million to Artis Exploration, a Canadian exploration and production company, to fund the latter's accelerated development program.

In other parts of the world

Asia Pacific: Ant Financial closes US$10B fundraising; China's Huifu to launch HK IPO in June

Europe: Italy crisis knocks bank shares; Deutsche Börse to buy FX trading platform

Middle East & Africa: More Middle Eastern firms explore M&A; African states to discuss Chinese yuan

The day ahead

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

In Asia, the Hang Seng lost 1.40% to 30,056.79, and the Nikkei 225 fell 1.52% to 22,018.52.

In Europe, around midday, the FTSE 100 rose 0.26% to 7,652.56, and the Euronext 100 gained 0.07% to 1,053.60.

On the macro front

The Mortgage Bankers' Association mortgage applications, the Automated Data Processing employment report, retail inventories, wholesale inventories, the international trade in goods report, the gross domestic product report, the Redbook and the Beige Book are due out today.

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