Fidelity National Information Services Inc. reported second-quarter adjusted net earnings of $582 million, or $1.78 per share, an increase from $544 million, or $1.63 per share, in the year-ago period.
GreenSky Inc. reported second-quarter net income attributable to the company of $12.3 million, or 19 cents per share, up significantly from $5.6 million, or 9 cents per share, in the year-ago quarter.
JPMorgan Chase & Co. confirmed that its unit, JPMorgan Asset Management, bagged the remaining 2% stake it needed to hold majority ownership of China International Fund Management, the Financial Times reports. The stake purchase brings JPMorgan's ownership in its Chinese asset management joint venture to 51% and makes it the first foreign company to own a majority stake in a Chinese asset manager.
Blackstone Group Inc.'s Strategic Capital Group is buying a 10% to 15% stake in buyout firm BC Partners for about €500 million, or roughly $560 million, The Wall Street Journal reports, citing people familiar with the matter. The deal is expected to be announced as early as Aug. 6.
Rep. Patrick McHenry, R-N.C., asked Federal Reserve Vice Chair for Supervision Randal Quarles to disclose whether any suspicious activity was detected during regular bank exams at Capital One Financial Corp. before a data breach that affected more than 100 million U.S. and Canadian consumers. McHenry also pushed Quarles to share with Congress how the regulator examines financial institutions' third-party service provider relationships.
The U.S. Treasury Department accused China of currency manipulation after it allowed the yuan to fall below the 7-per-dollar threshold for the first time in 11 years. The Treasury Department views the devaluation as China's response to the proposed 10% tariff on $300 billion of Chinese goods.
Former Fed chairs Paul Volcker, Alan Greenspan, Ben Bernanke and Janet Yellen are batting for the central bank's independence from political pressures, according to an op-ed in The Wall Street Journal. They stressed that the central bank and its head must be able to make decisions according to the best interest of the economy.
Hakop Zakaryan, a former bank branch manager at Wells Fargo & Co., pleaded guilty to one felony count of bank fraud that resulted in bogus tax refunds worth $14 million. Zakaryan admitted in his plea agreement that he used his position as bank manager in Glendale to unfreeze bank accounts that Wells Fargo had frozen because of suspected fraud.
Big U.S. banks are now digging into the oil-rich Gulf Cooperation Council countries' penchant for borrowing money, The Wall Street Journal reports. JPMorgan, Citigroup Inc., Goldman Sachs Group Inc. and Morgan Stanley are leading bond issuances in Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Bahrain and Oman, where the banks' bond-related fees earnings so far in 2019 are already four times compared with how much they got in 2015, the year before the Persian Gulf states engaged in increased borrowing.
Asset managers are now resorting to outsourcing trading operations as heavier regulatory burden, thin margins and technological developments weigh on their costs, Reuters reports. Things got heavier with the launch in 2018 of the EU Markets in Financial Instruments Directive, which gave asset managers more paperwork. Interviews conducted by the news outlet reveal that small to medium-sized firms can save up to 40% if they outsource their trading instead of hiring two traders.
In other parts of the world
Asia-Pacific: US labels China a currency manipulator; ANZ drops staff bonuses
Europe: HSBC cutting jobs, reaches €300M settlement; Novo Banco selling €795.8M loans
Middle East & Africa: Banque Saudi Fransi Q2 profit rises; IPO of Egypt's Fawry oversubscribed
Now featured on S&P Global Market Intelligence
US digital lenders brought home the bacon in H1'19: Digital lenders attracted the most investor capital in the first six months of 2019, out of the six categories of U.S. financial technology companies S&P Global Market Intelligence tracks.
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, Hang Seng dropped 0.67% to 25,976.24, while the Nikkei 225 shed 0.65% to 20,585.31.
In Europe, around midday, the FTSE 100 rose 0.02% to 7,224.90, and the Euronext 100 gained 0.67% to 1,032.69.
On the macro front
The Redbook Index for retail sales and the JOLTS report 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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