Englewood Cliffs, N.J.-based ConnectOne Bancorp Inc. agreed to acquire Fort Lee, N.J.-based Bancorp of New Jersey Inc. in a deal presently valued at about $113 million. The transaction is expected to be completed in the first quarter of 2020.
Kenneth Montgomery, first vice president and COO of the Federal Reserve Bank of Boston, was named the head of FedNow Service
To cut or not to cut benchmark interest rates
The Securities and Exchange Commission charged Alan Heide, former CFO at 1 Global Capital LLC, with defrauding retail investors, the third SEC action involving fraud
Craig Wright, an Australian businessman who claims to have created Bitcoin under the pseudonym Satoshi Nakamoto, is now facing charges of cryptocurrency and intellectual property theft from the estate of his deceased former business partner, Dave Kleiman, Bloomberg News reports. U.S. District Judge Beth Bloom of the federal court in Florida rejected Wright's motion to dismiss the case, according to the news outlet.
Meanwhile, the U.S. Internal Revenue Service is trying to catch up with the fast-growing cryptocurrency
Rep. Patrick McHenry, R-N.C., asked House Financial Services Committee Chairwoman Maxine Waters, D-Calif., to hold committee hearings on cybersecurity
Goldman Sachs Group Inc. and prosecutors are not seeing eye to eye on the extent of the involvement of Andrea Vella
In other parts of the world
Asia-Pacific: Ping An Insurance H1 up 68.1%; MLC to restructure; Japan is top US T-bill holder
Europe: ECB website hacked; Volksbank warns about H2 profit; Latvian bank deemed failing
Middle East & Africa: Provisions dent Hapoalim Q2 profit; KCB H1 profit up; Ghana's liquidity squeeze
Now featured on S&P Global Market Intelligence
Yield curve warns of greater recession risk, but bond market signal not perfect: While the latest yield curve inversion has caused investors to become pessimistic about the economy, there are reasons to believe it may no longer be an accurate recession predictor that it was in the past.
Community banks in the West outpaced national median loan growth in Q2'19: U.S. community banks and thrifts held $1.873 trillion in loan balances as of June 30. The median sequential growth rate was 1.6%, compared to 0.5% in the previous quarter.
Castine adds to largest position before buyout announced: Boston-based hedge fund manager Castine Capital Management LLC added seven new financial stock positions during the second quarter, according to the firm's latest 13F filing.
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng rose 0.94% to 25,734.22, and the Nikkei 225 inched up 0.06% to 20,418.81.
In Europe, around midday, the FTSE 100 was up 0.65% to 7,112.80, and the Euronext 100 was up 1.20% to 1,029.76.
On the macro front
The housing starts report, the quarterly services report, the consumer sentiment report and the Baker-Hughes Rig Count 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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