Digital lending
Goldman Sachs Asset Management LP is entering the European exchange-traded fund market
Goldman Sachs Group Inc. approached other financial institutions to sell a part of its stake in the $3.1 billion credit line for SoftBank Group Corp.'s Vision Fund
In Missouri, Central Banco. Inc. is acquiring Platte Valley Bank of Missouri in a deal
Elsewhere in Florida, City National Bank of Florida will purchase Executive National Bank's parent company, Executive Banking Corp. Financial terms of the transaction were not released.
In a Bloomberg Television interview, Goldman Sachs President and COO John Waldron said the company is looking to put its troubles from the 1Malaysia Development Berhad scandal behind it and help the Malaysian people get their money back. Waldron did not comment on the prospect of a settlement with the U.S. Department of Justice over the 1MDB matter
Online lender Social Finance Inc. is set to start trading cryptocurrencies
The Federal Reserve has made a "big move" by scrapping earlier planned rate hikes and shifting toward easier policy, but Fed officials could "do a little bit more" to cushion the economy against downside risks, Federal Reserve of St. Louis President James Bullard said in an interview with CNBC. Bullard, who will vote on the rate-setting Federal Open Market Committee this year, said he may support another 25-basis-point rate cut this year but that he did not want to prejudge any upcoming FOMC meetings.
The House of Representatives voted 321-103 to pass the Secure And Fair Enforcement Banking Act, or SAFE Banking Act of 2019
Republican senators are concerned about the Federal Reserve's proposed real-time payments system, FedNow, expected to launch by 2024, American Banker reports. In his opening remarks at a hearing, Senate Banking Committee Chairman Mike Crapo, R-Idaho, said that some financial institutions had expressed doubts about, among other things, the Fed's analysis and process, the cost and amount of time needed to develop its own real-time payment system, and its prospects for achieving interoperability.
Rep.
The U.S. Securities and Exchange Commission entered a settled final judgment against former investment adviser firm Strong Investment Management and its owner, Joseph Bronson, over securities fraud
The House Committee on Financial Services is scheduled to have a hearing
In other parts of the world
Asia Pacific: Japan Exchange nears merger; Indian bank loans fall by 900B rupees
Europe: Deutsche raid; ex-Danske exec found dead; Credit Suisse spy drama deepens
Middle East & Africa: Netanyahu to form Israel's new government; Old Mutual-Moyo dispute continues
Now featured on S&P Global Market Intelligence
Delinquencies, charge-offs mixed at US card issuers in August: Average delinquencies among master trust portfolios at six large card issuers — American Express Co., Bank of America Corp., Capital One Financial Corp., Citigroup Inc., Discover Financial Services and JPMorgan Chase & Co. — fell 1 basis point month over month to 1.43% in August. Meanwhile, the average net charge-off ratio increased 8 basis points month over month to 2.30%.
Minnesota's community banks booked strong profits in Q2: Among Minnesota-based community banks and thrifts with less than $10 billion in assets, the median return on average equity was 11.44% in the second quarter, a 24-basis-point drop year over year but substantially higher than the 9.72% ROAE for Midwestern community banks and 9.59% for the U.S. as a whole.
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng jumped 0.37% to 26,041.93, and the Nikkei 225 rose 0.13% to 22,048.24.
In Europe, around midday, the FTSE 100 was up 0.99% to 7,362.13, and the Euronext 100 climbed 0.70% to 1,089.32.
On the macro front
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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