Reportingearnings early today are , , , Pittsburgh-basedPNC Financial Services GroupInc. and First HorizonNational Corp. of Tennessee.
U.S.Bancorp reported second-quarter net income applicable to common shareholders of$1.44 billion, or 83cents per share, compared to $1.42 billion, or 80 cents per share, in theyear-ago period.
PNCreported net income attributable to diluted common shares of , or $1.82 pershare. The S&P Global consensus normalized EPS estimate for the recentquarter was $1.75.
Yesterday,the releases included JPMorganChase & Co.'s and BlackRockInc.'s. The Financial Times notesthe former's bottomline makes it "almost tolerable to be a bigdiversified U.S. bank," especially amid the dearth of funding orclients at other financial institutions. The bank's executives took anoticeably tone on Brexit, whileBlackRock's Larry Fink reiterated on CNBC that a recessionacross the pond is to be expected.
Inmore banking news:
Morethan half a year after EquityBancshares Inc.'s IPO, the Kansas-based bank has struck an estimated$68.8 million dealfor Community First Bancshares Inc.of Arkansas.
InMissouri, OakStarBank ($440million) and Bank ofUrbana ($180 million) are merging.
Cincinnati-basedFifth Third Bankreceived a "needs toimprove" Community Reinvestment Act rating — for the 2011-2013evaluation period and on account of "legacy issues" that said havealready been addressed. Evercore ISI's John Pancari commented it might put adamper on any M&A plans; Fifth Third has reiterated interest in anacquisition.
Fintech:
American Banker has a piece on 's work on FinancialIndustry Business Ontology — a standard that makes data held by different banksconsistent in format and therefore usable in blockchain.
Andan equity offering by Ingo MoneyInc., risk-management service provider, brought in $4million.
Asset managers:
TheMassachusetts Securities Division released guidance for investment advisers whouse robo-advisoryservices. Particularly under scrutiny will be disclosures and fees.
in October succeedsAnne Stausboll as CaliforniaPublic Employees' Retirement System CEO.
Bank of Canada:
And The Wall Street Journal asked Gov.Stephen Poloz if he would use the term "bubble"to describe Toronto's and Vancouver's housing markets. Poloz replied: "Ican't put my finger on fundamentals that are going up at the rate that houseprices are going up. That doesn't mean there aren't some … The risks areclearly rising. I just don't know how big the risks are."
Asia-Pacific:
Europe:BoE signals August stimulus;Erste Group Q2 profit guidance; More UniCredit capital raising likely
Middle East& Africa:
The day ahead
In Asia, theHang Seng increased 0.46% to 21,659.25, and the Nikkei 225 was up 0.68% to16,497.85.
In Europe, aroundmidday, the FTSE 100 was down 0.37% to 6,629.85, and the Euronext 100 was down0.74% to 861.29.
On the macro front
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