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JPMorgan's Q4'18 EPS below consensus; PNC Bank buying Ambassador Financial

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JPMorgan's Q4'18 EPS below consensus; PNC Bank buying Ambassador Financial

JPMorgan Chase & Co.'s 2018 fourth-quarter earnings went up year over year to $1.98 per share from $1.07 per share. The recent quarter's figure was lower than the consensus GAAP EPS estimate of $2.21.

Wells Fargo & Co. and First Republic Bank are also expected to release their earnings results before markets open today.

On the M&A front, Pittsburgh-based PNC Bank NA is buying Allentown, Pa.-based broker/dealer Ambassador Financial Group Inc. The deal is expected to close in the second quarter.

In cryptocurrency news, TradeStation Group Inc., which offers online brokerage service through its electronic trading platform, plans to enter the cryptocurrency markets in 2019 through its newly formed subsidiary, TradeStation Crypto Inc.

U.S. cryptocurrency exchange Bittrex Inc. launched an over-the-counter trading desk that will support nearly 200 cryptocurrencies already offered by the exchange. Other exchanges that offer a cryptocurrency OTC trading desk in the U.S. include Coinbase Inc. and Poloniex LLC.

In regulatory news, the Consumer Financial Protection Bureau is planning to remove the underwriting portions of its payday lending rule, sources told American Banker. The new proposal is also expected to remove limits on repeat reborrowings by a single consumer, according to the report.

And the U.S. Supreme Court has dismissed Texas-based State National Bank of Big Spring's appeal challenging the structure of the CFPB, Reuters reports. A ruling in the bank's favor could have allowed a U.S. president to fire the regulator's director for any reason, according to the report.

In other parts of the world

Asia Pacific: ANZ buys stake in online loan broker; China raises foreign investors' quota

Europe: MPS shares suspended; Swiss Re sees $1B nat cat claims burden; Tandem eyes IPO

Middle East & Africa: Egypt plots international bond sale in Q1; Zimbabwe to introduce new currency

Now featured on S&P Global Market Intelligence

Keep 'Marge' happy — how to win the battle for deposits: In the latest episode of the Street Talk podcast, American Deposit Management Co. CEO Kelly Brown discusses deposit pricing and competition, while offering strategies to win new business.

The day ahead

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

In Asia, Hang Seng increased 2.02% to 26,830.29, and the Nikkei 225 rose 0.96% to 20,555.29.

In Europe around midday, the FTSE 100 increased 0.022% to 6,856.51, and the Euronext 100 was up 0.42% to 933.19.

On the macro front

The producer price index for final demand, the Empire State manufacturing survey and the Redbook index for retail sales 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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