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JPMorgan exec warns of 40% stock market correction; Heritage buying Oregon bank

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JPMorgan exec warns of 40% stock market correction; Heritage buying Oregon bank

Daniel Pinto, co-president and co-COO at JPMorgan Chase & Co., told Bloomberg Television that he sees a possible 20% to 40% correction in equity markets in the next two or three years. Pinto also said that markets are "nervous" and that investors could react badly if President Donald Trump's tariffs on steel and aluminum go beyond what has been announced.

In banking news, Olympia, Wash.-based Heritage Financial Corp. is acquiring Hillsboro, Ore.-based Premier Commercial Bancorp in an $88.6 million all-stock transaction.

Voya Holdings Inc.'s two investment adviser subsidiaries — Voya Investments LLC and Directed Services LLC — will pay about $3.6 million to settle charges issued by the SEC. The investment advisers were charged for failing to disclose conflicts of interest and making misleading disclosures related to their practice of recalling securities on loan to give tax benefits to their affiliates.

Interbank messaging platform SWIFT has published the final results of a blockchain proof-of-concept project. The proof of concept aimed to test the efficacy of distributed ledgers in reconciling Nostro accounts (a Nostro account is a bank's account in a foreign currency in another bank)

And in regulatory news, the Consumer Financial Protection Bureau issued a final rule to help mortgage servicers communicate with certain borrowers facing bankruptcy. Beginning April 19, servicers will be required under the bureau's 2016 mortgage servicing rule to send modified periodic statements or coupon books to certain consumers in bankruptcy. The CFPB's final rule provides a clear single-statement exemption for servicers to make the transition, superseding the single-billing-cycle exemption included in the 2016 rule.

In other parts of the world

Asia Pacific: QBE sells stake in Australian broker; Bank Central Asia FY'17 profit rises 13%

Europe: ECB holds rates; Swiss Raiffeisen chair resigns; ING boss pay hike draws ire

Middle East & Africa: Sanlam in $1B Morocco deal; KCB banks on mobile payments; Tunisian dinar warning

The day ahead

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

In Asia, the Hang Seng increased 1.11% to 30,996.21, and the Nikkei 225 increased 0.47% to 21,469.20.

In Europe, around midday, the FTSE 100 was up 0.04% to 7,205.96, and the Euronext 100 was up 0.09% to 1,027.03.

On the macro front

The employment situation report, the wholesale trade report and the Baker-Hughes Rig Count report are due out today.

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