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S&P reports higher adjusted EPS YOY in Q2; Big US banks cut benchmark rates


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S&P reports higher adjusted EPS YOY in Q2; Big US banks cut benchmark rates

S&P Global Inc. posted second-quarter adjusted net income attributable to the company of $601 million, or $2.43 per share, compared with $549 million, or $2.17 per share, in the year-ago period.

Intercontinental Exchange Inc. reported adjusted net income attributable to the company of $534 million, or 94 cents per share, compared with $525 million, or 90 cents per share, in the prior-year period.

London Stock Exchange Group PLC agreed to acquire financial data analytics platform Refinitiv in an all-share transaction, with total enterprise value pegged at $27 billion. The deal is expected to close in the second half of 2020.

American Express Co. agreed to acquire ACOM Solutions Inc.'s digital payment automation platform in a deal expected to close in the second half. Financial terms of the deal were not disclosed.

EVERTEC Inc.'s main operating subsidiary, EVERTEC Group LLC, is set to acquire 100% of shares of PlacetoPay's capital stock, a gateway and payment service provider based in Colombia.

Talks between BlackRock Inc. and Pamplona Capital Management LLP about BlackRock's potential acquisition of a stake in Cofense Inc. have broken down, The Wall Street Journal reports, citing people familiar with the matter.

U.S. President Donald Trump expressed his disappointment in Federal Reserve Chairman Jerome Powell after the central bank lowered its benchmark federal funds rate by 25 basis points during the Fed's July meeting. The S&P 500 index fell 1.09% to 2,980.38 at the end of the day as investors saw lower chances of further rate cuts.

Meanwhile, the Fed rate cut set off a lowering of benchmark rates for a range of consumer and commercial loans among major U.S. banks, Reuters reports. JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. are reducing their rates by 25 basis points to 5.25%, starting Aug. 1.

Sen. Sherrod Brown, D-Ohio, a ranking member of the Senate Banking Committee, proposed a bill that would require publicly traded companies to pay their employees $1 each for every $1 million of shares the companies buy back. Brown said this would make companies return money to employees, but clarified that it won't prevent organizations from coming up with ways to "enrich their shareholders."

The Federal Trade Commission is urging consumers affected by Equifax Inc.'s 2017 data breach to consider the free credit monitoring the company is offering as part of its settlement instead of the alternative cash option, under which they could end up getting less than $125.

The New York State Department of Financial Services proposed a rule that would require companies that service student loans held by New Yorkers to meet new standards. Under the proposed regulation, the companies must provide clear and complete information on fees, payments due, and terms and conditions of students loans, among other things.

In other parts of the world

Asia-Pacific: China Development Bank ex-chair under probe; Myanmar OKs Japanese insurers' JVs

Europe: LSE-Refinitiv deal; StanChart's gloomy outlook; restructuring weighs on SocGen

Middle East & Africa: Emirates NDB closes DenizBank deal; Old Mutual to appeal ex-CEO's reinstatement

Now featured on S&P Global Market Intelligence

State of the Pipeline in 2019: As of July 31, three mutual bank conversions were in the pipeline: Provident Bancorp, Cincinnati Federal and Harborone Northeast Bancorp.

The day ahead

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

In Asia, the Hang Seng was down 0.76% to 27,565.70, and the Nikkei 225 rose 0.09% to 21,540.99.

In Europe, around midday, the FTSE 100 was up 0.10% to 7,594.24, and the Euronext 100 climbed 0.34% to 1,084.77.

On the macro front

The jobless claims report, the PMI Manufacturing index, the ISM Manufacturing index, the consumer spending report, the EIA natural gas report, the Fed balance sheet and the money supply 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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