Wells Fargo & Co. named Charles Scharf its president and CEO
The Federal Deposit Insurance Corp. plans to conduct a detailed probe, during the next six months, into the circumstances around Enloe State Bank, which closed May 31 under suspicious conditions, American Banker reports. In its failed bank review, the FDIC noted that the bank's board " failed to establish adequate corporate governance to monitor and control management’s activities, including those of a dominant bank president." Given the extent of irregular loans and the "extraordinarily high" estimated loss rate, the bank's closure
A group of Senators introduced a bipartisan bill
At a town hall in Billings, Mont., Minneapolis Federal Reserve President Neel Kashkari said there is "no reason" for the U.S. to have interest rates
Freddie Mac and Fannie Mae shareholders added another blow to the legality of independent regulatory agencies as they petitioned the Supreme Court Sept. 25 to hear their claims that the single-director structure of the Federal Housing Finance Agency
Facebook Inc.'s COO, Sheryl Sandberg, is expected to appear at a hearing
Jefferies Financial Group Inc. reported fiscal third-quarter net income
In other parts of the world
Asia-Pacific: China drafts rules on loan provisions; India to consider bailout framework
Europe: New CFO at Aviva, Commerzbank; UniCredit sells €730M loans; BNP faces lawsuit
Middle East & Africa: Egypt cuts rates; QNB gets nod for Hong Kong branch; Capitec's expansion plans
Now featured on S&P Global Market Intelligence
Mortgage loan activity at US banks, thrifts rises in Q2: U.S. banks and thrifts reported $2.52 trillion in one- to four-family mortgage loans at the end of the second quarter, up 1.3% quarter over quarter and 1.6% year over year.
US banks reduce reliance on CDs, push for further declines to defend margins: After years of increasing, certificates of deposit became smaller portions of banks' funding bases in the second quarter, and recent decreases in interest rates suggest the trend could continue.
Banks keep using large, pricey deals to leap over $10B asset threshold: Banks continue to find it beneficial to leap over the $10 billion asset threshold with a deal of size. Other bank executives appear to agree. Sandy Spring is set to become the eighth U.S. bank since June 30, 2018, to cross the $10 billion line with the help of a deal, according to S&P Global Market Intelligence data.
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng declined 0.33% to 25,954.81, and the Nikkei 225 dropped 0.77% to 21,878.90.
In Europe, around midday, the FTSE 100 was up 1.12% to 7,433.37, and the Euronext 100 was up 0.38% to 1,093.52.
On the macro front
The durable goods orders report, the personal income and outlays report, the consumer sentiment report, the farm prices report and the Baker-Hughes Rig Count 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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