Things may be looking up for banks, but the cuts
Relocating because of Brexit
In more banking
Goldman is running the planned sale of Aviva Plc's Friends Provident International, say sources for The Wall Street Journal. The deal could bring the U.K. insurer up to $750 million; Fosun Group and HNA Group are said to be interested.
Citigroup Inc. was coordinator, mandated lead arranger and bookrunner of Tencent Holdings' $4.65 billion loan deal with several banks, according to Thomson Reuters' Basis Point.
Wells Fargo & Co.'s robo-adviser will be available to individual investors in the coming months. But those interested in Intuitive Investor will need at least $10,000 to open an account and must pay a fee equal to 0.50% of the assets they put in. For comparison, The Wall Street Journal notes, BofA's Merrill Edge Guided Investing has a $5,000 minimum and a 0.45% fee. Betterment LLC has no minimum and charges 0.25%. Wealthfront Inc. charges 0.25% on accounts above $10,000.
Home BancShares Inc. of Arkansas is buying Stonegate Bank in a $778.4 million deal that will see Home Bancshares having $13.5 billion in assets and a Florida footprint that's even larger than the one in its home state.
Meanwhile, it turns out the previously announced Illinois merger between WB Bancorp Inc. and MC Bancorp Inc. was valued at approximately $5.5 million.
And the Independent Community Bankers of America has decided not to appeal the dismissal of its suit against the National Credit Union Administration. It will, however, "explore all avenues for redress of NCUA's unjustified and outrageous expansion of limitations."
The Financial Times makes this argument: You can criticize hedge funds
Pacific Investment Management Co. LLC's long history with Bill Gross has reached another turning point. The two have settled the lawsuit — reportedly for $81 million, a "founders room" at PIMCO headquarters, a "Bill Gross Award" for community organizations and the title of PIMCO Foundation director emeritus. The Wall Street Journal's sources say some of PIMCO's top executives had already complied with a judge's order to give depositions, and that there were worries the revelations would mean more bad press for the firm and for Gross.
Specialty lender
CreditEase's Offshore Private Credit Fund just invested $30 million in On Deck Capital Inc. and LendingHome Funding Corp. According to the press release, it became the first Chinese offshore fund to invest in loans issued by Western platforms when it put money last year in Avant and Prosper Marketplace Inc.
On Capitol Hill
President Donald Trump
And a government post may still be waiting for Anthony Scaramucci. In an interview with The Street, he disclosed White House Chief Strategist Steve Bannon and Chief of Staff Reince Preibus had told him to "come down and see us" when his sale of SkyBridge Capital II LLC was closer to completion. He added he hopes that the closing will occur "in the next 46 to 60 days."
In other parts of the world
Asia-Pacific: 3 firms shortlisted for ICICI Lombard stake; Singapore, France ink fintech deal
Europe: BoE outlines stress-test scenarios; OneSavings Bank stake sold; NN Group sued
Middle East & Africa: Gordhan ordered home; Ghana rate cut; Gulf's 1st green bond
The day ahead
Early morning futures indicators pointed to a mixed opening for the U.S. market.
In Asia, the Hang Seng rose 0.63% to 24,345.87, while the Nikkei 225 gained 1.14% to 19,202.87.
In Europe, around midday, the FTSE 100 climbed 0.07% to 7,298.59, and the Euronext 100 lifted 0.14% to 969.77.
On the macro front
The international trade in goods report, the Redbook, S&P Corelogic Case-Shiller HPI report, the consumer confidence report, the Richmond Fed manufacturing index and the State Street Investor Confidence Index are due out today.
The Daily Dose is updated as of 7:30 a.m. ET. Some external links may require a subscription.