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Turkish regulators probe JPMorgan; Citi fires 8 bankers in Hong Kong

In banking news, Turkish regulators are investigating JPMorgan Chase & Co. and several other banks after the Turkish lira and Turkey's main index, the Bora Istanbul 100, both declined on March 22, Reuters reports. The Turkish Banking Regulation and Supervision Agency received complaints that a report JPMorgan published — which said there is a high risk that the Turkish lira would decline after the country's March 31 elections — hurt the reputation of Turkish banks. The regulator said it is also reviewing claims that some banks, which it did not name, had manipulated and misled clients into buying foreign currencies, according to Reuters. Meanwhile, the Capital Markets Board of Turkey is investigating complaints claiming that a JPMorgan report was misleading and caused speculations on Bora Istanbul.

Citigroup Inc. fired eight and suspended three equities traders in Hong Kong following an internal investigation into their interactions with clients, sources told Reuters. Citi said the traders did not accurately disclose the bank's role in transactions they handled. Philip Shaw, a senior equities executive in Hong Kong, is reportedly among those who left following the review.

Ann Arbor, Mich.-based University Bancorp Inc. purchased certain assets from mortgage lender Huron Valley Financial Inc. for approximately $255,000, American Banker reports. University Lending Group LLC also hired 52 Huron Valley Financial employees, including residential loan officers and staff.

Investment manager Merrill Lynch Pierce Fenner & Smith Inc. agreed to pay about $8 million to the U.S. Securities and Exchange Commission as settlement for improperly handling "pre-released" American depositary receipts. The fee consists of more than $4.4 million in disgorgement, more than $2.9 million in penalty and more than $724,000 in prejudgment interest.

And Nasdaq Inc.'s indirect subsidiary, Nasdaq AB, extended the acceptance period of its offer to acquire Oslo Børs VPS Holding ASA to April 30 from March 29.

In other parts of the world

Asia Pacific: China Pacific Insurance FY'18 profit up; Karnataka Bank reports fraud

Europe: Deutsche CEO 'skeptical' of Commerz deal; Deutsche exec pay; Brexit turmoil

Middle East & Africa: UAE's ADFG, Shuaa in merger talks; Angola recoups assets; Tunisia holds key rate

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S&P 500 leaders and laggards since the equities crash of 2009: Technology-focused companies led the way in total return in the 10 years since the financial crisis. Among banks, Fifth Third Bancorp and SVB Financial Group had the highest total returns.

The day ahead

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

In Asia, the Hang Seng Index was down 2.03% to 28,523.35, and the Nikkei 225 retreated 3.01% to 20,977.11.

In Europe, around midday, the FTSE 100 was down 0.26% to 7,188.88, and the Euronext 100 fell 0.29% to 1,023.84.

On the macro front

The Federal Reserve Bank of Chicago's national activity index and the Federal Reserve Bank of Dallas' manufacturing survey 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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