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Online brokers' new normal; FTSE 100 Brexit drama; US private equity slowdown

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Online brokers' new normal; FTSE 100 Brexit drama; US private equity slowdown

In this week’s edition of Weekly News Spotlight, we highlight both the threat and opportunity of digitization for two different parts of financial sector in the U.S. — broker fees and mortgages. We also dig into the changing relationship between the FTSE 100 and the pound as another Brexit deadline nears. Further afield, we take a look at how to manage the risks of investing in small-scale solar in Africa and the challenges that Amazon is encountering as it seeks growth in the Middle East.

DIGITIZATION IN FOCUS

Free trading becomes 'the norm' as online brokers race to the bottom
Four leading U.S. online brokers will begin offering free trading in the coming weeks, marking a watershed moment for an industry that has largely repudiated the growing momentum behind $0 commission fees.

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Bank of America, US Bancorp gain mortgage market share with digital offering
Bank of America and U.S. Bancorp gained market share in the mortgage market while the other two consumer banking giants, JPMorgan and Wells Fargo, lost share.

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DEEP DIVES

A deep dive into the impact of a major news development in key industries

Global Markets

Global economy winning tug of war with Brexit over direction of FTSE 100
The inverse correlation between the FTSE 100 and the pound-dollar exchange rate strengthened dramatically in the immediate aftermath of the 2016 referendum result then broke down. However, it's beginning to reassert itself as Brexit drama again comes to the fore.

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Financials

US bank bond portfolios move deep into the black, boosting tangible book values
Long-term rates have plunged this year and should offer a considerable boost to banks' tangible book values during third-quarter earnings season.

Headwind from mix shift to time deposits lets up
Certificates of deposit accounted for the lion's share of U.S. banks' overall deposit growth since mid-2017. As rates tumble, that trend appears to have ended.

Private Equity

US private equity activity slows in Q3
Entry deal volume dropped in the first three quarters of 2019, falling to 3,978 deals compared with 4,503 across the same period in 2018, according to S&P Global Market Intelligence data.

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Private equity faces setbacks in monetizing midstream investments
While some firms are seeing success in taking public pipeline companies private, others are struggling to unload what they already own amid a stunted IPO environment.

Energy and Utilities

To hedge off-grid solar default risk in Africa, investors cast net wider
With millions still lacking electricity access in Africa, utilities and independent power producers see potential in small-scale solar. The business model inherently brings risk, but add-on services could boost profitability.

Technology, Media and Telecommunications

Software, telecom tower companies among Brexit M&A bright spots
Lack of a physical supply chain, a weak pound and ready yield plays could cushion midmarket software and telecom towers M&A from disruption as the U.K.'s deadline to leave the European Union approaches.

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THE BIG NUMBER

A weekly spotlight on a significant impact of a major news development

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US banks reach further out the curve ahead of Fed rate cuts
With the prospect of lower interest rates, U.S. banks are increasing their exposure to longer-dated bonds. Bonds expected to reprice or mature in more than 15 years represented 33.4% of bank-held securities at the end of the second quarter, up from 32.1% in the prior quarter and 31.7% in the year-ago period.

M&A DEALS OF THE WEEK

Coverage of notable deals announced the week of Sept. 30.

Tokio Marine deal for Pure Group meets desire for diversification, stable growth

Blackstone lands $5.9B logistics deal; PE firms to exit Privilege Underwriters

Carrefour Brasil acquires 49% of Brazilian mobile payment provider Ewally

Glacier Bancorp to acquire Arizona-based State Bank Corp. in $135.3M deal

Assa Abloy to acquire Czech Republic-based LUX-Ident

TRENDING

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Amazon in the Middle East: Competition, regulation could stymie ambitions
As Amazon.com Inc. seeks to tap the lucrative Middle East, the Seattle-based e-commerce company is facing various challenges, including growing competition and changing regulations.

Weekly News Spotlight is a newsletter published every Monday that highlights exclusive industry-focused reporting, market news, and economic insights from the global newsroom here at S&P Global Market Intelligence.

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