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U.S. Bancorp, M&T Bank post higher profits; SEC deals setback to stock exchanges

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U.S. Bancorp, M&T Bank post higher profits; SEC deals setback to stock exchanges

U.S. Bancorp and M&T Bank Corp. posted higher earnings in the third quarter.

U.S. Bancorp reported third-quarter net income applicable to common shares of $1.73 billion, or $1.06 per share, up from net income of $1.49 billion, or 88 cents per share, in the same quarter in 2017. M&T Bank posted third-quarter net income applicable to common shares of $505.4 million, or $3.53 per share, up from net income of $335.8 million, or $2.21 per share, in the third quarter of 2017.

The Securities and Exchange Commission ruled against Intercontinental Exchange Inc.-owned New York Stock Exchange and Nasdaq Inc. in a long-standing legal case over market data fees brought by the Securities Industry and Financial Markets Association, an industry trade group representing dozens of Wall Street companies. The stock exchanges have not justified price hikes to certain proprietary trading data products, the SEC said. In addition, the regulator sent back more than 400 challenges of various exchanges' market data, connectivity and other fee proposals so that the exchanges can review those comments.

In her first remarks since becoming president of the Federal Reserve Bank of San Francisco, Mary Daly said she would favor the Federal Reserve's path of gradually hiking interest rates to ensure the economy grows at a sustainable pace. Daly, who is set to vote at the next Federal Open Market Committee meetings in November and December, said her monetary policy outlook has been consistent with the U.S. central bank's gradual interest rate increases.

The value of fraudulent noncash payments increased 37% in 2015 to $8.3 billion from $6.1 billion in 2012, outpacing the 12% growth in the total value of noncash payments during the same period, according to data collected as part of Federal Reserve surveys of depository institutions in 2012 and 2015. Card fraud, by value, accounted for more than three-fourths of noncash payments fraud in 2015, up from less than two-thirds in 2012, the data indicated.

Payment technology and services provider EVO Payments Inc. acquired ClearONE, a Madrid, Spain-based point-of-sale payments platform. Terms of the deal were not disclosed.

United Services Automobile Association launched a pilot small-business lending program that refers customers seeking small-business credit to Reston, Va.-based StreetShares Inc., which specializes in lending to military veterans, American Banker reports. The USAA-StreetShares collaboration is expected to open for member access in the second half of 2018, according to USAA's website.

In other parts of the world

Asia-Pacific: Australia to probe financial firms; Nomura to settle US securities claims

Europe: Nordea faces money laundering claims; Wells Fargo plans EU trading hub in Paris

Middle East & Africa: US unveils additional Iran sanctions; top European bankers shun Saudi conference

Now featured on S&P Global Market Intelligence

Survey: Fund managers expect global economy to slow: Fund managers are anticipating a global market slowdown and are beginning the task of shifting their portfolios toward less risky assets, according to the Bank of America Merrill Lynch October Fund Manager Survey.

The day ahead

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

In Asia, the Nikkei 225 was up 1.29% 22,841.12.

In Europe, as of midday, the FTSE 100 was up 0.20% to 7,073.55, and Euronext 100 had climbed 0.19% to 1,006.33.

On the macro front

The MBA mortgage applications report and the EIA petroleum status 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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