US regional banks rise after positive CPI data

Banc of California

15/05/2024 14:30

** Shares of regional banks advanced premarket after data
showed that U.S. consumer prices rose less than expected in
April; core CPI slows 
    ** This suggests that inflation resumed its downward trend
at the start of the second quarter in a boost to financial
market expectations for a September interest rate cut
    ** Banc of California  BANC.N , Western Alliance Bancorp
 WAL.N , Valley National Bancorp  VLY.O , Regions Financial
 RF.N , Keycorp  KEY.N  and Comerica  CMA.N  rise between 1.3%
and 2.2% 
    ** M&T Bank  MTB.N , Fifth Third Bancorp  FITB.O , Citizens
Financial CFG.N  , Truist Financial  TFC.N , Synchrony
Financial SYF.N  and Zions Bancorporation  ZION.O  rise between
0.7% and 1.2% 
    ** As of last close, KBW Regional Banking Index  .KRX  has
fallen about ~6% YTD

 (Reporting by Pritam Biswas in Bengaluru)
 ((Pritam.Biswas@thomsonreuters.com))