US regional banks rise after Powell's Jackson Hole speech

Banc of California

23/08/2024 15:53

** Shares of regional banks advanced in early trade after
Federal Reserve Chair Jerome Powell says, "the time has come for
policy to adjust"
    ** He adds, "the direction of travel is clear, and the
timing and pace of rate cuts will depend on incoming data, the
evolving outlook, and the balance of risks."
    ** Traders' bets firm on a September rate cut after Powell's
speech as he also promises to do all he can to avoid further
weakening of labor markets
    ** Banc of California  BANC.N , Western Alliance Bancorp
 WAL.N  and Valley National Bancorp  VLY.O  rise 4%, 2.7% and
4.4%, respectively, while Regions Financial  RF.N , Keycorp
 KEY.N  and Comerica  CMA.N  rise between 2.1% and 3%
    ** M&T Bank  MTB.N  and Fifth Third Bancorp  FITB.O  rise
2.1% and 2.2%, respectively; Synchrony Financial  SYF.N 
advances 1.4% and Zions Bancorporation  ZION.O  4%
    ** As of last close, KBW Regional Banking Index  .KRX  is up
about ~5% YTD

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