US banks jumps as June inflation cools

PacWest Bancorp

12/07/2023 15:31

** Shares of economy-sensitive major U.S. banks jump in
early hours of trading, as cooling down of inflation fueled
optimism for rate hike cycle to end
    ** JPMorgan Chase & Co  JPM.N , Bank of America  BAC.N ,
Wells Fargo  WFC.N , Morgan Stanley  MS.N , Goldman Sachs  GS.N 
and Citigroup  C.N  rise between ~1.3% and ~3.7%
    ** Regional lenders Citizens Financial  CFG.N , Western
Alliance Bancorp  WAL.N , PacWest Bancorp  PACW.O , Comerica
 CMA.N , KeyCorp  KEY.N , PNC Financial Services  PNC.N , Fifth
Third Bancorp  FITB.O  and Zions Bancorp  ZION.O  rise between
~1.4% and ~6.1%
    ** U.S. consumer prices rose modestly in June and logged
their smallest annual increase in more than two years as
inflation continued to subside.
    ** The much awaited U.S. Labor Department report showed
growth in core consumer prices, which excludes food and energy,
eased to 4.8% from 5.3% in May on an annual basis. Economists
had expected a 5% rise.
    ** S&P 500 Banks index  .SPXBK  hits its highest level since
March 10, last up ~1.5%
    ** KBW Regional banking index  .KRX  rises ~1.7%
    ** YTD, S&P 500 Banks index down about 7.7%, while KBW
Regional Banking index down about 20%
    
    

 (Reporting by Jaiveer Singh Shekhawat in Bengaluru)
 ((JaiveerSingh.Shekhawat@thomsonreuters.com;))