US banks rise as weak jobs data solidifies bet on rate pause

PacWest Bancorp

03/11/2023 15:34

** Shares of U.S. banks rise as weak jobs data cements
investor expectations that the Federal Reserve has reached the
end of its rate hike cycle
    ** Goldman Sachs Group  GS.N , JPMorgan Chase  JPM.N ,
Morgan Stanley  MS.N , Citigroup  C.N , Bank of America  BAC.N 
up between ~0.7% and ~2.8%
    ** US Bancorp  USB.N , PacWest Bancorp  PACW.O , Bank of New
York Mellon  BK.N , Comerica  CMA.N , M&T Bank  MTB.N , Keycorp
 KEY.N , Western Alliance  WAL.N  rise between ~1.7% and ~5.8%
    ** The Labor Department's report showed nonfarm payrolls
increased by 150,000 jobs in October, against expectations of a
180,000 increase, partly due to strikes at Detroit's Big Three
automakers  .N 
    ** KBW Regional Banking Index  .KRX  and the S&P 500 Banks
Index  .SPXBK  gain ~3.4% and ~2.2%, respectively

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