US banks set to end the week in red

PacWest Bancorp

27/10/2023 16:07

** Shares of U.S. banks are set to end the week on a
negative note
    ** KBW Regional Banking Index  .KRX  and the S&P 500 Banks
Index  .SPXBK  are down ~1% and ~2%, respectively
    ** Goldman Sachs Group  GS.N , JPMorgan Chase  JPM.N ,
Morgan Stanley  MS.N , Citigroup  C.N , Bank of America  BAC.N 
slip between ~0.4% and ~2.3%
    ** 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  down between ~1.45% and ~0.36%
    ** "Large bank stocks have lagged the S&P 500 since 3Q
earnings and lagging very sharply year-to-date," JPM analysts
say
    ** The sector is lacking a near-term catalyst as commercial
loans are weak, and capital markets issuance activity has also
slowed down following a pick-up in September - both these
drivers are being hurt by the economic uncertainty - JPM

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