US regional banks rise on slower inflation data

PacWest Bancorp

28/07/2023 16:44

** Shares of U.S. regional banks rise after U.S. annual
inflation slowed considerably in June, that is likely to push
Federal Reserve to end its rate hike cycle
    ** Shares of regional banks including Regions Financial Corp
 RF.N  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 ~0.5% to ~3%
    ** In the 12 months through June, the PCE price index
advanced 3.0%. That was the smallest annual gain since March
2021 and followed a 3.8% rise in May.
     ** Annual inflation is easing as last year's surge drops
out of the calculation. Food commodity prices are back at levels
seen prior to Russia's invasion of Ukraine in February 2022.
    ** Slowing inflation and moderate consumer spending growth
have increased the chances of the economy achieving the soft
landing envisaged by policymakers.
    ** KBW Regional Banking Index  .KRX  is up 1.7%
    ** YTD, KBW Regional Banking Index is down ~10% 

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