US regional banks slide as investors scrutinize latest economic data

PacWest Bancorp

01/08/2023 15:51

** Shares of U.S. regional banks slide in early trading on
Tuesday after key jobs and manufacturing data
    ** U.S. job openings fell to the lowest level in more than
two years in June, but remained at levels consistent with tight
labor market conditions despite hefty interest rate increases
from the Federal Reserve to dampen demand
    ** U.S. manufacturing appeared to stabilize at weaker levels
in July amid a gradual improvement in new orders, but factory
employment dropped to a three-year low, suggesting that layoffs
were accelerating
    ** 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 ~0.6% to ~3.5%
    ** Investors will be scrutinizing the latest economic data
to assess whether the U.S. economy can avert recession or not
    ** KBW Regional Banking Index .KRX is down ~2.2%
    ** YTD, KBW Regional Banking Index is down ~12%

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