Financial Sector Update for 03/22/2018: DB, USB, WBC, STI, CFG, TCT, WFC, C, ACFC, STBA

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Top Financial Shares:

JPM: -0.9%

BAC: -0.8%

WFC: -0.5%

C: -0.9%

USB: -0.7%

Financial shares were lower in pre-market trading on Thursday.

At 8:30 am, data are expected to show new unemployment claims coming at 225,000 for the March 17 week versus 226,000 in the prior week, according to Econoday.

At 9:45 am, forecasters see the PMI composite coming in at 55.2 in March, with PMI manufacturing at 55.4% and PMI services at 55.7.

At 10 am, the index of leading economic indicators is expected to post a 0.3% gain in February versus January's outsized gain of 1%.

In sector news, following the Federal Reserve's announcement to increase the Federal Funds rate, banks including Deutsche Bank AG ( DB ), US Bancorp ( USB ), Webster Financial Corporation ( WBS ), SunTrust Banks ( STI ), Citizens Financial Group, Inc. ( CFG ), TCF Financial Corporation (TCF), Wells Fargo (WFC) and Citigroup (C) said Thursday that they have raised their prime lending rates from 4.50% to 4.75% effective Friday, March 22.

Expected movers:

- Atlantic Coast Financial (ACFC): shareholders OK proposed merger with Ameris Bancorp (ABCB)

Other news:

- S&T Bancorp (STBA): sets up $50 million share buyback plan

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Banking and loans
Referenced Symbols: DB , USB , WBS , STI , CFG

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