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Financial Sector Update for 01/02/2018: JPM, BAC, WFC, C, USB, DB, ZION, TCF

Top Financial Shares:

JPM: +0.6%

BAC: +0.5%

WFC: flat

C: +0.7%

USB: flat

Financial shares were mildly positive ahead of the first day of trading for 2018. On the economic calendar is the US manufacturing PMI at 9:45 am ET.

The earnings calendar is vacant.

In overseas news, German factories are straining to fill orders in December as foreign buying propels demand to record highs and capacity constraints cramp deliveries, Reuters reported. The IHS Markit's PMI for German manufacturing jumped to an all-time high of 63.3 from 62.5 in the previous month.

Expected movers:

- Deutsche Bank AG ( DB ): CEO reportedly says bank to resume normal bonus payments

Other news:

- Zions Bancorporation ( ZION ): to increase employee compensation, pay $1,000 bonuses related to tax reform

- TCF Financial ( TCF ): sees one-time benefit of $120-$140 million as a result of tax reform

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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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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