Markets

Financial Sector Update for 01/03/2018: JPM, BAC, WFC, C, USB, MGI, ETFC, FFNW, IVZ, LTC, PLUS.L

Top Financial Shares:

JPM: -0.2%

BAC: flat

WFC: +0.6%

C: flat

USB: flat

Financial shares were mildly positive in pre-market trading on Wednesday. On the economic calendar is the ISM manufacturing index and construction spending at 10 am. Auto sales are reported during the trading day.

For Fed-watchers, the central bank will release minutes of its Dec. 12-13 meeting, sure to be parsed by money-pundits for clues to pending monetary policy and interest-rate increases.

In overseas news, the Hong Kong exchange could see up to 80 initial public offerings in 2018 with a value of $3.25 billion, due to a growing economy and recent changes regarding listing rules, said PwC, the accounting-consulting giant.

Expected movers:

- Moneygram International ( MGI ): terminates merger agreement with Ant Financial

- E*TRADE Financial ( ETFC ): opens bitcoin trading

Other news:

- First Financial Northwest ( FFNW ): gives non-exec employees $1,000 bonus, linked to tax reform

- Invesco ( IVZ ): downgraded to Equal Weight from Overweight at Morgan Stanley

- LTC Properties ( LTC ): enters $23 million joint venture in Cedarburg, Wisconsin

News from overseas:

- Plus500 Ltd. (PLUS.L): surges in London trading on record Q4 revenue led by its cryptocurrency offerings.

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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