Markets mixed, China beats GDP forecast... Wells Fargo to spin-off business units to focus on core...
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Markets mixed, China beats GDP forecast
World markets are starting the week mixed with data, earnings and Brexit talks among the talking points.
Asian indexes closed mixed with mainland China failing to close higher despite GDP figures which showed 6.9% growth for the second quarter (year-over-year), narrowly beating expectation. Sydney also slipped while most of the region’s other major bourses were higher. New Zealand inflation data is due later.
European markets will be eyeing developments as the second round of Brexit talks begin. Corporate earnings are also in focus along with consumer price data which is expected to show a slight dip from the previous release.
Wall Street and Toronto are expected to open flat. Canada’s existing home sales data is due.
Wells Fargo to spin-off business units to focus on core
Wells Fargo will reduce the size of its business operation following the fake accounts scandal its CFO says.
The Financial Times reported Sunday that John Shrewsberry says the bank will spin-off several smaller business units worth “hundreds of millions of dollars” to focus on the core business.
The chief financial officer did not specify exactly what would be included in the spin-offs but highlighted that they were smaller than the bank’s usual scale of operations and are not top tier providers.
The FT says Wells Fargo is hoping the move will go some way to restore investor confidence following the $142 million settlement it agreed to end the class action lawsuit over fake bank accounts created for customers without their knowledge.
World markets are starting the week mixed with data, earnings and Brexit talks among the talking points.
Asian indexes closed mixed with mainland China failing to close higher despite GDP figures which showed 6.9% growth for the second quarter (year-over-year), narrowly beating expectation. Sydney also slipped while most of the region’s other major bourses were higher. New Zealand inflation data is due later.
European markets will be eyeing developments as the second round of Brexit talks begin. Corporate earnings are also in focus along with consumer price data which is expected to show a slight dip from the previous release.
Wall Street and Toronto are expected to open flat. Canada’s existing home sales data is due.
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1 month ago |
1 year ago |
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North America (previous session) |
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US Dow Jones |
21,637.74 (+0.39%) |
+1.19% |
+16.86% |
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TSX Composite |
15,174.81 (+0.26%) |
-0.12 % |
+4.78% |
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Europe (at 5.00am ET) |
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UK FTSE |
7,411.82 (+0.45%) |
-0.69% |
+11.13% |
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German DAX |
12,631.00 (-0.01%) |
-0.95% |
+25.47% |
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Asia (at close) |
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China CSI 300 |
3,663.56 (-1.07%) |
+4.12% |
+11.82% |
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Japan Nikkei |
20,118.86 (+0.09%) |
+0.88% |
+21.95% |
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Other Data (at 5.00am ET) |
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Oil (Brent) |
Oil (WTI) |
Gold |
Can. Dollar |
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49.14 (+0.47%) |
46.74 (+0.43%) |
1229.30 (+0.15%) |
U$0.7896 |
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Aus. Dollar |
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U$0.7808 |
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Wells Fargo to spin-off business units to focus on core
Wells Fargo will reduce the size of its business operation following the fake accounts scandal its CFO says.
The Financial Times reported Sunday that John Shrewsberry says the bank will spin-off several smaller business units worth “hundreds of millions of dollars” to focus on the core business.
The chief financial officer did not specify exactly what would be included in the spin-offs but highlighted that they were smaller than the bank’s usual scale of operations and are not top tier providers.
The FT says Wells Fargo is hoping the move will go some way to restore investor confidence following the $142 million settlement it agreed to end the class action lawsuit over fake bank accounts created for customers without their knowledge.
