As it stated in Wells Fargo shares fall as second-quarter earnings miss Wall Street forecastsAssociated Press | USA TODAYUSA TODAYShares of Wells Fargo (WFC) slumped Friday after the major U.S. bank reported second-quarter earnings that fell below Wall Street's expectations. Its revenue net of interest income was $21.55 billion, beating some Wall Street forecasts. Wells Fargo shares have dropped almost 8 percent since the beginning of the year, while the Standard & Poor's 500 index has increased almost 5 percent. Wells Fargo also said its foreign exchange business got new leadership last year and now is revising and implementing practices related to pricing. In recent months, Wells Fargo has mounted what CEO Tim Sloan on Friday characterized as the largest advertising campaign in the bank's history.
collected by :Ros Roger
Citigroup shares slide on second-quarter revenue miss as deposits and trading results fall short
Bank of America and J.P. Morgan were down more than 2 percent and 0.8 percent, respectively. Its results from that time period got a boost from lower corporate taxes and strong trading revenue. Earlier Friday, J.P. Morgan kicked off earnings season when it reported its second-quarter results. The bank's growth in earnings was almost entirely driven by a lower corporate tax rate, rather than Citi's underlying operations. Citigroup's revenue growth was tepid at only 2%," said Octavio Marenzi, CEO of capital markets management consultancy Opimas.Xiaomi shares fall after Chinese bourses block them from mainland investors in Stock Connect pool
as declared in In a weekend announcement, the Shanghai and Shenzhen exchanges unexpectedly put a temporary halt on accepting Xiaomi within the pool of eligible shares under the southward tranche of the Stock Connect programmes. That means mainland Chinese investors would not be eligible to trade in Xiaomi's Hong Kong-listed shares under the cross-boundary investment channel. Shanghai and Shenzhen don't yet allow WVRs to list on their bourses, and have so far failed to float their Chinese depositary receipts (CDRs) on the mainland. Mainland Chinese investors lack a proper understanding of these new equity products, especially with regards to the operational financial systems of overseas companies, the exchanges said in their joint statement. All these had been tabled for discussion long before Xiaomi's listing, the Hong Kong Exchanges and Clearings Limited (HKEX) said in response.Oxley deputy CEO buys S$873,000 of shares after stock's sharp fall
OXLEY Holdings executive director and deputy CEO Eric Low See Ching has purchased a total of 2.5 million company shares on the open market for a total of S$872,803, according to company announcements on Tuesday and Wednesday. On Tuesday, a purchase was made for 1,974,700 of the property developer's shares at S$0.35246 per share. It was followed by another purchase of 500,000 shares at S$0.3536 on Wednesday. The transactions bring the number of ordinary voting shares held by Mr Low to 1,118,319,792, or 27.69 per cent of the total number of ordinary voting shares, from 27.63 per cent before the purchases. Oxley shares were trading at S$0.355 at 1.05pm after the midday break on Wednesday.Asian shares fall as China data points to slowing growth
SHANGHAI (Reuters) - Asian shares were lower on Monday after data from China showed the world's second-largest economy slowed slightly in the second quarter, and as investors remain cautious over the impact of the heated Sino-U.S. trade war. More worryingly perhaps, the data also showed slower-than-expected growth in China's industrial output. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was down 0.4 percent. S&P500 e-mini futures ESc1, the world's most liquid equity index futures, rose 0.2 percent in early Asian trade to hit their highest level since Feb. 2. Investors had also been awaiting the China data, and are still looking to June U.S. retail sales data, to gauge the state of global growth.collected by :Ros Roger