News 

BofA Enhances The Spreadsheet With APIs, Artificial Intelligence

“Its new tool, CashPro Assistant, includes analytics and forecasting solutions, which rely on AI and predictive analytics to help corporate customers manage and analyze their banking and financial data” reports pymnts.com. We view this as an opportunity to help them gain efficiencies, enhance governance and control and drive strategic growth.”. The financial institution (FI) announced news on Tuesday (Oct. 17) that it is deploying artificial intelligence (AI) and API technology to integrate its solutions directly with Microsoft Excel. Source: pymnts.com Share This:

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Markets News Stocks 

Red-hot earnings have traders the most bullish on banks in years — and that’s huge for the stock market

“If traders are to be believed, the best is still to come for financial stocks, with the aforementioned ETF hitting a 10-year high amid the earnings bonanza” writes Joe Ciolli for businessinsider.com. Data from Goldman Sachs suggests that the bullishness could bode well for stocks at large.Wall Street really knocked it out of the park this quarter, and traders have taken notice.In the wake of better-than-expected results for JPMorgan, Goldman Sachs, Bank of America, Citigroup and Morgan Stanley, they’re positioning for further upside in the sector — a development that…

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GBP News 

Handelsbanken profit down; shrugs off Brexit fears

“Net profit last year was boosted by a SEK769 million capital gain from the sale of shares” writes Dominic Chopping for marketwatch.com. The lender’s U.K. operation makes up around 12% of group profit, and in a statement on Wednesday it said that it has continued to expand in the country despite uncertainty surrounding Brexit.STOCKHOLM–Svenska Handelsbanken AB (SHB-B.SK), one of the Nordic region’s largest lenders, posted an 8.6% drop in third-quarter net profit on Wednesday, in line with forecasts, and shrugged off any concerns surrounding the U.K.’s withdrawal from the European…

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News 

PayPal announces over two million US retailers will begin accepting Venmo payments starting this week

“Over the coming months Venmo users will also be able to transfer money instantly from Venmo to their bank accounts for a $0.25 fee per transfer” writes Anna Irrera for reuters.com. Venmo users will be able to use their app balance or linked cards and bank account to shop on the mobile sites of almost all merchants that accept payments with PayPal, including retailers such as Foot Locker, Lululemon Athletica Inc (LULU.O) and Forever 21. Source: reuters.com Share This:

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News Oil 

UK inflation hits five-year high of 3 per cent

“Consumers face rising costs for essentials, with food and transport prices driving rising inflation, the Office for National Statistics said on Tuesday” writes Ben Chapman for independent.co.uk. Businesses are also facing a squeeze as Retail Price Index inflation, which will be used to set business rates next year, was 3.9 per cent in September.Rising oil and fuel prices also contributed to increasing inflation in September, the ONS said. Source: independent.co.uk Share This:

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News Stocks 

Goldman Sachs stock jumps as earnings crush estimates

“Goldman said it had third-quarter net revenue of $8.3 billion, or per-share earnings of $5.02, up from $8.2 billion and $4.88, in the year-ago quarter” writes Andrea Riquier for marketwatch.com. GS, +1.63% jumped more than 1 percent in pre-market trading after the bank reported third-quarter results that handily beat market expectations.But revenues from trading of fixed income, currencies and commodities sank 26% for the year.Investment banking revenue was 17% higher than in the third quarter of 2016, the bank said. Source: marketwatch.com Share This:

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News 

U.K. Inflation Speeds Past 5-Year High as Bank of England Pressure Intensifies

“U.K. inflation accelerated past a five-year high last month, the country’s official statistics office said Tuesday, adding a further complication to the Bank of England’s plans to control consumer price increases as the economy shows further signs of a sharp slowdown” writes Martin Baccardax for thestreet.com. So-called core inflation, which strips out volatile food and energy prices, was pegged at 2.7%, the ONS said.The BoE is widely expected to lift its key Bank Rate by 25 basis points on November 2 as it attempts to manage its price stability mandate…

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Markets News 

Why Investors Can’t Get Enough of Tajikistan’s Debt

“More than any other global investment bank, J. P. Morgan has a special power when it comes to emerging market bonds” writes Landon Thomas Jr for nytimes.com. Last year, developing nations issued a record $133 billion in debt, according to Bond Radar, a data gathering outfit.And it was not that long ago that Greece, even with its towering debt load, was an investor favorite.The I.M.F. warned last week that this rush to snap up the debt of financially fragile countries could end badly.Investors, especially exchange-traded funds, buy or sell bonds…

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News 

Activist investor reportedly launches campaign to break up Credit Suisse

“Activist investor RBR Capital Advisors is launching a campaign for breaking up Swiss bank Credit Suisse Group AG into three parts, the Financial Times reported on Monday” writes Stefano Rellandini for cnbc.com. The activist investor has a small stake in the bank of 0.2 to 0.3 percent of the share capital, the report said. Source: cnbc.com Share This:

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Crypto News 

Jamie Dimon is betting big on the technology behind ‘fraud’ bitcoin

“The largest U.S. bank is investing in the blockchain technology behind bitcoin, despite its CEO calling the digital currency a “fraud.”” writes David A for cnbc.com. In September, JPMorgan Chase Chairman and CEO Jamie Dimon said bitcoin is a “fraud” that “won’t end well.”. Blockchain technology eliminates the need for a third party intermediary by creating a permanent, open record of all transactions on a network.The digital currency has run up six times in price this year to a record high of $5,856 Friday.But at the same talk Friday, Dimon…

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